Apple, ARK Stocks Lead Risk-On Rally; 5 Earning Movers Pass By Points

Dow Jones Futures tumbled overnight, with S&P 500 futures and Nasdaq futures in the midst of another busy night of earnings. The stock market’s rally on Wednesday kicked off strongly, with tech titans charging more.




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apple stock, Amazon.Com ,AMZN, Microsoft ,msft), facebook parent meta platform ,meta, Tesla ,TSLA) and Google Guardian Alphabet ,Google) were among the leaders. Apple ,AAPL) an aggressive . provides point of purchase While Microsoft and Google stock, if you quibble, potential entries are coming.

Highly valued former growth leaders also had a strong session, with risk-averse investing back in vogue.

major earnings

fortinet ,ftnt, Albemarle ,album, McKesson ,mck, ELF Beauty ,elf) And Exelis Technologies ,ACL) were noteworthy earnings reports after the shutdown. All closed near buy points on Wednesday. But while McKesson, Exelis, ELF and ALB stocks rose, FTNT stock fell.

Luxury EV Maker Lucid Group ,LCD) also reported quarterly results. LCID stock declined on weak revenues and production guidance.

early Thursday, Eli Lilly ,LLY, lanthias ,lnth), former software leader datadog ,dog, quanta services ,PWR, new fort energy ,NFE, Chenier Energy ,LNG) and China e-commerce firm Ali Baba ,Dad) report good.

LLY stock fell 2% on Wednesday, breaking below its 50-day line and testing an old buy point. The PWR fell 0.9%, trading below a buy point after breaking out last Friday. LNG stock fell 0.3% on Wednesday, consolidating just below the traditional buying point after already clearing a trendline entry last week. DDOG stock, up 5.7%, is close to a short-term high, but has a long way to go from its late 2021 peak. new fort energy ,NFE) slipped 0.7%, a . getting closer to cup-base purchase point.

BABA stock rose 3.35%, but it remains below the 50-day and 200-day lines.

Eli Lilly, Lantheus, Quanta Services and Cheniere Energy are all operational IBD Leaderboard, The NFE stock leaderboard is on the watchlist. Microsoft, Google and FTNT Stocks Are Up IBD Long-Term Leader, New Fortress Energy and ACLS Are on Stock IBD 50, PWR is on stock IBD Big Cap 20,

dow jones futures today

Dow Jones futures edged lower versus fair value. S&P 500 futures fell 0.15%. Nasdaq 100 futures were down 0.25%.

Remember that overnight action dow futures and nowhere else necessarily translates into actual business in the next routine Share Market session.


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stock market rally

Tech-led stock market rally followed by Tuesday’s Dow-led return turned strong on Wednesday.

The Dow Jones Industrial Average rose 1.3% on Wednesday stock market trading, The S&P 500 index rose 1.6%. The Nasdaq Composite rose 2.6 percent. The small-cap Russell 2000 rose 1.4%.

The 10-year Treasury yield rose 1 basis point to 2.75%, but was well off its intraday high of 2.85%.

US crude oil fell 4% to $90.66 a barrel, closing on February 23 just before Russia’s invasion of Ukraine. OPEC+ agreed to raise September production quotas to a slim 100,000 barrels per day, with real production gains likely to be negligible. But demand concerns continue to weigh on oil prices, with US crude and gasoline inventories rising unexpectedly in the latest week.

megacap stock action

Apple stock rose 3.8% to 166.13, a three-month high. Shares moved above their 200-day line on Friday after earnings, then retreated marginally to start the week. Investors could use Wednesday’s move as an aggressive entry, even though volumes were below average. AAPL stock still far from peak and 183.04 buy point, but its relative strength line Already at new highs.

MSFT stock rose 2.8% and Google rose 2.6%. Meta stock jumped 5.4% but is still below its long-sliding 50-day line. AMZN stock is up 4%, moving toward its 200-day line.

Tesla’s stock climbed 2.3%, its sixth straight advance and closed above its 200-day line.

ETFs

in the middle Best ETFsThe Innovator IBD 50 ETF (ffty) rose 0.2%, while the Innovator IBD Breakout Opportunities ETF (boxing) climbed 0.4%, with energy names weighted on funds. iShares Extended Tech-Software Sector ETF (tub) dropped 3.2%. MSFT stock is a major IGV holding, of which Fortinet and DDOG stock also form constituents. VanEck Vector Semiconductor ETF (smh) advanced 2.4%.

