Dow Jones futures fell slightly early Wednesday, while S&P 500 futures and Nasdaq futures edged higher. Oracle surged on earnings, giving a lift to many AI plays. Rubrik fell on results while Synopsys dived. A key inflation report is due before the open.
The stock market rally saw modest gains Tuesday. The Nasdaq hit a record intraday high while the S&P 500 and Dow Jones set record closes. Apple unveiled the long-awaited iPhone 17, but with no surprises AAPL stock fell just below a buy point.
Taiwan Semiconductor and refining play CVR Energy broke out. Palantir Technologies, DoorDash and Netflix offered aggressive entries.
Klarna Group priced its IPO Tuesday night above the expected range. The Swedish fintech competes against Affirm in the buy now, pay later (BNPL) payments market.
Netflix stock and DoorDash are on Leaderboard. Palantir and Taiwan Semiconductor stock are on SwingTrader. Rubrik stock and Palantir are on the IBD 50. Palantir stock is on IBD Sector Leaders. CVR Energy was Tuesday's IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures were up 0.4%, fueled by NYSE-listed Oracle. Nasdaq 100 futures rose 0.35%, with many AI stocks getting a lift from Oracle.
The 10-year Treasury yield edged up to 4.09%.
Crude oil futures rose 1%.
At 8:30 a.m. ET, the Labor Department will release the August producer price index, with the CPI inflation report due early Thursday. Markets have locked in a quarter-point Fed rate cut, though extremely tame inflation readings could raise hopes for a half-point cut.
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
ORCL stock spiked 30% overnight, signaling a record high as Oracle gave a blowout growth outlook despite missing views. The AI player rose 1.3% to 241.57 on Tuesday, above the 50-day line. Oracle has a 260.87 buy point from a three-month consolidation.
RBRK stock fell modestly in premarket action despite slashing its quarterly loss and revenue growth accelerating for a fourth straight quarter. The cybersecurity play also guided higher on October-quarter revenue. Shares rose 3% to 98.50 on Tuesday. Rubrik stock has cleared a few buy signals this week ahead of earnings. It has a 103 consolidation buy point.
SNPS stock dived below the 50-day line as Synopsys earnings and revenue missed. The chip-design software maker had a 651.73 flat-base buy point prior to earnings, according to MarketSurge.
Close peer Cadence Design Systems fell solidly in extended trade. CDNS stock offered an early entry in its own flat base on Monday.
Stock Market Rally
The stock market rally rose slightly Tuesday, despite Apple weighing on it.
A bigger-than-expected benchmark jobs revision through March 2025 didn't have a big impact on financial markets or Fed rate odds. It doesn't alter the more-recent picture of stalling hiring.
The Dow Jones Industrial Average rose 0.4% in Tuesday's stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite advanced 0.4%. The small-cap Russell 2000 fell 0.55% amid weaker market breadth.
A number of leading stocks flashed buy signals Tuesday, including Taiwan Semi and Palantir, despite the muted market day.
Homebuilders retreated after infrastructure and drainage provider Core & Main dived on a residential market warning.
U.S. crude oil prices rose 0.6% to $62.63 a barrel, off morning highs on news of an Israeli strike on Hamas leaders in Qatar. Gasoline futures climbed 1.7%, further widening the crude-gasoline crack spread.
The 10-year Treasury yield rose three basis points to 4.07%, but after tumbling to five-month lows on Monday.
Nvidia-Backed AI Play Skyrockets On Microsoft Deal
ETFs
Among growth ETFs, the Innovator IBD 50 ETF climbed 0.6%. The iShares Expanded Tech-Software Sector ETF gained 0.45% with Oracle stock and Palantir huge components. Rubrik is also in IGV. The VanEck Vectors Semiconductor ETF rose 0.4%, with Taiwan Semiconductor stock a major holding.
Synopsys stock and Cadence Design are in both IGV and SMH.
ARK Innovation ETF was up 0.6% and ARK Genomics ETF closed 0.5% higher.
SPDR S&P Metals & Mining ETF declined 0.9%. SPDR S&P Homebuilders ETF slumped 2.9%. The Energy Select SPDR ETF and the Health Care Select Sector SPDR Fund advanced 0.5%.
The Industrial Select Sector SPDR Fund fell 0.7%.
The Financial Select SPDR ETF climbed 0.4%.
Best Growth Stocks To Buy And Watch
Apple Phone 17
The Dow Jones tech giant unveiled the iPhone, near Air Pods, smartwatches and more. The basic iPhone 17 starts at $799. The superthin iPhone Air starts at $999 with the iPhone 17 Pro at $1,099. They'll be available for preorder on Friday and in stores starting Sept. 19.
Apple stock fell 1.5% to 234.35, below a 235.12 handle buy point.
Stocks Near Buy Points
Taiwan Semiconductor stock gained 1.5% to 250.92, clearing a 248.28 flat-base buy point. The relative strength line hit a new high, a bullish sign on a breakout. Investors could have bought TSM stock in the prior two sessions.
Taiwan Semi, which makes chips for Apple, Nvidia, AMD, Broadcom and more, reports August sales early Wednesday.
CVR Energy stock jumped 7.5% to 33.13, above a 32.67 cup-base buy point. A widening "crack spread" sent refining stocks up sharply.
Palantir stock rallied 4% to 162.36, rebounding from the 50-day line and topping the 21-day moving average after hitting resistance there for a few weeks. That offered an early entry within an emerging base.
Netflix stock rose 1.5% to 1,263.25, back above a 1,251.16 early entry. NFLX stock has a 1,341.15 consolidation buy point.
DoorDash stock climbed 2.4% to 256.53, moving further from the 50-day and 21-day lines and topping short-term highs within an emerging consolidation.
What To Do Now
The stock market is at record highs. Investors should be heavily invested and could be taking advantage of some recent buying opportunities.
But be mindful that if the market falls back into its sideways, choppy range, new positions could struggle.
So have your watchlists and exit strategies ready.
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.
