ow Jones futures fell modestly early Thursday. , along with S&P 500 futures and Nasdaq futures. President Donald Trump said he would set unilateral tariffs within two weeks. Oracle jumped on earnings with the PPI inflation report due before the open. Boeing tumbled on an 787 Dreamliner crash.
The stock market rally fell slightly Wednesday despite a tame CPI report and a U.S.-China trade framework. Oil prices jumped.
Shopify, Goldman Sachs, Celestica, Futu Holdings and SoFi Technologies flashed buy signals.
The video embedded in this article reviews Wednesday's market action and analyzes Shopify, Goldman Sachs and Credo Technology.
Dow Jones Futures Today
Dow Jones futures lost 0.6% vs. fair value. S&P 500 futures sank 0.5% and Nasdaq 100 futures fell 0.55%.
An Air India Boeing 787 Dreamliner, destined for London, apparently crashed on departure from Ahmedabad, India. Boeing fell sharply, weighing on Dow futures.
The 10-year Treasury yield fell to 4.37%. Crude oil futures declined nearly 2% after surging 4.9% Monday to $68.15 a barrel, a two-month closing high.
At 8:30 a.m. ET, the Labor Department is set to release the May PPI inflation report and weekly jobless claims.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Trump To Set Unilateral Tariffs
Trump told reporters Wednesday night that he'll send letters to trading partners within the next two weeks setting unilateral duties ahead of a July 9 deadline, when the 90-day pause on "reciprocal" tariffs ends.
Earlier, Treasury Secretary Scott Bessent suggested a longer pause for countries negotiating in "good faith."
So far, the U.S. has only reached a trade framework with the U.K. and an extended truce with China, with final agreements still to be hammered out.
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Oracle Earnings
ORCL stock jumped overnight as Oracle earnings beat and the database software turned AI play offered solid guidance. Oracle stock edged down 0.6% to 176.38 in Wednesday's trade, but has been in a strong rebound from early April. Shares are working toward a 198.31 buy point.
Stock Market Rally
The stock market rally faded from modest morning gains to trade slightly lower.
The U.S.-trade framework will maintain the U.S. and China tariffs that were slashed on May 12, along with some easing of export curbs. But China is putting a six-month limit on rare-earth exports for U.S. manufacturers, the Wall Street Journal reported, citing sources. Also, Commerce Secretary Howard Lutnick says China tariffs won't change going forward, dashing hopes for eliminating the fentanyl-related 20% tariff.
Meanwhile, core inflation held steady in May despite concerns of a Trump tariff impact. That impact could still happen over the summer.
The Dow Jones Industrial Average lost one point in Wednesday's stock market trading. The S&P 500 index fell 0.3%. The Nasdaq composite declined 0.5%. The small-cap Russell 2000 gave up 0.4%, reversing lower from near the 200-day line.
Despite Wednesday's fade, the market has rallied considerably since the May 12 Geneva tariff truce and especially the early April lows. The major indexes are near record highs. Leading stocks are acting well.
The 10-year Treasury yield slumped six basis points to 4.41%, after trading around 4.5% before the premarket CPI inflation report.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF climbed 0.9%. The iShares Expanded Tech-Software Sector ETF and VanEck Vectors Semiconductor ETF dipped 0.1%. ARK Innovation ETF gained 0.9%.
SPDR S&P Metals & Mining ETF fell 0.7%. The Energy Select SPDR ETF rallied 1.45% and the Health Care Select Sector SPDR Fund and the Industrial Select Sector SPDR Fund rose a fraction.
The Financial Select SPDR ETF dipped 0.1%. Goldman stock is a big XLF holding.
Time The Market With IBD's ETF Market Strategy
Shopify Leads Stocks Breaking Out
Shopify stock rose 3.5% to 114.13, clearing a 112.38 cup-with-handle buy point. The relative strength line for SHOP stock is not at consolidation highs, but is at its best levels since late February.
Goldman stock gained 1.5% to 624.17, topping a 620.79 cup-with-handle entry, according to MarketSurge.
Futu stock leaped 6.6% to 114.68 after briefly clearing a 114.98 cup-with-handle buy point on a daily chart. On a weekly chart, the handle buy point is 118.52, but the Chinese online brokerage broke that handle's downtrend.
Celestica stock climbed 5.1% to 127.69, above a 124.67 handle buy point.
SoFi stock popped 4.7% to 15.06 clearing a 14.78 handle entry in a deep base.
Shopify stock is on SwingTrader. Celestica and Futu Holdings are on the IBD 50. Futu stock is on IBD Sector Leaders. Shopify was Wednesday's IBD Stock Of The Day. Futu was Wednesday's IBD 50 Growth Stock To Watch.
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What To Do Now
The stock market backed off modest intraday highs but is still doing well.
There were a few buying opportunities, though not many. Investors should be heavily or even fully invested, looking for incremental buys to add exposure or replace laggards.
Work on your watchlist. A number of stocks are still setting up or hovering around buy points.
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.
