Futures Rise: A Meta Dip When Boasting, But Suppliers Are Rising

Dow futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures. meta pads (META) slid in profits, although exorbitant spending drove several big technology suppliers.




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Apple and Amazon.com shares will be shown Thursday evening.

The stock market rally saw significant volatility during the day on Wednesday, but the major indexes eventually closed near session lows. Nasdaq fell sharply Microsoft (MSFT) and Google earnings.

Some stocks are flashing buy signals, including Energy Enphase (ENPH), wing stop (wing) and Rollins (Function).

separately , Tesla (TSLA) faces a criminal investigation over allegations of self-driving.

earnings

Meta Origin Platforms on Facebook, Wolfspeed (wolf), Ford Motor (F), demon (PI), Molina Health (Ministry of Health) , Aspen technology (AZPN) and Service now (Now) reported after closing.

Meta shares fell due to weak earnings and guidance. But Meta’s massive spending plans have boosted many chip and network companies, including nvidia (NVDA) and Arista Networks (Network).

WOLF’s stock is down at his guidance. Aspen Technology, ServiceNow and PI stocks were big dividend winners, Molina Health stood out. Ford fell a little. AZPN stock is not yet active.

merck (MRK), Shopify (a store), Master Card Credit Card (Master’s) , McDonald’s (MCD) and Larva (CAT) report early Thursday.

But then all eyes will turn to Thursday night with apple (AAPL) on tap, along with Amazon.com (AMZN) and biotech giant Vertex Pharmaceuticals (VRTX).

Apple and Amazon shares fell from near the 50-day streak on Wednesday. VRTX shares are in buy territory.

Vertex and Wingstop stock is available on the IBD Leaderboard. WOLF stock is in the leaderboard watchlist. MUSA stock is available at IBD 50. Vertex, Molina Health and ENPH stocks are listed on IBD Big Cap 20. Enphase Energy was Wednesday’s stock of IBD.

The video included in this article discusses the volatile market movement and analyzes the WING, Enphase, and . stocks The field is empty (CLFD).

Tesla Criminal Investigation

Reuters reported on Wednesday that Tesla faces a criminal investigation over allegations of self-driving. The report stated that the Justice Ministry’s investigation began last year and was not close to reaching any conclusions. The criminal investigation comes amid an ongoing and expanding autopilot investigation by the National Highway Traffic Safety Administration.

The new criminal investigation does not appear to affect TSLA’s stock. Shares closed 1% higher at 224.64, off session highs as the market faded from late-morning highs.

Meanwhile, Tesla CEO Elon Musk has left Twitter (TWTR) and changed his Twitter bio to “Chief Twit” with all the signs that the $44 billion acquisition was closed by Friday evening. TWTR stock rose 1.2% Wednesday to 53.42, up 7% so far this week and just below the $54.20 price.

Twitter stock rose 1% to 53.90 overnight, as the New York Stock Exchange said TWTR would be delisted at Friday’s close.

It’s unclear whether Musk will still have to sell more Tesla shares to fund the Twitter acquisition.


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Dow jones futures contracts today

Dow Jones futures are up 0.5% against fair value. S&P 500 futures rose 0.5%. Nasdaq 100 futures advanced 0.5%, with Meta falling while NOW rose.

Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.


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stock market rise

The stock market rally saw huge volatility on Wednesday, and closed mixed.

The Dow Jones Industrial Average closed up 2 points in stock market trading Wednesday, even as MSFT stock fell 7% and Boeing (BA) 9% discount. The S&P 500 fell 0.7%. The Nasdaq slipped 2%. Small cap Russell 2000 rose 0.5%.

The 10-year Treasury yield fell 10 basis points to 4.01%, extending a sharp decline from intraday highs last Friday. The 10-year Treasury yield was lower than the 3-month yield, which fell to 4.03% on Wednesday. A 3-month/10-year reversal is seen as a stronger recession signal than a 2/10-year reversal.

The Bank of Canada raised interest rates by 50 basis points versus the expected 75 basis points as more central banks started to become less aggressive. The Federal Reserve is a virtual lock-in to raise interest rates by 75 basis points for the fourth consecutive meeting next week. But markets are leaning towards a 50bp move in December.

The US dollar fell strongly for the second session.

US crude oil prices rose 3% to $87.91 a barrel.

ETFs

Among the top ETFs, the Innovator IBD 50 ETF (FFTY) was up 0.2%. The iShares Expanded Tech-Software ETF (IGV) Index is down 1.75%, Microsoft stock is a huge component and ServiceNow is also a noteworthy ownership. VanEck Vectors Semiconductor ETF (SMH) shares fell 1%.

