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Dow Jones Futures: Meta Continues Tech Titan Meltdown; Apple on deck




Dow Jones futures rose modestly overnight, along with S&P 500 futures and Nasdaq futures. Meta platforms ( META ) plunged in earnings, even as the spending surplus lifted several major technology providers.




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Apple shares and Amazon.com are on deck Thursday night.

The stock rally had wide swings during the day on Wednesday, but the major indexes eventually closed near bottom levels. The Nasdaq fell sharply Microsoft (MSFT) and Google revenue.

A few more stocks flashed buy signals, including Enphase Energy (ENPH), Wing stop (WING) and Rollins (ROLE).

Separately, Tesla (TSLA) is reportedly facing a criminal investigation for its self-driving claims.

Earnings

Facebook Parent Meta Platforms, Wolfspeed (WOLF), Ford Motor (F), Imp (PI), Molina Health (MOH), Aspen technology (AZPN) and Service Now (NOW) reported after completion.

The Meta share fell on weak earnings and guidance. But Meta’s massive spending plans drove several chip and network companies, including Nvidia (NVDA) and Arista Networks (A WEB).

The WOLF share plunged on the guidance. Aspen Technology, ServiceNow and PI stocks were big revenue winners, Molina Health showed. Ford dropped a bit. The AZPN share was not yet active.

Merck (MRK), Shopify (SHOP), MasterCard (MA), McDonald’s (MCD) and larva (CAT) report early Thursday.

But then all eyes will turn to Thursday evening, too apple (AAPL) in print, along with Amazon.com (AMZN) and the biotech giant Vertex Pharmaceuticals (VRTX).

Apple shares and Amazon fell back from near the 50-day line on Wednesday. The VRTX share is in a buy zone.

Vertex stock and Wingstop are on the IBD Leaderboard. The WOLF share is on the leaderboard’s watch list. MUSA stock is on the IBD 50. Vertex, Molina Health and ENPH stock are on the IBD Big Cap 20. Enphase Energy was Wednesday’s IBD Stock Of The Day.

The video embedded in this article discussed the market’s volatile action and analyzed the WING stock, Enphase and Clearfield (CLFD).

Tesla criminal probe

Tesla is facing criminal charges over the self-driving claims, Reuters reported on Wednesday. The Ministry of Justice’s investigation began last year and is nowhere near reaching any conclusions, according to the report. The criminal investigation comes amid an ongoing, widening Autopilot probe by the National Highway Traffic Safety Administration.

The new criminal investigation did not appear to affect TSLA stock. Shares closed up 1% at 224.64, off session highs as the market faded from late-morning highs.

Meanwhile, Tesla CEO Elon Musk stopped by Twitter (TWTR) headquarters and changed his Twitter bio to “Chief Twit” with all signs pointing to his $44 billion takeover closing Friday night. TWTR shares rose 1.2% on Wednesday to 53.42, up 7% so far this week and just below the $54.20 price tag.

Twitter shares rose 1% to 53.90 overnight, as the NYSE said TWTR would be delisted at Friday’s close.

It is unclear whether Musk still needs to sell more Tesla shares to finance the Twitter takeover.


Tesla vs. BYD: Which EV giant is the best buy?


Dow Jones Futures today

Dow Jones futures rose 0.4% relative to fair value. S&P 500 futures rose 0.4 percent. Nasdaq 100 futures rose 0.4%, as the Meta plunged while the NOW rose.

Keep in mind that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular session.


Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live


Stock market rally

The stock market rise had large fluctuations on Wednesday, and ended mixed.

The Dow Jones Industrial Average closed up 2 points in Wednesday’s trading, even with MSFT shares down 7% and Boeing (BA) of 9%. The S&P 500 index fell 0.7 percent. The Nasdaq composite slipped 2%. The small-cap Russell 2000 rose 0.5%.

The 10-year Treasury yield fell 10 basis points to 4.01%, continuing a sharp decline from last Friday’s intraday highs. The 10-year Treasury yield is below the 3-month yield, which fell to 4.03% on Wednesday. The 3-month/10-year inversion is seen as a stronger recession signal than the 2-year/10-year inversion.

The Bank of Canada raised interest rates by 50 basis points compared to the expected 75 basis points as more central banks start to become less aggressive. The Federal Reserve is a virtual lock to raise interest rates by 75 basis points for a fourth consecutive meeting next week. But markets are leaning towards a move of 50 basis points in December.

The US dollar fell solidly for a second session.

US crude oil prices rose 3% to $87.91 a barrel.

ETFs

Among the top ETFs, the Innovator IBD 50 ETF ( FFTY ) rose 0.2%. The iShares Expanded Tech-Software Sector ETF ( IGV ) fell 1.75%, with Microsoft stock a large component and ServiceNow also a notable holding. VanEck Vectors Semiconductor ETF ( SMH ) gave up 1%.

