Dow Jones futures turned slightly lower Wednesday night, along with S&P 500 futures and Nasdaq futures, as PayPal (PYPL), eBay (EBAY) and Apple (AAPL) chipmakers Qualcomm (QCOM) and Qorvo (QRVO) headlined earnings late Wednesday, while Apple Car buzz lifted the megacap.
The stock market rally held onto strong gains from Monday and Tuesday. President Joe Biden signaled some willingness to compromise on the size of his stimulus bill and how many Americans would receive direct checks. Growth stocks didn’t fare well, but there were several new breakouts, including Pinduoduo (PDD), ZoomInfo Technologies (ZI), Dynatrace (DT) and Farfetch (FTCH).
Short-squeeze plays GME stock, AMC Entertainment (AMC), Express (EXPR) and Koss (KOSS) continued to trade heavily. GameStop (GME) rose 2.7% on Wednesday, AMC stock 15%, Express 5.3% and Koss 28%, but those were generally inside days after huge plunges Tuesday.
The Securities and Exchange Commission is probing social media and message boards for signs of fraud in the GME stock, AMC stock and other short-squeeze plays, Bloomberg reported.
GME stock fell 4% overnight.
Key Overnight Movers
Apple stock, which fell last week after its results, rallied 2% overnight amid more reports that an Apple Car manufacturing deal is near with South Korea’s Hyundai-Kia. That would push AAPL stock close to reclaiming a 138.89 buy point.
Meanwhile, three big-cap techs were set to move past buy points, but only one was going the right way.
Apple iPhone and 5G chipmakers Qualcomm and Qorvo beat profit views. But Qualcomm missed on revenue while Qorvo narrowly beat. QCOM stock and Qorvo stock fell sharply, set to knife below buy points.
EBay earnings beat views while the outlook was upbeat. EBay stock spiked overnight, signaling a breakout.
PayPal earnings beat while guidance was in line. PYPL stock is set to hit a record high.
KLA earnings and guidance were strong. KLAC stock was little changed after selling into quarterly results.
Dow Jones Futures Today
Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures dipped 0.2%. Nasdaq 100 futures were 0.1% below fair value, reversing from modest gains.
Biden Stimulus Compromise
President Biden told House Democrats that a stimulus deal must include direct checks of $1,400, saying Americans were promised that amount. But, he’s open to those checks going to a fewer number of Americans. He’s also willing to accept a stimulus deal that’s below his $1.9 trillion proposal.
But is the Biden stimulus…
Go to the news source: Dow Jones Futures: AAPL Rises On Apple Car Buzz, But iPhone Chipmakers Tumble; e…