Early Thursday, Dow Jones futures, S&P 500 futures, and Nasdaq futures all experienced a slight decline. Micron Technology (MU) also saw a solid drop after reporting earnings.
The stock market rally saw some modest gains in major indexes, even though overall market breadth was negative. Big names like Tesla (TSLA) and Amazon.com (AMZN) saw breakouts, while Arm Holdings (ARM) and Chipotle Mexican Grill (CMG) are in buy range. Nvidia (NVDA) saw minimal losses and closed up slightly.
In terms of individual stocks, Micron earnings exceeded expectations for fiscal Q3 with revenue growth rising to 82%. Meanwhile, the company provided guidance slightly higher for Q4 EPS and in line for revenue. Despite these positive results, Micron stock fell nearly 6% early Thursday.
Stock market indexes like the Dow Jones and S&P 500 experienced mixed results, with the Nasdaq composite posting gains. Market breadth was weak, with small caps lagging behind. Additionally, ETFs like the Innovator IBD 50 ETF (FFTY) and the ARK Genomics ETF (ARKG) saw movement in opposite directions.
Amazon stock experienced a strong 3.9% increase, hitting a market cap above $2 trillion for the first time. Tesla stock also surged, closing above a handle buy point from a two-month consolidation period, with analysts predicting strong second-quarter delivery results for the company. Arm stock saw gains after a brief decline following the Micron earnings report. Chipotle stock also saw a slight increase after a morning test of the 50-day line.
Overall, the stock market continues to trend higher, with opportunities for investors in various sectors beyond just tech. Keeping an eye on leading stocks and sectors, as well as analyzing market direction, is crucial for making informed investment decisions during these volatile times.
