Dow Jones futures were little changed Wednesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally held near recent highs while small caps reclaimed a key level. Salesforce stock and Snowflake (SNOW) were among the notable earnings reports overnight.
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The major indexes rose slightly but the S&P 500 and Nasdaq hit fresh all-time highs while the Dow Jones nudged closer to record levels. The small-cap Russell 2000 reclaimed its 50-day moving average for the first time on July 12. Infrastructure plays, financials, housing, chips and cybersecurity were solid performers.
The stock market rally is acting well with Fed chief Jerome Powell due to give a big speech. Powell speaks at virtual Jackson Hole monetary conference at 10 a.m. ET on Friday. He could drop hints about the Fed scaling back asset purchases, but many analysts expect him to leave most or all of that “taper talk” for the September Fed meeting.
Salesforce.com (CRM), Snowflake, Autodesk (ADSK), Box (BOX), NetApp (NTAP), Zuora (ZUO) and Williams-Sonoma (WSM) reported earnings late Wednesday.
CRM stock rose modestly late, moving higher in a buy zone. SNOW stock fell. ADSK stock and Box retreated after closing around buy points. NTAP stock is signaling a breakout. WSM stock and Zuora surged higher, also flirting with a buy point.
Early Thursday, Chinese EV maker Xpeng Motors (XPEV) reports, along with Burlington Stores (BURL), Dollar Tree (DLTR), Dollar General (DG) and Abercrombie & Fitch (ANF). XPEV stock and Abercrombie & Fitch are close to possible early entries. BURL stock and Dollar General are in buy zones. Dollar Tree is starting to bounce back.
The video embedded in this article analyzed Quanta Services (PWR), Wells Fargo (WFC) and the Global X U.S. Infrastructure Development ETF (PAVE).
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. CRM stock is a Dow Jones component. S&P 500 futures and Nasdaq 100 futures were little changed.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Stock Market Rally
The stock market rally had slim gains on the major indexes, extending a winning streak to five days on the S&P 500 and Nasdaq.
The Dow Jones Industrial Average edged up 0.1% in Wednesday’s stock market trading. The S&P 500 index rose 0.2%. The Nasdaq composite climbed 0.15%. The small-cap Russell 2000 rose 0.4%.
The 10-year Treasury yield popped 5 basis points to 1.34%, reclaiming its 200-day and 50-day lines. The 10-year Treasury yield, like the stock market rally, has been making gains in recent days heading into Friday’s Powell speech.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 0.7%, while the Innovator IBD Breakout Opportunities ETF (BOUT) climbed 0.6%. The iShares Expanded Tech-Software Sector ETF (IGV) edged up 0.2%, with CRM stock and Autodesk top holdings. The VanEck Vectors Semiconductor ETF (SMH) climbed 1.1%.
SPDR S&P Metals & Mining ETF (XME) retreated 0.8% but the PAVE ETF gained 0.6%. U.S. Global Jets ETF (JETS) advanced 0.85%. SPDR S&P Homebuilders ETF (XHB) rose 1.2%. The Energy Select SPDR ETF (XLE) climbed 0.8% and the Financial Select SPDR ETF (XLF) 1.2%.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) closed just below break-even. ARK Genomics ETF (ARKG) edged up 0.1%.
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Salesforce Earnings
Salesforce earnings were better-than-expected. The business software giant also hiked guidance after closing its Slack acquisition.
CRM stock rose 1.6% to 265 in extended trade. Salesforce stock edged up 0.5% to 260.85 on Wednesday. Shares are in buy range from a 253.60 saucer-with-handle entry. The buy zone runs to 266.28. Investors also could use 271.02 as an alternate buy point for CRM stock
Snowflake Earnings
Snowflake lost slightly less than expected as revenue more than doubled once again.
SNOW stock rose slightly overnight. Shares advanced 0.85% to 283.76 on Wednesday. Snowflake stock has rallied from a record low of 184.71 on May 13, but doesn’t currently have a reasonable entry.
Autodesk Earnings
Autodesk earnings topped views while sales were in line. Guidance was roughly in line.
ADSK stock sank slumped 7% in extended action. Shares nudged up 0.35% to 342.27 on Wednesday. Autodesk stock closed slightly extended from a 321.23 buy point, according to MarketSmith analysis. But it’s in danger of falling below the buy point.
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Box Earnings
Box earnings narrowly topped views, while guidance was in line to slightly above views.
Box stock fell 2% in overnight trade. Shares dipped 0.9% on Wednesday to 25.64. Box stock has a cup-with-handle base with a 26.58 buy point.
NetApp Earnings
NetApp earnings comfortably beat while the data storage giant guided…
