Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally powered higher Tuesday on hopeful signs from Russia-Ukraine peace talks and as Moscow pulled some troops away from Kyiv. Crude oil and commodity prices fell, though they pared losses.
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Apple stock, Dutch Bros (BROS), Microsoft (MSFT), Fortinet (FTNT) and Tesla (TSLA) are stocks to watch. Apple (AAPL) and BROS stock broke out Tuesday, while Microsoft and FTNT stock are offering early entries. Tesla stock continues to run up the right side of its base.
Concentrix (CNXC), Micron Technology (MU), RH (RH) and Lululemon Athletica (LULU) were among the notable earnings reports after the close.
Russia-Ukraine Talks
A Russian negotiator called Ukraine talks “constructive.” Russia said it will “radically” cut military activity around Kyiv and the nearby northern city Cherniv to “build trust.” That seems cover for a military retreat, with some units moving back into Russia ally Belarus. Ukrainian forces have been reclaiming territory around Kyiv — and elsewhere — in the past several days, as Russia has taken heavy losses in troops and equipment in its Ukraine invasion. Russia continued to shell the Kyiv area and other key Ukrainian cities hard.
Russia said a peace deal would require Ukraine staying out of NATO, but doesn’t object to Ukraine joining the European Union.
Ukraine and Western officials expressed skepticism that Russia is serious about peace talks. U.S. officials signaled the troops may be redeploying to the Donbas area in the southeast, where Russia continues to press attacks.
While the major indexes continued to move higher, oil, agriculture, mining and other commodity plays sold off with the underlying commodity prices. But the commodity prices and stocks came off lows as some of the optimism faded over Russia-Ukraine talks. Defense names also retreated.
Earnings
Concentrix earnings were slightly better than expected. CNXC stock was not yet active overnight. Shares rose 1.1% on Tuesday to 196.75, bouncing from the 50-day line. Concentrix stock is working on a flat base, or base-on-base formation, with a 208.58 buy point.
Micron earnings topped Q2 views, with the memory-chip giant also offering bullish guidance. MU stock rose solidly in extended trade. Shares climbed 2.7% to 82.05 on Tuesday, rebounding from the 200-day line. Micron stock is well off buy points after tumbling in early March.
Lululemon earnings topped forecasts while sales just missed. But the yoga apparel maker and retailer gave upbeat Q1 guidance and announced a $1 billion LULU stock buy back. LULU stock jumped in overnight action. Shares popped 3.7% on Tuesday, continuing to rebound from the 50-day line. Lululemon stock has a long way to go to reach its late 2021 peak.
RH earnings topped while Q4 sales missed. RH stock fell solidly despite plans for a 3-for-1 stock split. Shares had climbed nearly 5% Tuesday, moving just above the 50-day line but…
Read More: Dow Jones Futures: Stocks Jump On Russia-Ukraine Talks; Apple, Dutch