Dow Jones Futures: Sell Stocks, Google, Tesla Give Up Buy Points; Micron’s earnings are strong

Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures. Micron technology (Mo) reported Wednesday night, a major report for semiconductors, including chip equipment makers such as Applied materials (deaden).

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The stock market rally saw modest gains turn into strong losses on major indexes, with many leaders pulling back.

Google Parents the alphabet (Google) on Wednesday in large quantities after a report on a possible restructuring of ad sales, but then pared gains along with the market. Trucking companies Saya (Saya) And Old Dominion Shipping Line (Oddfel) Buy signals also flash during the day.

In the oil machinery space, WFRD stock continued its strong move on Tuesday, providing an additional early entry.

while, Tesla (TSLA) fell below the early entry level amid a Reuters report that the electric car giant blamed drivers for the failure of parts it had known were defective for years.

Meta platforms and Amazon stock are in play IBD Leaderboard. Meta and Amazon are also on SwingTrader, along with AMAT stock. Meta and CCL shares are on Bahraini dinar 50. Meta stock is on IBD Big Cap 20.

Weatherford International (WFRD) IBD Stock of the Day on Wednesday was.

The video embedded in the article reviewed Wednesday’s market action and analyzed Google, ODFL, and… MongoDB (MDB).

Dow jones futures today

Dow Jones futures rose 0.2% versus fair value. S&P 500 futures rose 0.2%. Nasdaq 100 futures rose 0.35%, with MU shares helping.

The yield on 10-year Treasury bonds fell to 3.86%.

Crude oil futures fell slightly.

At 8:30 AM EST, investors will get weekly unemployment claims data, the Philadelphia Fed manufacturing index and the final third-quarter GDP reading.

Remember, an overnight move in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

Micron profits

MU stock rebounded in overnight trading. Micron reported a smaller-than-expected financial loss in the first quarter while sales rose 16%, ending five quarters of significant year-over-year declines. The memory chip giant also trended higher in the current second quarter. Micron stock fell 4.2% to 78.69 in Wednesday’s regular session, but remains close to a 52-week high.

Chip equipment makers Applied materials (deaden), Kosovo Liberation Army Company (KLAC) And L Research (LRCX) rose in late trading. All three stocks were down about 3% on Wednesday, but are trading near their 52-week highs.

Several other chip runs rose slightly as well.

Carnival (CCL) And Carmax (CMX) Report before opening. Both Carnival stock and KMX are moving higher on the right side of the bases, but CCL stock is much closer to the top.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Stock market pool

The stock market rally was slightly to modestly high through most of Wednesday, but began to decline in the afternoon and gained momentum, closing at the session lows.

The Dow Jones Industrial Average fell 1.3% in stock market trading Wednesday. The S&P 500 and Nasdaq Composite Index fell 1.5%. The small-cap Russell 2000 fell 1.9%.

The Dow Jones and Nasdaq snapped a nine-session winning streak, with the latter falling below 15,000.

There didn’t seem to be a specific trigger, but the reversal wasn’t surprising either. The Nasdaq was more than 8.5% above its 50-day line during the day on Wednesday, so the odds of a pullback are rising. The CBOE Volatility Index, or VIX, was hovering near a four-year low, indicating excessive upside. The market’s fear gauge rose 9.1% on Wednesday.

It’s unclear whether Wednesday’s market selloff was just a blip, the beginning of a modest pullback or the first step in something more serious.

Unsurprisingly, growth stocks took a harder hit on Wednesday than the indices.

U.S. crude oil prices rose 0.4% to $74.22 a barrel, up 3.9% so far this week.

The yield on the 10-year Treasury note fell 4.5 basis points to 3.88%, reaching its lowest levels since late July.

ETFs

Among the growth ETFs is the iShares Expanded Technology Software Sector ETF (IGV) decreased by 1.4%. VanEck Vectors Semiconductor ETF (Trait) and decreased by 2.8%. MU stock is one of SMH’s top stocks, along with AMAT, KLAC, and LRCX.

Reflecting more speculative stocks, the ARK Innovation ETF (Ark) and fell by 4.1% and the ARK Genomics ETF (Arkj) 4.9%. Tesla stock remains a significant holding across Ark Invest’s ETFs.

SPDR S&P Metals and Mining Fund (XME) fell 1.8% and the Global X US Infrastructure Development ETF (cradle) 1.6%. US Global Jets ETF (Planes) decreased by 1.6%. SPDR S&P Homebuilders ETF (XHB) Step down by 1.1%. Energy Select SPDR ETF (XLE(Depreciated by 0.9% and Healthcare Sector SPDR Fund)Forty-fifth) Waiver of 1.45%.

Selected Industrial Sector SPDR Fund (forty-first) decreased by 1.6%. Financial Select SPDR ETF (XLF) 1.8% precipitation.

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Google shares

Google shares rose 1.2% to close at 138.34. This was still one of the best-performing stocks on the S&P 500 on Wednesday and is the only Magnificent Seven stock to finish higher.

In the morning, shares jumped to 141.70, surpassing a cup-with-handle buy point of 139.42 on heavy volume. Stocks reclaimed the 50-day line on Monday.

GOOGL stock jumped early Wednesday after The Information reported that the search giant could restructure its 30,000-person ad sales team, relying more on machine learning to let customers buy ads on Google, YouTube and more.

Trucking inventory

Saia stock rose 2% to 436.54, breaking the trend line and 428.79 early entry and then surpassing the buy point of 443.85.

ODFL shares rose 0.2% to 402.03. During the day, Old Dominion hit the 415.95 level, decisively breaking the 50-day line and breaking the downward-sloping trend line.

Both Saia and Old Dominion are located in less than a truckload of space. Trucking’s gains were weak, though fedex (FDX) results and guidance late Tuesday.

Weatherford Stock

WFRD stock rose 0.3% to 96.01. During the day, shares rose to 98.69, crossing the downtrend line. Tuesday’s strong move above the 50-day line also provided an early entry inside the cup base. The official buy point is 100.93, according to MarketSmith analysis.

Tesla shares

Tesla stock fell 3.9% to 247.14 on Wednesday, retreating from an early entry level of 252.75. Shares are operating at a double bottom buy point of 278.98.

Reuters reported on Wednesday that tens of thousands of drivers suffered from suspension or steering parts failure over several years. The report, based on a Reuters review of documents, reveals that the electric car giant knew many parts were faulty, but often blamed drivers for any resulting malfunctions.

The underlying report and documentation potentially increases the risk of recalls, expensive lawsuits, and even potential criminal liability.

This news comes as Tesla rolls out an over-the-air “summon” to improve driver monitoring while using Autopilot

However, TSLA stock’s decline on Wednesday appears to be related to the broader market reversal, not the Reuters report.

What are you doing now

The stock market rally has extended, both in major indices and blue-chip stocks. A pause and a modest retreat would be healthy; There are no compelling reasons to add exposure now.

In practice, there are not many buying opportunities at the moment, although there are exceptions for Google, Saia and Weatherford shares.

Investors can choose to take some profits and reduce exposure, especially if they have not done so in the final days on the way up. Remember, if you’re not selling your way up, you’re selling your way down.

Keep your watchlists updated and stay engaged.

Read The Big Picture every day to stay on top of the market trend and leading stocks and sectors.

Please follow Ed Carson on X/Twitter at @IBD_ECarsonTopics in @edcarson1971 And Bluesky V @edcarson.bsky.social For stock market updates and more.

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