Dow Jones futures edged lower early Thursday, while S&P 500 futures and Nasdaq futures rose slightly. Credo Technology, Salesforce and recent IPO Figma headlined earnings after the close, with key economic data on tap Thursday morning.
The stock market rally had a mixed session as Google-parent Alphabet gapped up while Apple cleared a buy point following a favorable antitrust ruling. Meanwhile, Tesla flashed an aggressive buy signal, though gains faded.
But otherwise it was a lackluster session. Nvidia tried and failed to regain the 50-day line. Palantir Technologies hit resistance and reversed below that key level. Rocket Lab teased an entry and then dived.
Nvidia stock and Google are on Leaderboard, with Rocket Lab stock on the Leaderboard watchlist. Google stock is on the IBD 50. Credo stock is on the IBD Big Cap 20. Palantir stock is on IBD Sector Leaders.
The video embedded in this article reviews Apple stock, ELF Beauty and Rocket Lab.
Dow Jones Futures Today
Dow Jones futures lost a fraction vs. fair value, with Salesforce stock weighing on the Dow. S&P 500 futures climbed 0.2% and Nasdaq 100 futures rose 0.2%.
The 10-year Treasury yield dipped to 4.19% after retreating 6.5 basis points to 4.21% on Wednesday.
Crude oil futures fell 1% after sliding 2.5% to $63.97 a barrel on Wednesday amid reports that OPEC+ will increase production yet again.
Investors will get the ADP Employment Report at 8:15 a.m. ET, weekly jobless claims at 8:30 a.m. ET, and the ISM services index at 10 a.m. ET, all appetizers to the main course: the jobs report on Friday.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
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Key Earnings
Credo stock jumped in overnight action after earnings and guidance easily beat. The high-speed connectivity play for AI data centers edged up in Wednesday's session, near a record high and extended from buy points.
CRM stock fell sharply in premarket trade as Salesforce beat Q2 views but guided Q3 revenue lower. The Dow Jones software giant rose slightly on Wednesday, hitting resistance at a long-sliding 50-day.
FIG stock dived overnight as Figma narrowly topped estimates in its first earnings report since coming public. The software IPO gained 3.9% to 68.17 on Wednesday. The Figma IPO priced at 33, hitting a record 142.92 on Aug. 1, its second day of trading, but then plunged.
American Eagle skyrocketed before the open after easily beating EPS views and saying the Sydney Sweeney ad campaign has been a huge hit.
Stock Market Rally
The stock market rally was mixed Wednesday, with Google, Apple and Tesla propping up the S&P 500 and Nasdaq. But the indexes, after fading for much of the day, had a solid finish.
The Dow Jones Industrial Average lost a fraction in Wednesday's stock market trading, bouncing off the 21-day line. The S&P 500 index gained 0.5%, moving off its 21-day. The Nasdaq composite jumped 1%, moving back above the 21-day line. The small-cap Russell 2000 dipped 0.1%.
The Invesco S&P 500 Equal Weight ETF dipped 0.15% but held just above its 21-day line.
The First Trust Nasdaq 100 Equal Weighted Index ETF lost 0.2%, falling further below the 50-day line.
The Nasdaq has been consolidating for a few weeks, and investors can see something similar with the S&P 500, Dow Jones, RSP and QQEW.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF dipped 0.2%. The iShares Expanded Tech-Software Sector ETF edged higher, with Palantir and Salesforce key components. The VanEck Vectors Semiconductor ETF lost a fraction, with Nvidia stock the dominant holding.
The ARK Innovation ETF gained 0.5%, and ARK Genomics was up 0.2%. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
The SPDR S&P Metals & Mining ETF was flat. SPDR S&P Homebuilders stepped up 0.55%. The Energy Select SPDR ETF sank 2.2%.
The Health Care Select Sector SPDR Fund and the Industrial Select Sector SPDR Fund lost 0.5%. The Financial Select SPDR ETF fell 0.2%.
Best Growth Stocks To Buy And Watch
Tesla Stock
Tesla stock rose 1.4% to 344.09 on Wednesday, regaining the 200-day line. Investors can use the Aug. 27 short-term high of 355.39 as an early entry, with 367.71 as the consolidation buy point, according to MarketSurge. Aggressive traders could have used the break of a short downtrend as a chance to enter, though shares came well off intraday highs.
TSLA stock is showing higher lows and generally higher highs in recent weeks. But the EV giant has flashed similar aggressive entries three times in the current base, only to quickly fall back.
Tesla earnings continue to slide, so bulls are focused on robotaxis and the Optimus robot. Tesla opened its Robotaxi app to the general public with plans to expand access to the ride-hailing service soon.
Late Wednesday, Tesla said on Elon Musk's X that the Robotaxi app is now open for the general public to join the watchlist for when the ride-hailing service expands access.
Tech Giants To Watch
Google stock gapped up 9.1% to 230.66, hitting a record high. Shares are extended from any entry. The tech titan largely escaped harsh antitrust penalties late Tuesday. Notably, Google will be able to keep a search deal with Apple.
Apple stock gained 3.8% to 238.47, topping a 235.12 handle buy point in a consolidation going back to the end of last year. The Google search deal brings the iPhone giant some $20 billion in revenue annually. The relative strength line for AAPL stock is improving but still well off highs.
Nvidia stock tried to reclaim the 50-day moving average but edged down 0.1% to 170.62.
Palantir stock fell 1.4% to 154.90, reversing to below the 50-day line after nearly reaching the 21-day moving average.
What To Do Now
Extended sideways action is healthy and normal after a big market rally. It's allowing stocks to forge handles, pullbacks and new bases.
On the downside, a choppy, rangebound market means stocks may flash buy signals but quickly fade. Also, there's no guarantee that the market's next big move will be up.
Nvidia, Palantir and other notable AI plays such as GE Vernova continuing to struggle at the 50-day line would be a bad sign.
So investors should be careful about new buys, but should also be working hard to keep watchlists up to date
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