Dow Jones futures rose slightly Wednesday morning, along with and S&P 500 futures and Nasdaq futures. Nvidia rival Advanced Micro Devices headlined AI earnings movers, along with Arista Networks, Super Micro Computer and Astera Labs.
Dow giant Walt Disney, Shopify, Toast, recent IPO Hinge, Uber Technologies and many others reported overnight.
The stock market rally saw Tuesday losses on the major indexes after the ISM services index had a stagflation vibe. Growth stocks lagged but small caps fared well.
Nvidia stock is on IBD Leaderboard. Astera Labs stock, Shopify, Super Micro, Arista Networks, Nvidia, Toast and StoneX are on the IBD 50. Nvidia, Arista and AMD stock are all on the IBD Big Cap 20.
The video embedded in the article reviews Tuesday's market action and analyzes Google-parent Alphabet, Affirm Holdings and MercadoLibre.
Dow Jones Futures Today
Dow Jones futures rose 0.4% vs. fair value. S&P 500 futures climbed 0.2%. Nasdaq 100 futures climbed 0.2%.
The 10-year Treasury yield rose a few basis points to 4.23%. Crude oil rose more than 1%.
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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AMD Earnings
AMD earnings were in line while revenue and sales guidance topped.
In overnight action, AMD stock declined solidly. Shares fell 1.4% on Tuesday, pausing around 52-week highs.
Nvidia stock edged lower, still near record highs.
Other AI Hardware Earnings
Chipmaker Astera Labs and Arista Networks, both already extended, shot up more than 10% early Wednesday on their bullish results and outlooks.
But Super Micro stock dived more than 10% after the AI server maker missed fiscal Q4 views and guided low on Q1. It's set to wipe out several weeks of gains.
Other Key Earnings
Toast, StoneX, Hinge, Snapchat parent Snap, Coupang and Centrus Energy reported late, with Disney, Uber and Shopify out early Friday.
Centrus Energy jumped in extended action. Hinge stock leaped from near a possible entry.
Snap plunged while Toast stock and Coupang fell modestly.
Disney stock fell modestly from near a potential entry on mixed results and a big NFL deal. Uber stock rose modestly, signaling a trendline entry, after meeting EPS views but topping on sales and announcing a $20 billion buyback.
Shopify stock spiked more than 15% higher, set to race past a new entry on strong earnings.
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Stock Market Rally Tuesday
The stock market rally gave up some of Monday's strong rebound.
Meanwhile, the ISM services index unexpectedly edged down to 50.1 with the employment subindex further below the break-even 50 level and price pressures continuing to build. With manufacturing weak, a stalling services sector is worrisome.
President Donald Trump said semiconductor tariffs could come next week.
The Dow Jones Industrial Average declined 0.1% in Tuesday's stock market trading, hitting resistance at the 21-day moving average. And the S&P 500 index lost 0.5% and the Nasdaq composite fell 0.5%, both moving back toward the 21-day. The small-cap Russell 2000 climbed 0.6%, back above its 21-day.
The First Trust Nasdaq 100 Equal Weighted Index ETF fell back toward its 50-day line.
Leading stocks generally saw losses, especially growth and some aerospace names. Heavy construction did well.
U.S. crude oil prices fell 1.7% to $65.16 a barrel, or 6.9% over the past four sessions.
The 10-year Treasury yield was flat at 4.2%.
Growth ETFs
The Innovator IBD 50 ETF fell 0.5%. The iShares Expanded Tech-Software Sector ETF declined 0.4%. The VanEck Vectors Semiconductor ETF slid 1.1%, with AMD stock a big holding.
ARK Innovation ETF shed 1.3% and ARK Genomics ETF tumbled 1.95%.
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What To Do Now
The stock market rally's recent swings look a little larger than they are because there was such a steady ascent for weeks. The major indexes remain near record highs.
There are buying opportunities and sell signals, but many names are likely to reverse direction after the open, especially following earnings.
Investors can remain heavily invested. Keep working on watchlists and your exit strategies.
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.