SPDR S&P Metals & Mining ETF (XME) is offering 1.1%. The Energy Select SPDR ETF (XLE) is up 1.4%. The SPDR Fund (XLV) for the selected healthcare sector is up 1.1%.

Reflecting speculative stories shares, ARK Innovation ETF (ARKK) rose 0.2% and ETF ARK Genomics (ARKG) rose 2.8%. Tesla stock remains a major ownership across Ark Invest’s ETFs.


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Main earnings

Meta Platforms earnings were significantly lower than the third-quarter view, though revenue topped. The Facebook parent also provided poor guidance.

Meta stock is down nearly 20% overnight, pointing to its worst slide since late 2016. The shares actually fell 5.6% to 129.82 on Wednesday after Google’s earnings lost weak online advertising revenue. This came after double revenue from a Snapchat parent Explode, Explode (SNAP) earlier this month.

On the plus side, Nvidia, MARVEL Technology (MRVL) and ANET are up in massive spending on Facebook.

Wolfspeed posted a quarterly loss and sales slightly exceeded the number of views. A chip maker vulnerable to electric vehicles gave disappointing guidance.

WOLF stock collapsed 26% in the extended trade, indicating a dip below recent lows and the 200-day moving average. Shares rose 1.3% on Wednesday to 106.44, hitting resistance at the 50-day line. The WOLF stock was close to having a proper base.

Impinj’s earnings smashed views, with the tracking chip maker also beating sales estimates.

PI stock is up 18% overnight, indicating a gap above a consolidated buy point at 99.10. Impinj stock rose 1.3% to 89.23 on Wednesday, and settled above the 50-day line.

Ford’s earnings and revenue were largely in line with lower views after the automaker warned last month of supply chain and cost problems.

Ford’s stock is down 1% in the extended business. Shares fell 0.1 percent to 12.82 on Wednesday. Ford stock is at 16.78 buying points from a bottom base, according to MarketSmith analysis, but is still below the 50-day and 200-day moving averages.

Molina Health’s earnings generated a modest increase in views. The Ministry of Health’s shares rose 5% in overnight trading. Shares rose 0.8% Wednesday to 369.23, rising in the buying territory from a flat base. The flat base, which is part of the base formation on the base, has 361.35 buy points. Molina stock is set to open beyond the 5% buying zone, which ends at 379.42.

Aspen Technology’s profits crushed views, while also increasing revenue. AZPN stock is not yet traded in extended procedures. Shares of the supply chain and engineering software maker fell 1.7% to 248.40 on Wednesday, but found support when its 21-day moving average rose. AZPN stock has been consolidating for a few weeks after a strong stampede, but it needs more time to form a proper base.

ServiceNow’s earnings topped out but revenue slipped and the business software giant cut subscription revenue targets in the fourth quarter. However, NOW stock is up 13% after hours, indicating at least a test of its 50-day streak. ServiceNow stock fell 2.7% to 366.41 Wednesday on Microsoft’s results and guidance.

Market Rise Analysis

Wednesday was a strange day for the stock market rally. The Nasdaq fell at the opening on the earnings of Microsoft and Google. The tech-heavy index erased losses late in the morning, but then stocks faded back towards session lows. The S&P 500, which moved above the 50-day line on the day, has fallen again.

Nasdaq, after retreating from near the 50-day line, now needs support near the 21-day line.

Although the Russell 2000 closed at the highest levels, it moved the 50-day streak, reflecting how largely market weakness is focused in the larger companies. Microsoft and Google Parents the alphabet (GOOGL) were the main culprits, but Meta, Amazon and Apple were big losers as well.

The Invesco S&P 500 Equal Weight ETF (RSP) was up 0.2%, although it closed near session lows.

Advance stocks outnumbered losers on the New York Stock Exchange and Nasdaq. New highs crossed new lows.

Wednesday’s pullback from key technical areas due to bad news is not surprising. What matters is how the market rally responds from here.

A significant amount of earnings, including Apple and Vertex shares, are still due this week, with a heavy burden next week. Also next week: Another Federal Reserve meeting and rate hike, along with the October jobs report and other key economic data.

On the positive side, leading stocks from a variety of sectors are flashing buy signals and extending gains, including ENPH stock.


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What are you doing now

Wednesday’s roller coaster session, which closed near its lows, underscores the need for caution.

Investors were supposed to gradually add exposure in recent days as the market rally gained strength and more stocks flashed with buy signals. But the rush into new trades risks loading at intraday highs, or before a more significant pullback.

Although there are reasons for optimism, there are still many technical hurdles and macroeconomic challenges.

Look for new opportunities by working on your watch lists. But be prepared to pull back if the upside or your stocks run into trouble.

Read the big picture every day to stay in sync with market trend, stocks and leading sectors.

Please follow Ed Carson on Twitter at Tweet embed For stock market updates and more.

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