Dow Jones futures fell modestly Thursday night, while S&P 500 futures retreated solid and Nasdaq futures tumbled as Amazon stock and Pinterest (PINS) sold off after the S&P 500 and Dow Jones rose Thursday to record highs in a quietly bullish stock market rally.
Amazon stock tumbled on a sales miss while PINS stock plunged on users. SWKS stock and Twilio also retreated, but TEAM stock was a big winner.
Stock Market Rally Yields Breakouts
The stock market rally had a solid session Thursday. The Nasdaq crept higher, but all in all it’s probably good for the tech-heavy index to have a do-nothing day. Meanwhile, the Dow Jones and S&P 500 rose modestly to record highs as small caps had a solid gain and overall breadth improved.
Most of all breakouts and buying opportunities picked up, with more sectors in leading roles. Tesla (TSLA) flashed an aggressive entry while Align Technology (ALGN) and chipmaker Maxlinear (MXL) broke out on earnings, along with Tempur Sealy (TPX) and Hilton Worldwide (HLT). Meanwhile, Steel Dynamics (STLD) broke out while Lennar (LEN) cleared an early entry, both as rivals reported strong earnings.
Meanwhile, the steel, mining, chip and hotel groups and other stocks also made bullish moves — Arcelor Mittal (MT), U.S. Steel (X), Teck Resources (TECK), Qualcomm (QCOM) and Hyatt (H) to name a few — bolstering the group strength and reinforcing the leadership diversity.
Tesla stock and Steel Dynamics are on IBD SwingTrader. TEAM stock is on IBD Long-Term Leaders. STLD stock was Thursday’s IBD Stock Of The Day, while Lennar was Wednesday’s Stock of The Day and Mittal was Tuesday’s.
Dow Jones Futures Today
Dow Jones futures fell 0.3% vs. fair value. S&P 500 futures slid 0.75%. Nasdaq 100 futures retreated 1.3%. Amazon stock was the big drag on tech futures, with Pinterest, Skyworks and others falling in sympathy.
Stock Market Rally Thursday
The stock market rally had a constructive session. The Dow Jones Industrial Average rose 0.4% in Thursday’s stock market trading. So did the S&P 500 index. The Nasdaq composite edged up 0.1%. The Russell 2000 popped 0.8%, but hit resistance at its 50-day line.
Tesla stock was a big Nasdaq 100 winner, rising 4.7% to 677.35. TSLA stock rebounded from its 200-day line and broke a trend line going back to January’s record high. Investors also could use 700.10 as an aggressive entry, with 780.89 as yet another key technical point.
The Tesla stock move came a few days after Q2 earnings. The EV giant reported strong growth but also pushed back Semi production, again, this time to 2022, with the Cybertruck…
Read More News: Amazon, Pinterest Hit Tech Futures, But Long-Term Leader Soars