SPDR S&P Metals & Mining ETF (XME) fell 0.4% and the Global X US Infrastructure Development ETF (expansive) climbed 0.7%. US Global Jets ETF (jet) rose 3%. SPDR S&P Homebuilders ETF (XHB) increased by 0.6%. Energy Select SPDR ETF (XLE) 2.9% and the Financial Select SPDR ETF (45) climbed 1.5%. Health Care Select Sector SPDR Fund (xlv) advanced 0.9%, with LLY stock holding a.

Reflecting the more speculative story stocks, the ARK Innovation ETF (arkk) jumped 6.1% to a three-month high. ARK Genomics ETF (ARKG) jumped 4.7%, matching the intraday high of three months. TSLA stock is a major holding in Ark Invest’s ETF.


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major earnings

McKesson tops earnings Thoughts with drug distributors guiding higher on EPS. In the overnight trade, the MCK shares gained marginally. 340.04 . The stock fell 2.4% to 327.10 on Wednesday after falling below Rs. flat base Buy point on Tuesday as per marketsmith analysis,

fortinet earning Slightly beat Q2 views, while revenue and Q3 guidance were roughly in line. FTNT stock fell into extended action, signaling a move below the 200-day and 50-day lines. The stock rose 4.2% to 62.88 on Wednesday, closing above 200 days, a major stumbling block in recent months. Fortinet stock has a 74.45 buy point, but a strong move above its recent July 12 high of 63.56 could have offered an early entry or a place to initiate long-term leader positions.

albemarle earnings Exceeded forecasts, while Lithium Play also again guided higher. Overnight the shares of ALB rose strongly. Shares fell 1.8% to 239.54 on Wednesday, as rivals livant ,LTHM) declined sharply despite strong earnings. ALB stock has a deep . from 273.78 is the purchase point cup with handle Base.

ELF Beauty’s earnings easily beat fiscal first-quarter views, while sales growth accelerated. The budget cosmetics maker also posted higher guidance for the full fiscal year 2023. ELF stock posted solid gains in extended trading. The stock fell 0.6% to 33.87 on Wednesday, up from 33.54 cups-with-handles buy points.

Excellis Earnings Easily beat while 50% sales growth beat a bit. Chip play guided on Q3 revenue. ACLS stock was marginally higher overnight. The stock rose 3.8% to 72.70 on Wednesday. Exelis stock is working toward an 83.83 cup-basis buy point, which is well-expanded from potential early entries.

Clear earnings were mixed with lower-than-expected losses, but revenues were well below expectations. Lucid again slashed its full-year production target. While the Lucid Air sedan, a rival to the Tesla Model S, has garnered critical acclaim, production and supply-chain issues have plagued EV startups, such as rivian ,RIVN) LCID stock fell in extended action. The stock rose 4% to 20.56 on Wednesday, well below November’s peak of 57.75.

market rally analysis

After a slight decline on Tuesday, the rally of the stock market on Wednesday gained strong momentum.

The Nasdaq is now clearly above its early June high, with Nasdaq volume running much higher than Tuesday. Apple, Meta, Google and ARK-type stocks rose.

The S&P 500, Dow Jones and Russell 2000 are still below their early June peaks, although the S&P 500 and Russell are getting closer.

Market breadth is improving while leadership is expanding.

Red-hot solar stocks had a rough session. SolarEdge ,SEDG) recently crashed, erasing big gains. but group leader Enphase Energy ,ENPH) was barely phased out.

Oil stocks pulled back with lower crude oil prices, but this could be an opportunity to build a handle on the cup base.

Speculative development names were among Wednesday’s big winners, reflecting the risk-on-trade turnaround. The vast majority still needs a lot of work to be done to be actionable. While bottom fishing has been working overall since mid-June, previous attempts to guess bottoms in volatile names didn’t do so well.

At this point, a lot of the beaten out stocks have risen significantly, while still facing a lot of resistance.


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What should we do now

The bullish trend in the stock market continues. This is the time to invest, but with a slight risk. With Fed rate hikes and major uncertainties still looming in the economy, the market rally could still falter. Investors should avoid being too focused in a particular industry and may continue to take partial initial profits. Sector rotations and stock shakeouts are still common.

Work on those watchlists. Several stocks, including Apple, Tesla and FTNT, are retesting some key long-term averages and early entries are shining or at least indicating that investors should be paying attention again.

Reading big picture Every day to keep pace with market direction and major stocks and sectors.

Please follow Ed Carson on Twitter @ibd_ecarson For stock market updates and much more.

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