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Dow Jones futures rose modestly early Wednesday, along with S&P 500 futures and Nasdaq futures after Nvidia (NVDA) reported another quarter of huge earnings and strong guidance. Key economic data came in mixed.
X
Nvidia stock edged higher early Wednesday, still within a buy zone. Other key AI plays near buy points rose, including Microsoft (MSFT), Advanced Micro Devices (AMD), Google parent Alphabet (GOOGL), Meta Platforms (META), Palantir Technologies (PLTR) and Super Micro Computer (SMCI).
Meanwhile, Sam Altman is returning as CEO of Microsoft-backed OpenAI, just days after the board ousted him.
Tesla (TSLA) edged higher Wednesday, moving toward possible buy points.
Urban Outfitters (URBN) and Autodesk (ADSK) fell Wednesday morning after earnings, signaling moves below buy zones. Guess (GES) plunged after closing just below a buy point. Deere (DE) tumbled on weak guidance.
Economic Data
At 8:30 a.m. ET, the Labor Department reported initial jobless claims tumbled 24,000 to 209,000, well below views.
Meanwhile, while the Commerce Department reported October durable goods orders tumbled 5.4%, worse than expected. Orders excluding transportation were flat, just below views.
Microsoft stock, Nvidia and Meta Platforms are in the current IBD Leaderboard line up META stock is listed on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. Nvidia stock, Microsoft, Novo Nordisk and Super Micro are current IBD 50 listings. Microsoft, Palo Alto, Meta Platforms and SMCI stock are on the IBD Big Cap 20.
Dow Jones Futures Today
Dow Jones futures climbed 0.15% vs. fair value, even as Caterpillar (CAT) fell, pulled down by Deere’s outlook. S&P 500 futures advanced 0.3%. Nasdaq 100 futures rose 0.5%. Nvidia stock is a major S&P 500 and Nasdaq 100 component, along with many other AI plays, as well as Tesla stock.
The 10-year Treasury yield fell to 4.39% after holding at 4.42% on Tuesday. Treasury yields came off morning lows on the low jobless claims figures
Crude oil futures tumbled 4% to below $75 a barrel. OPEC+ delay an upcoming meeting from Nov. 25-26 to Nov. 30. That followed buzz that the cartel could announce new production cuts. Weekly oil inventory data is due out from the Energy Information Administration at 10:30 a.m. ET.
Israel and Hamas have agreed to four-day cease-fire, starting Thursday, with Hamas agreeing to turn over some 50 hostages.
Remember that premarket 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 took a breather Tuesday, but the major indexes and leading stocks still looked healthy.
The Dow Jones Industrial Average and S&P 500 slipped 0.2% in Tuesday’s stock market trading. The Nasdaq fell 0.6%. The small-cap Russell 2000 slumped 1.3%.
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Tesla Stock
TSLA stock rose slightly in premarket trade. On Tuesday, shares rose 2.4% to 241.20, retaking the 50-day line amid solid weekly China registrations and progress on a possible future India plant. A Cybertruck delivery event looms Nov. 30, though CEO Elon Musk and top executives have downplayed expectations for the vehicle.
A Florida judge found “reasonable evidence” that Musk and other managers knew that Tesla Autopilot was defective, Reuters reported Tuesday night. The ruling, which took place last week, means a Florida lawsuit involving a Model 3 fatal crash in 2019 can go forward.
Tesla stock has a 278.98 buy point from a double-bottom base. There is a trendline running from the July 19 high that could offer an early entry, currently around 253. Investors could use a move above the Nov. 15 intraday high 246.70 as an aggressive entry or area to start a position.
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Nvidia Stock
Nvidia stock edged higher in up-and-down premarket trade after falling modestly Tuesday night. Shares dipped 0.9% to 499.44 on Tuesday, in range of a 476.09 buy point from a double-bottom base.
Late Tuesday, the AI chip leader reported Q3 revenue spiked 206% to $18.12 billion, while earnings skyrocketed 593%, both crushing views once again. Nvidia also guided higher for Q4.
Nvidia earnings and guidance sprinted past views in the prior two quarters, so investors may have been hoping for even more.
Still, several analysts raised NVDA stock price targets.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Sam Altman Back As OpenAI CEO
Altman will return to OpenAI CEO, just five days after his abrupt exit. Former Salesforce (CRM) co-CEO Bret Taylor and former Treasury Secretary Larry Summers will join OpenAI’s revised board.
OpenAI’s board ousted Altman on Friday, but a day later was in talks to bring him back as big investors like Microsoft and key staff rebelled. Microsoft said Monday it would hire Altman and fellow co-founder Greg Brockman to form a new AI lab. The vast majority of OpenAI staff threatened to quit to work for Altman at Microsoft.
AI Stocks
Microsoft stock climbed slightly in premarket trading. Shares fell 1.2% to 373.07 on Tuesday, in range of a 366.78 cup-base buy point.
AMD stock tilted higher in extended trade. Shares sank 1.9% to 119.18 on Tuesday. The Nvidia rival has a 122.41 cup-with-handle buy point.
Google stock edged up. Shares climbed 0.5% Tuesday to 136.97. Investors could use Thursday’s high of 137.22 as an early entry. The official flat-base buy point is 141.22.
Meta stock rose a fraction. Shares edged down 0.9% on Tuesday, within the buy zone of a consolidation going back to late July.
PLTR stock climbed modestly. Shares tumbled 7.2% to 19.80 on Tuesday in an ugly reversal. Palantir stock fell back below a 20.24 cup buy point, according to MarketSmith analysis.
SMCI stock rose modestly early Wednesday. Shares fell 4.8% to 289.85 on Tuesday after jumping 5.55% on Monday, arguably offering an early entry. Super Micro stock has a 317.50 buy point from an awkward double-bottom base.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
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