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Dow Jones Futures: Microsoft, Google Fall On Earnings; Market Rally runs up to key test




Dow Jones futures fell slightly early Wednesday, while S&P 500 futures and especially Nasdaq futures lost more ground, with Microsoft (MSFT) and Google parent Alphabet (GOOGL) headlines a heavy night of earnings.




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The stock rally had another strong boost on Tuesday, as government yields and the dollar retreated. But the S&P 500 and Nasdaq are coming up to an important resistance level. Investors should take part in the confirmed uptrend, but not rush in.

Intel (INTC) priced the IPO for its Mobileye (MBLY) self-driving car unit on Tuesday evening, slightly above the expected range. Twitter (TWTR) moved closer to its takeover price on recent signs that Tesla ( TSLA ) CEO Elon Musk will close the deal by Friday.

Microsoft and Google kicked off megacap tech earnings on Tuesday night. Enphase Energy (ENPH) and Chipotle Mexican Grill (CMG) also reported.

Microsoft’s earnings and revenue beat, but MSFT stock fell sharply overnight on disappointing cloud revenue and weak guidance. Google shares fell after a lack of impressions. The news also sent many other tech stocks down.

Enphase collected strong results and guidance. CMG shares initially rose, but then turned modestly lower.

Boeing (BA), General dynamics (GD), Waste management (WM) and Hilton Worldwide (HLT) reports early Wednesday.

Hilton revenue peaked, but revenue fell short. The HLT share did not yet trade.

Microsoft and Google shares are on the IBD list of long-term leaders. ENPH stock is on the IBD Big Cap 20.

Intel rates Mobileye IPO

Intel sold 41 million Mobileye shares at $21 a pop, up from the expected $18-$20 range. It grossed $861 million. That valued Mobileye Global at $16.7 billion, far below the $50 billion that Intel had once hoped for. The chipmaker paid $15.3 billion for Mobileye in 2017.

MBLY stock will begin trading on Nasdaq on Wednesday.


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Latest Musk-Twitter deal

Equity investors in Tesla CEO Elon Musk’s planned Twitter takeover received paperwork today, CNBC reported Tuesday, the latest sign that Musk will close the $44 billion deal by Friday.

Bloomberg reported that Musk told the banks that he intends to close the Twitter takeover on Friday. Twitter stock extended its gains during the day, closing up 2.6% at 52.84, not far from the deal price of $54.20. Tesla shares briefly pared their gains on Tuesday afternoon, but ended 5.3% higher at 222.41.

Concerns that Musk will have to sell more stock to pay for the Twitter deal have weighed on TSLA stock.

The video embedded in this article discusses Tuesday’s market rally and analysis Shockwave Medical (SWAV), Excelerate energy (EE) and Dollar General (DG).

Dow Jones Futures today

Dow Jones futures lost 0.1% against real value. S&P 500 futures fell 0.6 percent. Nasdaq 100 futures fell 1.5%, but were down overnight. Microsoft stock is a Dow Jones, S&P 500 and Nasdaq giant. Google stock and Enphase are S&P 500 and Nasdaq components.

The 10-year government yield fell 4 basis points to 4.07%.

Crude oil futures fell slightly, while natural gas prices rose more than 1%.

Copper futures rose 2 percent.

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 rally continued on Tuesday, with technologies and small caps leading a strong session.

The Dow Jones Industrial Average rose 1.1% in Tuesday’s trading. The S&P 500 index rose 1.6 percent. The Nasdaq composite rose 2.25 percent. The small-cap Russell 2000 jumped 2.7%.

The 10-year government yield fell 13 basis points to 4.11%. Falling government interest rates also weighed on the US dollar. Still, the two-year Treasury yield, more closely tied to Fed policy, fell just 3 basis points to 4.47%.

US crude oil prices rose 0.9% to $85.32 a barrel. Natural gas futures rose 8%, continuing to bounce back after plunging 23% last week.

ETFs

Among the top ETFs, the Innovator IBD 50 ETF ( FFTY ) rose 0.55%. The iShares Expanded Tech-Software Sector ETF ( IGV ) rose 2.5%. MSFT stock is a huge IGV holding. The VanEck Vectors Semiconductor ETF ( SMH ) rose 1.6%.

