Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. The June jobs report is on tap before the open, capping a short trading week ahead of the Fourth of July holiday.
The stock market rally was mixed Wednesday, but generally positive, with the S&P 500 hitting a new high. President Donald Trump announced a U.S.-Vietnam trade deal, lifting Nike, On Holding and other apparel makers.
Oracle popped Wednesday on a reported expanded Stargate data center deal with OpenAI. Tesla jumped on second-quarter deliveries that were largely in line with official consensus but better than feared.
Datadog jumped late Wednesday after S&P Global said it will join the S&P 500 before the open on July 9.
Oracle stock is on SwingTrader.
Dow Jones Futures Today
Dow Jones futures were even vs. fair value. S&P 500 futures and Nasdaq 100 futures were roughly unchanged as well.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Jobs Report
The Labor Department is scheduled to release the June jobs report at 8:30 a.m. ET. Economists expect nonfarm payrolls growth to slow to 115,000 from May's modest 139,000. The jobless rate should inch up to 4.3%. A weak jobs report would bolster the case for Federal Reserve rate cuts.
The ADP Employment report released early Wednesday estimated that private payrolls fell by 33,000, defying forecasts for a gain of 103,000 jobs, after May's downwardly revised increase of 29,000. The ADP report has a spotty track record of foreshadowing the Labor Department's jobs report, though.
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Stock Market Rally
Trump announced a preliminary Vietnam trade deal in which the U.S. will impose 20% tariffs on Vietnamese goods while U.S. goods will face no tariff. That will mean higher prices for apparel and some electronics for U.S. consumers.
The Dow Jones Industrial Average lost a fraction in Wednesday's stock market trading, even with Dow giant Nike running higher. The S&P 500 index rose 0.5%. The Nasdaq composite climbed 0.9% after sliding 0.8% on Tuesday. The small-cap Russell 2000 jumped 1.3%.
Advancers led decliners by two-to-one on the Nasdaq and by nearly three-to-one on the NYSE.
AI chip and hardware plays were standouts Wednesday as well as steel and metal miners.
U.S. crude oil prices jumped 3.1% to $67.45 a barrel.
The 10-year Treasury yield rose four basis points to 4.29%.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF rose 1.1%. The iShares Expanded Tech-Software Sector ETF advanced 0.5%, with Oracle stock a major holding. The VanEck Vectors Semiconductor ETF jumped nearly 2%.
Reflecting more-speculative story stocks, ARK Innovation ETF popped 2.4% and ARK Genomics ETF 4%. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
SPDR S&P Metals & Mining ETF rallied 4.35%. The Energy Select SPDR ETF climbed 1.7% and the Health Care Select Sector SPDR Fund slumped 1%. The Industrial Select Sector SPDR Fund edged up 0.1%. The Financial Select SPDR ETF dipped 0.1%.
Vietnam Trade Deal Winners
While a 20% tariff on made-in-Vietnam goods will hit many apparel makers, many rallied Wednesday on relief that much-higher duties are off the table.
Nike stock gained 4.1% to 76.39. That follows Monday's 3.3% advance and last week's 20.5% spike on earnings.
On Holding stock climbed 2.85% to 53.70, bouncing from the 200-day line to reclaim its 50-day, breaking the downtrend in an emerging base next to a five-month base. But ONON closed well off intraday highs.
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Oracle Stock
Artificial intelligence startup giant OpenAI will rent a lot more computing power from Oracle data centers, Bloomberg reported Wednesday. That would come under an expanded deal under the Stargate effort announced earlier this year. On Monday, Oracle said it had landed a huge cloud deal.
Oracle stock gained 5% to 299.98, a new high. Shares are up more than 9% so far this week.
Tesla Deliveries
Tesla deliveries came in at 384,122, down 13.5% vs. a year earlier. That was just below a company-company compiled consensus of about 385,000 but above a number of recent forecasts closer to 350,000.
The company also deployed 9.6 gigawatts of storage, up slightly vs. a year earlier but down sequentially for a second straight quarter.
Tesla Stock
Tesla stock leaped 5% to 315.65 Wednesday following the Q2 deliveries, retaking the 200-day moving average but closing just below the 50-day. On Tuesday, TSLA stock gapped down 5.3% to below key levels, after already round-tipping the initial June 23 gains from the limited robotaxi launch.
Tuesday's tumble came after CEO Elon Musk reignited his feud with Trump.
Tesla stock could be forging a new base with a much-deeper consolidation, but needs more time.
What To Do Now
The stock market rally is trading at or near all-time highs. Investors should have heavy exposure.
Some speculative growth plays have had big one-day or multiday losses recently, but that's not unusual for such stocks, especially after big gains. Investors have to decide how many stocks with high average true ranges they can handle. Also, be careful not to be too exposed to a specific stock, sector or theme.
Keep working on watchlists to look for incremental buys.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
