Dow Jones futures saw a modest rise early Wednesday, alongside S&P 500 futures and Nasdaq futures, after Nvidia (NVDA) reported huge earnings and strong guidance. Key economic data showed mixed. Nvidia stock hovered within a buy zone early Wednesday. Other key AI plays, including Microsoft (MSFT), Advanced Micro Devices (AMD), Google parent Alphabet (GOOGL), Meta Platforms (META), Palantir Technologies (PLTR), and Super Micro Computer (SMCI), rose near buy points. Meanwhile, Sam Altman is returning as CEO of Microsoft-backed OpenAI, just days after the board ousted him. Tesla (TSLA) edged higher Wednesday, moving toward possible buy points. Urban Outfitters (URBN) and Autodesk (ADSK) fell Wednesday morning after earnings, signaling moves below buy zones. Guess (GES) plunged after closing just below a buy point. Deere (DE) tumbled on weak guidance. Microsoft stock, Nvidia, and Meta Platforms are in the current IBD Leaderboard lineup, while META stock is listed on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. Nvidia stock, Microsoft, Novo Nordisk, and Super Micro are current IBD 50 listings. Microsoft, Palo Alto, Meta Platforms, and SMCI stock are on the IBD Big Cap 20.
At 8:30 a.m. ET, the Labor Department reported initial jobless claims tumbled 24,000 to 209,000, well below views. Meanwhile, the Commerce Department reported October durable goods orders tumbled 5.4%, worse than expected. Orders excluding transportation were flat, just below views. Dow Jones futures today climbed 0.3% vs. fair value. S&P 500 futures advanced 0.4% and Nasdaq 100 futures rose 0.5%. Nvidia stock is a major S&P 500 and Nasdaq 100 component, along with many other AI plays, as well as Tesla stock.
The 10-year Treasury yield fell to 4.39%, while crude oil futures tumbled 4% to below $75 a barrel. OPEC+ delayed an upcoming meeting from Nov. 25-26 to Nov. 30, and a four-day cease-fire begins Thursday between Israel and Hamas. Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session. The stock market took a breather Tuesday, with the Dow Jones Industrial Average and S&P 500 slipping 0.2% in Tuesday’s stock market trading. The Nasdaq fell 0.6% and the small-cap Russell 2000 slumped 1.3%.
Tesla stock rose slightly in premarket trade due to potential plans for a future India plant. Tesla stock has a 278.98 buy point from a double-bottom base. Nvidia stock edged lower in up-and-down trade, after falling modestly Tuesday night. Shares of Nvidia dipped 0.9% to 499.44 on Tuesday, in range of a 476.09 buy point from a double-bottom base.
Sam Altman will return as OpenAI CEO, just five days after his abrupt exit, and investors are keeping an eye on Microsoft and AMD stock. Google stock edged up as investors could use Thursday’s high of 137.22 as an early entry. Meta stock rose a fraction and SMCI stock rose slightly early Wednesday.
