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Dow Jones Futures: Nvidia leads in earnings dynamics; Warren Buffett’s top stocks have a new buy point

Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. Nvidia (NVDA), Salesforce.com (CRM) and Snowflakes (SNOW) reported on a busy night of earnings.




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Equity markets rebounded slightly, although the major indexes once again hit resistance at their 21-day moving averages. Investors don’t want to commit heavily ahead of Friday’s speech from Fed Director Jerome Powell.

Meanwhile, Apple (AAPL), Warren Buffett’s top investment Berkshire Hathaway (BRKB), edged higher on Wednesday. AAPL stock currently has a valid value on the daily chart. Tesla (TSLA) is testing key levels as the TSLA 3 get 1 free split happens overnight.

Main income

NVDA stock, Salesforce, and Snowflake provide insights into key technology areas. Nvidia earnings provides a look at the semiconductors, especially the data center and gaming sector. Sales force income will signal demand for business software. So did analytics firm Snowflake, while the SNOW stock reaction showed investor demand for highly regarded former tech leaders.

Nvidia’s earnings are approx with instructions down as gaming revenue fell by a third but data center revenue grew 61%. The chip giant took the lead on lower third-quarter revenue. NVDA stock fell more than 4% in overnight trading. Nvidia shares rose 0.2% in regular trading Wednesday to 172.22.

Sales force income views topped, but the software giant led the current-quarter low. Despite the new $10 billion buyback program, CRM stock has plummeted in protracted actions. Shares of Salesforce.com rose 2.3% to 180.01 on Wednesday.

Snowflake reported a wider-than-expected Q2 loss, but beat sales increase of 83%. SNOW stock spiked overnight. Snowflake stock rose 4.2% to 160.28 on Wednesday, bouncing off the 50-day line after falling back over the past few weeks.

Meanwhile, Splunk (SPLK), Box (BOX) and Autodesk (ADVERTISEMENT) is added to the busy software line after the end, with huge memory NetApp (NTAP) and home and furniture retailers Williams-Sonoma (WSM) are also reporting. Autodesk and NetApp rose overnight in results, while Williams-Sonoma edged higher. Splunk and Box fall down.

Early Thursday, Common Dollar (DG) and Dollar tree (DLTR) pressing, with dollar store chains possibly in an attractive consumer position right now. DG and Dollar Tree stock are both around the buy point.

Dow Jones Futures Today

Dow Jones futures are tilted lower than fair value, with CRM stock being a drag on blue chips. S&P 500 futures and Nasdaq 100 futures rose 0.1%.

Remember that action overnight in Dow futures contract and elsewhere it doesn’t necessarily translate into actual trading the next week stock market meeting.


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Rally stock market

The rallying stock market saw slight to modest gains on Thursday, but the major indexes once again hit resistance.

The Dow Jones Industrial Average rose 0.2% on Wednesday stock market trading. The S&P 500 index rose 0.3%. The Nasdaq Composite Index rose 0.4 percent. The small-cap Russell 2000 gained 0.8%.

US crude oil prices rose 1.2% to $94.89 per barrel. The United States rejects Iran’s terms for a revived nuclear deal, meaning no deal yet to bring Iranian crude to the world market.

Natural gas prices rose 1.5%. Natgas futures fell 5% Tuesday, retreating from a 14-year high.

The yield on the 10-year Treasury note rose 5 basis points to 3.11%, its highest since June 29. It was up 24 basis points in four sessions. The market is leaning towards a 75 basis point Fed rate hike in a row on September 21. Of course, Fed Director Powell speaks on Friday and a bunch of economic data will be released ahead of the rate decision. Fed’s next rate.


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ETF

Among the Best ETFsThe Innovator IBD 50 ETF (FFTY) rose 1.4%, while the Innovator IBD Breakthrough Opportunity ETF (BOUT) increased by 0.4%. iShares Expanded Technology-Software Sector ETF (IGV) increased by 0.6%. CRM stock is an important component of the IGV. VanEck Vectors Semiconductor ETF (SMH) decreased by 0.1%. Nvidia stock is the big holding SMH stock.

SPDR S&P Metals & Mining ETF (XME) rose 2.1% and the US Infrastructure Development ETF Global X (SAVE) increased by 0.6%. SPDR S&P Homebuilders ETF (XHB) increased by 0.75%. SPDR Select Energy ETF (XLE) increased by 1.2%. SPDR Fund for the Healthcare Sector (XLV) up 0.1%

Reflecting a more speculative narrative on stocks, the ARK Innovation ETF (ARKK) rebounded 2.6% and the ARK Genomics ETF (ARKG) 3.5%. Tesla stock is a large stock on Ark Invest ETFs.


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Apple stock

Apple shares rose 0.2% to 167.53, finding support beyond the 21-day line. Tech giant Dow Jones currently has a 176.25-handle buy point on the daily chart, with that entry already on the weekly chart. Apple has officially sent out invites for an event taking place on September 7, with the iPhone 14 event expected to be announced.

The relative strength line has hit new highs, reflecting the better performance of AAPL stock relative to the S&P 500 index.

Berkshire Hathaway purchased an additional 3.9 million shares in Q2 for a total of nearly 895 million shares.

The iPhone maker’s shares were worth $122.3 billion as of June 30, but Apple shares have risen significantly since then. AAPL stock accounted for 41% of Berkshire’s portfolio at the end of the second quarter.

Tesla shares

Tesla shares inched 0.2% more to 891.29, but fell back after retrieving the 200-day moving average of the day. TSLA stock rallied at 944.10, just above short-term highs. The EV giant is a long way from the official buy point of 1,208.10.

The 3-for-1 stock split happens overnight, so prices and buy points will adjust on the open Thursday.

Market aggregation analysis

After sinking below the 21-day moving average on Monday, the major indexes are now hitting resistance at that short-term level. The small-cap Russell 2000 has rebounded above its 21-day line.

While the major indexes could fluctuate on Thursday with Nvidia, Salesforce, Snowflake and other big earnings, the market looks like it is awaiting a speech by Fed Director Powell.

Stocks that have broken out or recovered on a bullish signal over the past few days continue to perform well. But many are extended.

Meanwhile, the recent market pullback is sending many stocks, such as Apple, down.


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What to do now

There are stocks that have shown buy signals in recent days, notably in the energy supply and electric vehicle sectors. However, the market’s recovery momentum is in a bearish state, hitting the short-term resistance level. Powell’s speech is likely to be a market catalyst. Therefore, investors should be cautious about adding more risk until that point.

But get ready. If the market rebounds higher following comments from Fed Director, Powell, some buying opportunities could emerge. So an updated watch list will be key. If the market declines, investors should be prepared to scale down.

Read Big picture every day to stay in sync with market trends and top stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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