Dow Jones futures fell modestly Thursday night, along with S&P 500 futures and Nasdaq futures. The stock market rally suffered heavy losses Thursday as the 10-year Treasury yields continued to soar. This time the Nasdaq did not rally off lows, closing below key support.
Nvidia (NVDA) and Teladoc Health (TDOC) joined stocks round-tripping sizable gains, while Tesla (TSLA) plunged further below its 10-week line. Investors should be playing defense, especially with tech stocks. For those waiting to see how big winners held up at the end of the week, some key sell or hold decisions are coming.
Meanwhile, GameStop (GME) came well off its intraday high. GME stock rose 19% to 108.73 after doubling on Wednesday. But it came way off its intraday high of 184.68. AMC Entertainment (AMC) and Express (EXPR), two other squeeze plays that leapt Thursday morning, closed down. GME stock rose slightly overnight in active trade.
Key Earnings Reports
Etsy, Zscaler, Salesforce, Autodesk and Farfetch topped earnings views. Airbnb and DoorDash reported huge quarterly losses in their first quarterly reports since their late 2020 IPOs, but beat on revenue.
Etsy stock jumped in late trade, just exceeding Thursday’s 5.5% drop. Zscaler stock climbed, recouping most of its 5.8% regular-session loss. Salesforce stock retreated overnight on weak guidance after CRM closed down 3.9%. Farfetch stock also fell in extended trade, extending a 4.15% Thursday’s slide. ADSK stock edged lower after a 5% slump.
ABNB stock rose slightly overnight after tumbling 9.1% Thursday. DASH stock sold off after closing with a 5.4% decline.
DraftKings (DKNG) reports early Friday.
Investors have been less forgiving of earnings results in the current market climate, even when profits and guidance appear strong. Nvidia stock tumbled 8.2% Thursday following earnings. Teladoc, Innovative Industrial Properties (IIPR), Progyny (PGNY), NetApp (NTAP) and Novocure (NVCR) all suffered double-digit losses.
Dow Jones Futures Today
Dow Jones futures fell 0.4% vs. fair value. S&P 500 futures sank 0.5% and Nasdaq 100 futures retreated 0.75%.
Coronavirus cases worldwide reached 113.51 million. Covid-19 deaths topped 2.51 million.
Coronavirus cases in the U.S. have hit 29.04 million, with deaths above 520,000.
Stock Market Rally
The stock market rally suffered broad-based losses Thursday, with growth continuing to lead the downside.
Go to the news source: Dow Jones Futures: Market Rally Breaks Support As Treasury Yields Soar; Nvidia, …