Dow Jones, S&P 500, and Nasdaq Futures Fall After Hours as Tesla’s Cybertruck Delivery Continues
Dow Jones futures edged lower after hours, along with S&P 500 futures and Nasdaq futures. Dell Technologies (DELL) headlined overnight earnings, while Tesla stock continued to move after its Cybertruck delivery event.
Today, the stock market rally had a split session Thursday. The Dow Jones soared to a 52-week high, buoyed by Salesforce (CRM) and UnitedHealth Group (UNH), while the Nasdaq retreated, extending Wednesday’s downside reversal, but closed well off lows. Several stocks, including Nvidia (NVDA) and Meta Platforms (META), undercut buy points, and growth stocks tumbled, including Super Micro Computer (SMCI). Shortly before the close, Tesla (TSLA) held its long-awaited Cybertruck event with CEO Elon Musk handing over a dozen Cybertrucks. Tesla revealed prices and battery range, causing Tesla stock to fall Thursday, adding to after-hour losses.
Key Earnings and Upcoming Events in the Stock Market
Tesla China EV rivals Li Auto (LI), XPeng (XPEV), and Nio (NIO) report November deliveries early Friday, with EV and battery giant BYD (BYDDF) releasing monthly sales on Friday or Saturday. The stock market will also see Fed chief Jerome Powell speak Friday, along with various manufacturing and construction data soon after the open. Today’s leaders include NVDA stock and Meta are on IBD Leaderboard. Nvidia, IOT, LI, and CRM are on the IBD 50, while UNH stock is on IBD Long-Term Leaders, and UnitedHealth was Thursday’s IBD Stock Of The Day.
Dow Jones Futures Today and Market Recap
Dow Jones futures declined 0.1% vs. fair value. S&P 500 futures slipped 0.1%, and Nasdaq 100 futures fell 0.15%. The Dow Jones Industrial Average jumped 1.5% in Thursday’s stock market trading, hitting its highest level since January 2021 while the S&P 500 index rose 0.4%. The Nasdaq composite fell 0.2%, but came well off intraday lows. Market breadth was decent, with winners outpacing losers on the NYSE while the Nasdaq was roughly even. The small-cap Russell 2000 climbed 0.3%, and the Invesco S&P 500 Equal Weight ETF (RSP) gained 0.85%. After big November gains pushed the Nasdaq up toward 52-week highs, a modest pullback would be normal and healthy.
Tesla Cybertruck Deliveries Begin
Elon Musk handed over 12 Tesla Cybertrucks Thursday afternoon to its first customers while it’s unclear if these were paying customers or employees. If it’s the latter, Tesla can hold off on recognizing certain expenses until 2024. Musk touted the Cybertruck’s acceleration and other qualities, although he didn’t mention Cybertruck prices or battery range during the event. These details are now available at Tesla’s website, with the AWD Cybertruck starting at $79,900 before tax credits and an estimated range of 340 miles. The Cyberbeast variant will start at $99,990, with a range of 320 miles. The base, real-wheel drive Cybertruck won’t be available until 2025, starting at $60,900 before tax credits, and a range of 250 miles. Tesla stock fell 1.7% to 240.08 in Thursday’s trade, though it didn’t move much during the actual Cybertruck delivery event.
Market Rally Analysis
Thursday’s divergent action makes it hard to tell if the market rally is ready to rev higher, pull back or perhaps rotate away from tech growth stocks. Investors could choose to take some partial profits or exit recent buys that are faltering. Ultimately, a pullback could create a new round of buying opportunities, but you don’t know how far the market might slide. Some individual stocks will suffer fierce losses, and may not bounce back. So rather than jumping the gun, wait for a pullback to play out while tracking leading stocks that are setting up.
