Dow Jones futures rose slightly Wednesday night, along with S&P 500 futures and Nasdaq futures, after the stock market rally closed near session lows for a second straight session. ServiceNow (NOW) and Ford Motor (F) were key earnings overnight. But investors are already turning to Apple (AAPL) earnings Thursday night.
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The stock market rally finished poorly again, with the Dow Jones and S&P 500 retreating. The Nasdaq composite closed essentially flat, even with Microsoft stock, Google parent Alphabet (GOOGL) and, to a lesser extent, Tesla (TSLA) providing a boost. Microsoft (MSFT) is closing in on Apple stock’s market cap, while Google stock broke and approached a $2 trillion valuation. But many leaders showed wild action, while market breadth was weak.
The 10-year Treasury yield fell sharply, extending recent declines, while crude and copper prices fell solidly.
Key Earnings
NOW stock, Ford, Upwork (UPWK), eBay (EBAY), Edwards Lifesciences (EW) and Twilio (TWLO) reported earnings after the close. ServiceNow, Ford and UPWK stock had all pulled back from buy points after briefly breaking out over the past week or so. EBay stock closed in buy range. EW stock and Twilio were near potential early entries.
Ford stock was the standout, jumping 9% on strong earnings, raised guidance and a renewed dividend, despite missing on revenue. F stock is signaling it’ll flash at least an early entry and likely an outright breakout on Thursday. That came after it retreated modestly in Wednesday’s session on mixed results and weak Q4 guidance from General Motors (GM).
ServiceNow earnings topped but NOW stock retreated modestly in extended trading. UPWK stock fell sharply despite a beat-and-raise report. EW stock declined modestly after Edwards narrowly beat Q3 EPS views on roughly in-line revenue, while guiding low on Q4 EPS. EBAY stock pulled back solidly overnight on weak revenue guidance. TWLO stock plunged despite the software maker reporting a surprise Q3 profit, as Q4 guidance was mixed and the COO will exit.
Apple Earnings Loom
On Thursday night, Apple will report fiscal Q4 earnings and sales. Apple stock dipped 0.3% to 148.85, modestly above its 50-day line. Shares are working toward a 157.36 buy point from a cup base, according to MarketSmith analysis. AAPL stock has the world’s best market cap of $2.46 trillion.
But Microsoft stock is at $2.44 trillion. Shares jumped 4.2% on Wednesday to 323.17, a record high but extended from any buy point. Meanwhile, Google stock popped 5% to 2,924.35 on earnings, breaking out of a flat base with a 2,925.17 buy point. GOOGL stock has a $1.96 trillion market cap.
Tesla stock closed near session lows for a second straight day after hitting 1,070.87 intraday, but did advance nearly 2% to 1,038.31. TSLA stock now has a $1.04 trillion valuation. After the close, Piper Sandler raised its Street-high Tesla stock price target to 1,300 from 1,200. Shares rose more than 2% late.
Tesla, ServiceNow, Google and…
Read More: Dow Jones Futures: Stock Market Rally Fizzles Again; Ford Signals