Dow Jones and Nvidia Stock Update for the Market Rally
Dow Jones futures, as well as S&P 500 futures and Nasdaq futures, were slightly lower after hours. Nvidia (NVDA), a leader in the AI industry, also wavered late despite a strong report.
Nvidia’s earnings carry significant implications for the market rally and AI stocks, such as Microsoft (MSFT), Advanced Micro Devices (AMD), Google parent Alphabet (GOOGL), Meta Platforms (META), Palantir Technologies (PLTR), and Super Micro Computer (SMCI), all of which are in or near buy areas.
In Tuesday’s session, the major indexes pulled back modestly heading into Nvidia earnings, while small caps saw larger losses. The stock market rally still looks strong, though many leading stocks are extended. In addition to Nvidia, Urban Outfitters (URBN), HP Inc. (HPQ), Autodesk (ADSK), and dLocal (DLO) also reported earnings Tuesday night.
Microsoft, Nvidia, and Meta Platforms are on various IBD watchlists, indicating their strong market performance.
Dow Jones Futures Today
Dow Jones futures edged lower vs. fair value. S&P 500 futures dipped 0.1% and Nasdaq 100 futures fell 0.2%. It’s essential to note that overnight action in Dow futures doesn’t necessarily translate into actual trading in the next regular stock market session.
The stock market rally retreated modestly Tuesday, with the Dow Jones Industrial Average, S&P 500 index, and Nasdaq composite all falling back. U.S. crude oil prices lost 6 cents to $77.77 a barrel while the 10-year Treasury yield was flat at 4.42%. The market rally, which entered a power trend Monday, remains healthy and strong. Leading stocks are acting well, though many are extended.
ETFs
Among growth ETFs, some saw slight movement in the market. IShares Expanded Tech-Software Sector ETF (IGV) and VanEck Vectors Semiconductor ETF (SMH) were among the funds that saw changes.
Nvidia Earnings and AI Stocks
Nvidia’s earnings skyrocketed 593% vs. a year earlier while revenue leapt 206% to $18.12 billion. Microsoft and AMD stocks also saw slight changes in after-hours trading. Additionally, Google, Meta, Palantir, and Super Micro stocks had varied movement in the market.
Time The Market With IBD’s ETF Market Strategy
As the stock market rally continues, investors should stay significantly invested and look for new setups, updating their watchlists. It’s crucial to be aware of the market direction and leading stocks and sectors to make informed investment decisions.
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What To Do Now
The market rally is in a power trend, so investors can try to hold potential winners for longer. Stick to your sell rules and keep an eye out for new buying opportunities. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