The SPDR S&P Metals & Mining ETF (XME) rose 1.1%. The Energy Select SPDR ETF (XLE) rose 1.4%. The Health Care Select Sector SPDR Fund ( XLV ) rose 1.1%.

ARK Innovation ETF ( ARKK ), reflecting more speculative history stocks, rose 0.2% and ARK Genomics ETF ( ARKG ) rose 2.8%. Tesla stock remains a large holding across Ark Invest’s ETFs.


Top five Chinese stocks to watch now


Key income

Meta Platforms revenue was noticeably below Q3 views, although revenue peaked. The Facebook parent also provided weak guidance.

Meta stock fell nearly 20% in overnight action, signaling a plunge to its worst levels since late 2016. Shares already fell 5.6% to 129.82 on Wednesday after Google’s earnings miss on weak online advertising revenue. That followed weak earnings from the Snapchat parent Snap (SNAP) earlier this month.

On the plus side, Nvidia, Marvell technology (MRVL) and ANET shares rose due to Facebook’s huge spending.

Wolfspeed reported a quarterly loss and sales that slightly topped the views. The EV-exposed chip maker gave disappointing guidance.

WOLF stock crashed 26% in extended trade, signaling a plunge below recent lows and the 200-day moving average. Shares rose 1.3% on Wednesday to 106.44, hitting resistance at the 50-day line. The WOLF warehouse has been close to having a proper base.

Impinj earnings smashed views, with the tracking chip maker also topping sales estimates.

PI stock rose 18% overnight, signaling a gap above a consolidation buy point at 99.10. Impinj shares rose 1.3% to 89.23 on Wednesday, holding above the 50-day line.

Ford’s revenue and earnings were broadly in line with reduced views after the automaker warned last month of supply chain problems and costs.

Ford shares fell 1% in extended action. Shares fell 0.1% to 12.82 on Wednesday. Ford stock is working on a 16.78 buy point from a bottom base, according to MarketSmith analysis, but remains below its 50-day and 200-day moving averages.

Molina Health earnings modestly topped views. MOH shares rose 5% in overnight trading. Shares rose 0.8% on Wednesday to 369.23, rising in a buy zone from a flat base. The flat base, part of a base-on-base formation, has a buy point of 361.35. Molina stock is set to open outside the 5% buy zone, ending at 379.42.

Aspen Technology earnings crushed views, and earnings also topped. AZPN stock was not yet trading in extended action. Shares of the supply chain and software maker fell 1.7% to 248.40 on Wednesday, but found support at its rising 21-day moving average. AZPN stock has been consolidating for a few weeks after a strong run, but needs more time to build a proper base.

ServiceNow revenue peaked, but revenue fell short and the business software giant cut its fourth-quarter subscription revenue targets. However, NOW shares rose 13% after hours, signaling at least a test of a falling 50-day line. ServiceNow shares fell 2.7% to 366.41 Wednesday on Microsoft’s results and guidance.

Market rally analysis

Wednesday was a strange day for the stock market rally. The Nasdaq index fell at the opening on Microsoft’s and Google’s earnings. The tech-heavy index erased losses late in the morning, but shares then fell back to extended lows. The S&P 500, which moved above its 50-day line intraday, fell back.

The Nasdaq, after falling back from near the 50-day line, now needs support near the 21-day line.

The Russell 2000, while closing well off highs, moved above its 50-day line, reflecting how market weakness was heavily concentrated in megacaps. Microsoft and Google parent Alphabet (GOOGL) were the main offenders, but Meta, Amazon and Apple were also significant losers.

The Invesco S&P 500 Equal Weight ETF ( RSP ) rose 0.2% but neared session lows.

Advances outpaced declines on the NYSE and Nasdaq. New highs exceeded new lows.

Wednesday’s pullback from key technical areas on bad news is not that surprising. What matters is how the market rally reacts from here.

A huge amount of earnings, including Apple shares and Vertex, are still due this week, with a big load next week. Also next week: Another Fed meeting and interest rate hike, along with the October jobs report and other key economic data.

On the plus side, leading stocks from a number of sectors are flashing buy signals and adding to the rally, including ENPH stocks.


Time the market with IBD’s ETF market strategy


What to do now

Wednesday’s rollercoaster session, which closes almost down, underscores the need for caution.

Investors should have gradually increased exposure in recent days as the market rally strengthened and several stocks flashed buy signals. But rushing into new positions risks loading up right at intraday highs, or before a more significant pullback.

Although there is reason to be hopeful, many technical obstacles and macroeconomic challenges remain.

Look for new opportunities by working with your watchlists. But be ready to scale out if the rally or your stocks run into trouble.

Read The Big Picture every day to stay in sync with market direction and leading stocks and sectors.

Follow Ed Carson on Twitter at @IBD_ECarson for stock exchange updates and more.

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