Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures.
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Applied Materials (AMAT) and Ross Stores (ROST) headlined overnight earnings, with Deere (DE) and China EV startup XPeng (XPEV) due early Friday.
The stock market continued to bleed on Thursday while Treasury yields kept rising. The major indexes tried to hold their ground, helped by Cisco Systems (CSCO) rallying on earnings. But once again stocks weakened as the session wore on. The Dow Jones fell below its 50-day line, joining the Nasdaq, S&P 500 and Russell 2000.
Leading stocks suffered more damage, looking bad even when the major indexes were flat. Homebuilders Lennar (LEN), KB Home (KBH) and D.R. Horton (DHI) broke lower.
Nvidia (NVDA), the stock of the 2023 market rally, largely held its ground as yet another analyst made bullish comments about NVDA stock heading into earnings next week. But almost all other chip stocks are below their 50-day lines. Meanwhile, more-speculative AI plays Palantir Technologies (PLTR) and C3.ai (AI) broke further.
Dow Jones Futures Today
Dow Jones futures climbed 0.15% vs. fair value. S&P 500 futures rose a fraction and Nasdaq 100 futures edged lower.
The 10-year Treasury yield declined 5 basis points to 4.26%.
Bitcoin tumbled Thursday night on news that SpaceX has sold all its holdings in the cryptocurrency.
China property giant Evergrande filed for bankruptcy in New York on Thursday night.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Earnings
AMAT stock rose modestly in late trading after Applied Materials earnings and revenue comfortably beat views. The chip equipment giant also guided higher. AMAT stock edged down 0.5% to 137.59 on Thursday, after falling below its 50-day line recently.
ROST stock jumped overnight, signaling a breakout, after Ross Stores topped earnings views and guided slightly higher. Shares fell 1.9% to 113.06 on Thursday. Ross Stores stock has been flirting with a 115.48 cup-with-handle buy…
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