Dow Jones futures tilted lower late Tuesday, along with S&P 500 futures and Nasdaq futures. The stock market rally had a mixed session Tuesday, as Micron Technology (MU) and chips led a growth retreat. But the Dow Jones and S&P 500 hit all-time highs, with steel, financial, retail and housing-related stocks faring well as the Senate passed a bipartisan infrastructure bill.
Cryptocurrency exchange Coinbase (COIN), gaming development software Unity Software (U), AI lending platform Upstart Holdings (UPST), online food ordering play Olo (OLO), sports streaming and would-be-gambling operator FuboTV (TV), Covid vaccine component supplier Maravai LifeSciences (MRVI) were just some of the recent IPOs reporting earnings late Tuesday.
Coinbase stock, Unity, Upstart, FuboTV, Oolo and Maravai all beat views. UPST stock surged up the right side of a base, signaling a definitive clearing of resistance from the past several weeks. Fubo soared overnight after closing just above its 50-day and 200-day lines. MRVI stock rose sharply after pulling back from recent highs.
DRAM-amine For Growth Stocks
A report predicting weak DRAM pricing hit Micron stock, which sank 5.4%. Memory-exposed chip-equipment makers Applied Materials (AMAT) and Lam Research (LRCX) also were hit, losing 2.8% and 3.8%, respectively. Chip stocks came under pressure generally.
The chip retreat appeared to be a catalyst for growth names to erase gains or turn lower. Another factor: Treasury yields rose for a sixth straight session.
Steel, Infrastructure Stocks Jump
Meanwhile, rebounding crude oil prices, a continued winning streak for Treasury yields and the Senate approving a $1.2 trillion infrastructure bill gave real economy stocks a boost. Nucor (NUE) surged nearly 10% Tuesday, ArcelorMittal (MT) rose 3% and Steel Dynamics (STLD) gained 6%. NUE stock, MT stock and STLD stock already were actionable in recent days, but are looking somewhat extended now. SPDR S&P Metals & Mining ETF (XME) broke a downtrend in a handle while VanEck Vectors Steel ETF SLX cleared a handle buy point.
Capital One (COF) rose 2.7% to 170.67, breaking past a 168.10 flat-base buy point, according to MarketSmith analysis. Wells Fargo (WFC) and Goldman Sachs (GS) extended breakouts, both still in buy range.
Lennar (LEN) is on the edge of breaking the downtrend of a handle, briefly flashing an early entry before settling for a 1.5% gain to 105.29. The official LEN stock handle entry is 108.06. Home Depot (HD) and RH (RH) are also showing positive action.
As for discount retail, Target (TGT) moved past a three-weeks-tight entry. Burlington Stores (BURL) blasted above a cup-with-handle base, after spending over a week just above or below the buy point. Several other discounters showed bullish action.
The XME ETF and WFC stock are on IBD Leaderboard. NUE stock and Capital One are on
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