Dow Jones futures rose slightly Tuesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally rebounded Tuesday with broad-based gains, though it came on lighter volume. Treasury yields reversed higher while Bitcoin undercut $30,000.
Netflix (NFLX) headlined key earnings reports late Tuesday, along with Intuitive Surgical (ISRG) and Chipotle Mexican Grill (CMG). Netflix earnings missed while its subscriber guidance was light. NFLX stock still edged higher late. Intuitive Surgical and Chipotle earnings topped, with both stocks rising overnight.
Dutch chip-equipment giant ASML (ASML) releases Q2 results very early Wednesday morning after holding above its 50-day line.
The major indexes all extended rebounds Tuesday from Monday’s intraday lows. The 10-year Treasury yield, which fell Tuesday morning to fresh five-month lows, rebounded higher. Crude oil prices rose slightly after plunging Monday. Copper prices also came higher.
Leading stocks fared well Tuesday.
DocuSign (DOCU) broke out while Facebook (FB) rebounded bullishly from its 50-day and 10-week lines. Marvell Technology (MRVL), Shopify (SHOP), Sea Ltd. (SE) and PayPal (PYPL) were among stocks reclaiming official buy points.
The video embedded in this article analyzes DocuSign, Marvell and FB stock, as well as reviewing the overall market rally.
ASML, PayPal and DocuSign stock are on IBD Leaderboard. Shopify, DocuSign, PayPal and Marvell stock are on SwingTrader. ASML stock and PYPL stock are on IBD Long-Term Leaders. ASML and SHOP stock are on the IBD 50.
The price of Bitcoin fell below $30,000 on Tuesday, at the low of a two-month range from just above $29,000 to roughly $41,000. The cryptocurrency has been trending lower, within that range, since late June. Bitcoin peaked at $64,829.14 in April.
Bitcoin and other cryptocurrencies have come under pressure amid crackdowns or threats of greater oversight from China, the U.S. and many other countries. Bitcoin’s weakness also may reflect a “risk off” mentality as highly valued growth stocks retreated for much of July.
A break below $29,000 could signal a new leg down for Bitcoin.
Dow Jones Futures Today
Dow Jones futures rose 0.2% vs. fair value. S&P 500 futures climbed 0.15% and Nasdaq 100 futures advanced a fraction.
Coronavirus cases worldwide reached 192.21 million. Covid-19 deaths topped 4.11 million.
Coronavirus cases in the U.S. have hit 35.07 million, with deaths above 625,000.
The seven-day average of new U.S. cases has more than tripled since late June to above 37,000. Daily deaths have started to rise, but almost entirely among the unvaccinated.
Stock Market Rally
The stock market rally enjoyed solid price gains Tuesday, though volume was below average.
The Dow Jones Industrial Average climbed 1.6% in Tuesday’s stock market trading. The S&P 500 index rose 1.5%. The Nasdaq composite…