Dow Jones futures and S&P 500 futures fell slightly early Friday, while Nasdaq futures edged higher. A Tesla charging deal with General Motors (GM) was in focus, along with Taiwan Semiconductor sales and DocuSign earnings.
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The stock market rally showed modest to solid gains Thursday on the major indexes, with the Nasdaq rebounding somewhat after Wednesday’s downside reversal. Meanwhile, small caps and midcaps fell slightly, coming well off lows and giving up just a portion of their recent advances.
Dow Jones giant Boeing (BA), Cardinal Health (CAH), Floor & Decor (FND) and TG Therapeutics (TGTX) are in buy areas.
So is Taiwan Semiconductor Manufacturing (TSM). Taiwan Semi is the world’s largest chip foundry, making semiconductors for Nvidia (NVDA), Apple (AAPL), Qualcomm (QCOM) and many others. Taiwan Semi reported May sales early Friday.
Tesla (TSLA) extended a record streak of up days in high volume Thursday. After the close, news broke that General Motors will use Tesla’s Superchargers and charging technology. That follows a similar deal with Ford Motor (F) announced in late May. TSLA stock and GM both rallied in extended trade.
DocuSign (DOCU) reported fiscal Q1 results late Thursday. DOCU stock jumped 8% in premarket Friday trading on its earnings and guidance. The digital documents and e-signature software firm is working on a 69.45 bottoming-base buy point, retaking its 200-day line in late May. DocuSign stock rose 2.2% to 58.48 on Thursday.
Tesla stock and Nvidia are on IBD Leaderboard. BA stock was added to SwingTrader Thursday, joining FND stock. Floor & Decor was Thursday’s IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures dipped 0.1% and Nasdaq 100 futures gained a fraction. Tesla stock is a major S&P 500 and Nasdaq 100 member.
The 10-year Treasury yield rose 4 basis points to 3.75%.
Late Thursday, former President Donald Trump said on his Truth Social site that he’s been indicted on federal criminal charges related to classified documents retained after leaving the White House. Multiple organizations confirmed Trump’s criminal indictment, his second this year.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Stock Market Rally
The stock market rally gradually improved throughout Thursday, with indexes closing near session highs.
The Dow Jones Industrial Average rose 0.5% in Thursday’s stock market trading. The S&P 500 index climbed 0.6%. The Nasdaq composite popped 1.0%. The small-cap Russell 2000 fell 0.4%.
U.S. crude oil prices fell 1.7% to $71.29 a barrel.
The 10-year Treasury yield sank 7 basis points to 3.71%.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.8%, while the Innovator IBD Breakout Opportunities ETF (BOUT) was up 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) rebounded 1.3%. The VanEck Vectors Semiconductor ETF (SMH) rose 1.2%. TSM stock is a huge SMH component, along with Nvidia.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rose 1% and ARK Genomics ETF (ARKG) dipped 0.1%. Tesla stock is the No. 1 holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) dipped 0.2% and the Global X U.S. Infrastructure Development ETF (PAVE) edged down 0.1%. U.S. Global Jets ETF (JETS) ascended 0.6%. SPDR S&P Homebuilders ETF (XHB) fell 0.35%, with FND stock a notable XHB holding. The Energy Select SPDR ETF (XLE) gave up 0.4% and the Health Care Select Sector SPDR Fund (XLV) climbed 0.6%.
The Financial Select SPDR ETF (XLF) gave up 0.1%. The SPDR S&P Regional Banking ETF (KRE) retreated 1.2%.
Five Best Chinese Stocks To Watch Now
Stocks In Buy Areas
Boeing stock rose 2.9% to 218.11 on Thursday, moving above various short-term highs and a trendline, offering an early entry. Volume was robust. BA stock is closing in on a 221.33 buy point from a flat base going back almost four months. That followed a powerful move for the Dow aerospace giant from late September to mid-February.
CAH stock climbed 2.5% to 85.33, rebounding from the 21-day and 10-week lines and breaking a short downtrend in a little consolidation just above a five-month base cleared decisively in early May. Early Thursday, Cardinal Health slightly raised the midpoint of its 2023 earnings guidance and announced a $3.5 billion buyback of CAH stock.
TGTX stock bounced 7.3% to 28.98, moving off the 10-week line, reclaiming the 21-day and breaking a downtrend. Shares nearly doubled from a late March breakout to early March before pulling back. TG Therapeutics is still losing money. Sales skyrocketed 286% in the latest…
Read More: Dow Jones Futures Fall: Boeing, Apple Chipmaker In Buy Areas; Tesla Runs On GM