SPDR S&P Metals & Mining (XME) rose 1.8%. SPDR S&P Homebuilders (XHB) rose 4.35%. The Energy Select SPDR ETF (XLE) rose 0.1%. The Health Care Select Sector SPDR Fund ( XLV ) rose 0.8%.

ARK Innovation ETF ( ARKK ) reflects stocks with more speculative stories, jumping 6.7% and ARK Genomics ( ARKG ) 5.4%. Tesla stock is a large holding across Ark Invest’s ETFs.


Top five Chinese stocks to watch now


Key income

Microsoft’s earnings and turnover topped the views for the first quarter of the financial year. Cloud computing revenue led the way, but missed at least some targets. The software giant then warned of revenue from the second quarter on advertising, PC and currency headwinds.

MSFT stock sold off 6% in overnight trading. Shares rose 1.4% to 250.66 on Tuesday, touching the 50-day line. But Microsoft shares are well below the 200-day mark and still not far from bear market lows. Cloud software stocks fell on Microsoft’s results.

Both Google revenue and revenue missed out. YouTube revenue fell, while online advertising rose just 2.5%. Cloud computing revenue topped estimates. GOOGL shares fell 6% in prolonged activity. Shares rose 1.9% on Tuesday to 104.48, also closing in on the 50-day line. But, like Microsoft, Google stock is not far from bear markets, with some distance to the 200-day.

Results from Microsoft and Google’s cloud computing could herald Amazon Web Services growth ahead Amazon.com (AMZN) earnings Thursday night. AMZN stock fell more than 4% overnight.

Enphase earnings beat comfortably as earnings crushed impressions. The solar company also led the way for Q4 earnings. The ENPH share rose 6% in pre-market trading. Enphase shares fell 4.85% to 265.59 on Tuesday, moving back above the 21-day line. Stocks may begin to build up the right side of a new base. Enphase stock could move back to its 50-day line at Wednesday’s open.

First Solar ( FSLR ), which reports Thursday night, rose 1% after Enphase earnings.

Chipotle earnings beat, with same-store sales and margins impressing. Price increases offset a 1% drop in transactions. Up early, CMG shares fell 1.5% in extended trading on concerns about future margins. Shares rose 2.5% on Tuesday to 1,584.02. Chipotle stock is nearing the 50-day line as it works on the right side of a short base with a buy point at 1,754.66, according to MarketSmith analysis.


Why this IBD tool simplifies the search for top stocks


Market rally analysis

The stock rally continued to gain momentum, with falling government yields and the US dollar providing a tailwind for stocks.

Nasdaq and small caps led Tuesday’s rise. The Dow Jones trailed on Tuesday but remains the rally leader, pushing higher above the 50-day mark. The S&P 500 and Russell 2000 are approaching that key level. The Nasdaq still has a long way to go before the 50-day mark. But the S&P, Russell and Nasdaq are all above their 10-week lines.

It is still unclear whether this is just another bear market rally. Can the S&P 500 and then the Nasdaq move decisively above their 50-day moving averages. And if so, can the major indexes clear the 200 day?

On the plus side, a number of growth stocks showed bullish action, including Shockwave, DoubleVerify (DV) and Roblox (RBLX).

They join medical leaders, including biotechs, health insurers and drug distributors. Car parts dealers are doing well.

The energy stores continue to work well.

Treasury yields, earnings and economic data could undermine the nascent recovery.

Microsoft and Google reported Tuesday night, with Meta platforms (META), apple ( AAPL ) and Amazon earnings later this week.

It’s no coincidence that Microsoft, Google, Amazon and Apple shares closed Tuesday right at or just below their 50-day lines. Even Meta stock, which nearly hit a bear market low on Friday, is heading back toward its 50-day high.

Microsoft, Google and Amazon are ready to retreat from that key level. Futures signal that the S&P 500 and Nasdaq will also do so at Wednesday’s opening.


Time the market with IBD’s ETF market strategy


What to do now

A confirmed uptick in the stock market is on the rise, with a number of leading stocks flashing buy signals or breaking out, including some high-growth names.

So investors should be cautiously involved in this market rally, taking positions in quality stocks or broad market ETFs. Enter slowly. If your positions and the market rally are working, you can gradually add exposure.

The major indices facing a series of resistance levels is yet another reason to enter, not run.

But be ready to take profits or cut losses quickly.

Continue working on watchlists. More days of market gains bring more stocks into position.

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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