Dow Jones futures saw a slight increase early Thursday, along with S&P 500 futures and Nasdaq futures, while Treasury yields continued to decline. Last night, Roku (ROKU) and MercadoLibre reported their earnings, and tonight, Palantir Technologies (PLTR), Eli Lilly (LLY), and Apple (AAPL) are due to release their earnings. Yesterday, the stock market rally attempt showed solid gains, particularly on the Nasdaq. The Federal Reserve kept interest rates unchanged as expected, with Fed chief Jerome Powell downplaying the effectiveness of the Fed’s September forecast for another rate hike this year. The 10-year Treasury yield fell due to mixed-to-weak economic data. Microsoft (MSFT), Meta Platforms (META), and Amazon.com (AMZN) all showed buy signals, at least intraday. After the market close, MercadoLibre (MELI) reported a 180% increase in EPS and a 41% rise in revenue, surpassing expectations and showing accelerating growth. Super Micro Computer (SMCI), Remity Global (RELY), McKesson (MCK), Roku, DoorDash (DASH), ELF Beauty (ELF), and Airbnb (ABNB) also reported their earnings last night. The winners were Roku and DASH stock, both of which saw big earnings gains after hours. ELF stock also saw a significant rise, while RELY stock dropped due to a surprise miss in EPS. ABNB stock and McKesson stock saw modest declines, with MCK stock closing near the top of its buy zone. Other companies reporting earnings early Thursday include Novo Nordisk (NVO), Eli Lilly (LLY), PLTR stock, Shopify (SHOP), Cencora (COR), Regeneron Pharmaceuticals (REGN), and Marriott Worldwide (MAR), with Apple reporting their results tonight. AAPL stock edged higher yesterday, surpassing its 200-day line, but needs to clear its 50-day line to break the downtrend. Microsoft, Meta, and LLY stock are on IBD Leaderboard, with AMZN stock on the Leaderboard watchlist. META stock is on SwingTrader, while MSFT stock is on IBD Long-Term Leaders. NVO stock, Remity, Microsoft, and McKesson are on the IBD 50 list, and Novo Nordisk, Cencora, Meta, Microsoft, and MCK stock are on the IBD Big Cap 20.
In this video, we discuss the market action on Wednesday and analyze Microsoft, Meta, and Amazon stock.
Dow Jones Futures Surge: Market Rally Picks Up Momentum With Powell’s ‘Decay’ Remark, Roku Shows Late Strength
