The stock market rally had only minor losses on the surface on Tuesday, but many leaders had a tough session. The Dow Jones Industrial Average and S & P 500 futures fell slightly, while Nasdaq futures rose modestly, lifted by MSFT shares. The earnings were announced Tuesday, and Palantir Technologies (PLTR) held its highly anticipated Demo Day, with many of the major technology companies in the U.S. and abroad.
On February 26, Starbucks shares traded flat at 107.85 points, but did not hold beyond April. Shares closed 0.2% higher on Tuesday, continuing their upward trend from last week’s record high. Shares in the world’s largest coffee chain Starbucks (SBUX) jumped 20 percent on Tuesday to their highest level in more than a year.
The stock market rally will continue to move sideways as the earnings season gathers momentum, according to analysts at BMO Capital Markets.
The main indexes could benefit from Microsoft and Google, which are now reporting quarterly profits for the second quarter. Microsoft shares gave futures a boost, while several other tech giants also gained.
Remember that overnight action in Dow futures and elsewhere does not necessarily translate into overnight action in Dow futures. IBD experts analyze and analyze stocks for stock market rallies on I BD Live.
The Dow Jones Industrial Average rose 0.1% in equity trading last week, but after a mixed week, the rally in equity markets has not caught up. After showing some resilience in recent weeks, Dow Jones futures opened higher Tuesday morning after a late-night plunge.
Bitcoin surged to a new record high last week, trading above $56,000 for the first time in more than a year, according to CoinDesk.
We’ll also take a look at Tesla (TSLA), which continues to test key figures after its second-quarter earnings report last week
As Tesla moves further sideways, the possible downward trend line becomes less steep. If Tesla starts to recover, it will have a new base, and that would be a buying opportunity. But investors may want to wait to see if TSLA’s stock can regain its previous high, which has now fallen for 21 days.
As the stock market rally has shown, the Nasdaq is expanding, and that’s not big business yet, but the market is lagging behind, so the pullback will be bigger. The Nasdaq has moved closer to the 1,000-point mark, a new all-time high.
In late August, Apple and Tesla shares helped propel the Nasdaq higher, eventually hitting a new high of 1,000 points on September 2 – the highest level in more than two years.
The Nasdaq plunged 10%, closing below the 50-day mark, and the Dow Jones Industrial Average closed at its lowest level in more than two years. Again, the stock rally, which has hit record highs, is expected to see gains over the next three days.
MSFT shares fell 2.5% in extended trading, losing the bullish forecast given in the earnings call. The composite was weighed down by a 1.6% decline at Apple (AAPL), a 0.7% decline at Microsoft and a 2% decline at Google.
Shares of Facebook, which were in the buying zone, rose slightly at the close of trading. Google’s revenue squeezed sales, and revenue growth accelerated again to 34%, the best in a year.
Nvidia is not due for a few weeks and could change its profit forecast, but AMD’s profits could cause a big jump in the stock as chip sales grow rapidly.
Dow Jones industrial average futures are trading below fair value for the first time in more than a year, with the Dow Jones Industrial Average trading at a record high.
Remember that overnight activity in Dow futures and elsewhere does not necessarily translate into a long-term trend for the US stock market as a whole. IBD experts analyze stocks during stock and market rallies on I BD Live. This is an important trend that is already having an impact on active investors “portfolios.
Amazon.com (AMZN) posted slight gains thanks to a cloud – a good quarter for the world’s largest online retailer. Microsoft shares also rose, signaling a breakthrough after flirting with a purchase price during Tuesday’s session.
Palantir Technologies held its much anticipated demoday, which showcased what its technology can do for supply chain and data integration, including data analysis, data visualization and real-time supply chain analysis.
Tesla shares fell 4.5% to $704.74, marking the fifth consecutive day of declines after the gains. The ARK Innovation ETF (ARKK) fell 1.2% and the ARK Genomics ETF (ARKG) fell 0.2% as the stock was more speculative. The S & P 500, the largest exchange-traded fund by market cap, lost 0.4% in the wake of the company’s earnings report.
The electronics giant reported better-than-expected profits and revenue, despite receiving a big boost from bitcoin sales and regulatory credit revenues.
