Dow Jones futures fell slightly Thursday night while S&P 500 futures and Nasdaq futures retreated modestly as(AAPL) and Amazon stock retreated overnight on earnings. The rose solidly, closing near highs, with Apple stock and Amazon.com (AMZN) among the regular-session winners. Meanwhile, Facebook (FB), another FAANG play, said it’s changing its name to Meta Platforms, with the FB stock ticker shifting to MVRS. Apple, Amazon, Atlassian (TEAM), Dexcom (DXCM), and U.S. Steel ( after the close. AAPL stock fell overnight on mixed Apple earnings. AMZN stock retreated on weak Amazon earnings, sales, and guidance. TEAM on solid results. DXCM stock was little changed after Dexcom earnings and sales topped. U.S. Steel stock was a notable winner, signaling an early entry after beating views.
Facebook Is Now Meta
Aspromised, Facebook is changing its corporate name to reflect a new focus on the metaverse. That name is Meta Platforms Inc. “The metaverse is the next frontier,” Zuckerberg said at Facebook’s Connect conference on Thursday. “From now on, we will be metaverse-first, not Facebook-first.” Zuckerberg sees a future in which people interact in virtual environments with lifelike avatars instead of in-person or Zoom-type settings. The existing Facebook, Instagram, and WhatsApp platforms will retain their names. FB stock rose 1.5% to 316.92 on Thursday but off session highs above its 200-day line. . With its new name of Meta, Facebook will switch from the FB stock ticker to the MVRS stock ticker on Dec. 1
Dow Jones Futures Today
lost 0.1% vs. fair value. S&P 500 futures fell 0.35%. Nasdaq 100 futures retreated 0.7%. Apple and Amazon , but TEAM stock also is in the Nasdaq 100. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual market session.
Stock Market Rally
Thehad a solid session and finished near highs, a reversal from the prior two sessions. The trading. The S&P 500 index rose 1%. The Nasdaq composite jumped 1.4%. The small-cap Russell 2000 rallied 2%. The 10-year Treasury yield rose four basis points to 1.57%, snapping a four-day . Crude oil futures slashed intraday losses to close fractionally higher on Thursday. Natural gas futures fell solidly. Copper futures rose modestly.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) popped 2.8%, while the Innovator IBD Breakout Opportunities ETF (BOUT) was up 1.4%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 1.2%. The VanEck Vectors Semiconductor ETF (SMH) rose 1.9. SPDR S&P Metals & Mining ETF (XME) advanced 0.9%, and Global X U.S. Infrastructure Development ETF (PAVE) climbed 1.9%. U.S. Global Jets ETF (JETS) rose 0.8. SPDR S&P Homebuilders ETF (XHB) rallied 1.9%. The Energy Select SPDR ETF (XLE) reversed higher to close up 0.7%, and the Financial Select SPDR ETF (XLF) finished 1.2% higher. Reflecting more speculative story stocks, ARK Innovation ETF (ARKK) rose 2.6%, and ARK Genomics ETF (ARKG) jumped 3.5%.
Apple earnings were mainly in line, though missing some forecasts. Revenue was overlooked for the first2017 by one measure. CEO said supply issues cut revenue by $6 billion. Apple stock fell 3.5% in overnight action. AAPL stock rose 2.5% to 152.57 on Thursday. According to MarketSmith analysis, shares had been a 157.36 buy point from a cup base. But Apple stock hasn’t since its September 2020 peak. While off its May lows, the relative strength line has been rangebound. That reflects AAPL stock’s middling performance vs. the S&P 500 index. Apple could lose its position as the world’s most valuable company on Friday to Microsoft.
. The e-commerce and cloud-computing giant also guided low. Amazon stock retreated 4% in extended trade. Shares popped 1.6% to 3,446.59, clearing a trend line as they rebounded from their 50-day line. That would have been an aggressive entry for AMZN stock if it weren’t for earnings. Amazon stock has a 3,773.18 official buy point.
Atlassian earnings and revenue topped forecasts. The collaborative software maker also guided up for the current quarter. TEAM stock popped 8% overnight, signaling a fresh high. Shares rose 1.1% to 417.33 on Thursday. Atlassian stock is at the top of a short consolidation, finding support at its 21-day line. TEAM stock doesn’t appear to have a good entry now. But keep an eye on it. Atlassian stock’s RS line is right at record highs.
DXCM stock edged higher overnight. Shares rose 2.1% to 570.32 on Thursday. Dexcom’s earnings and revenue were better than expected for theproducts maker. Dexcom stock has a 579.10 buy point from a flat base. Investors could use 573.75 as a slightly earlier entry for the DXCM store. , Tandem Diabetes (TNDM) and Insulet (POOL), two other diabetes product makers, will report.
U.S. Steel Earnings
U.S. SteelEPS views and topped on revenue, too. The steel giant also hiked its dividend. U.S. Steel stock is signaling a move above its 50-day line, with Tuesday’s high of 25 as an early entry from a trend line and the 50-days. X stock jumped 7.5% in overnight trade. Shares edged up 0.3% to 23.38 on Thursday, below their 50-day line and just above their 200-day line.
Market Rally Analysis
The stockshrugged off the last two days of closing at lows, rallying solidly on Thursday. The Nasdaq composite hit a record high, with Apple and Amazon stock advancing. But unlike Wednesday, there were broad-based gains, with growth leading the way. The major indexes are up solidly so far this . A lot of that has to do with Apple stock, Amazon, Microsoft (MSFT), Tesla (TSLA), and Google parent Alphabet (GOOGL). Underneath the surface were some nasty reversals or whipsaw action among individual stocks and some sectors. Still, on Thursday, advancers led decliners by 2-to-1 or better, reversing Wednesday’s weak action. Tech futures suggest that the Nasdaq at least may run into some trouble on Friday.
What To Do Now
A good idea is to build up exposure early in a confirmed stock. The are often quick to flash buy signals and then blast higher as the market has momentum. But after a few weeks, investors may want to add exposure incrementally, picking their spots on new buys while taking some early profits and cutting losers. The early leaders are extended while also-rans come to the fore while the broader slows its pace or hits resistance. The April-September 2020 was unusual because it was so strong for so long, making it easy to rack up huge gains, even when breaking the rules.
The current stock
Meanwhile, , the Fed taper decision and critical economic data add to market uncertainty in the concise run. Of course, investors who bought in mid-October as the gained traction generally are doing well. The recent gyrations have little impact, especially with the overall trend continuing. Read The Big Picture daily to sync with the market direction and leading stocks and sectors.