Dow Jones futures were little changed early Friday, along with S&P 500 futures and Nasdaq futures. FedEx (FDX), Lululemon Athletica (LULU) and Dow giant Nike (NKE) reported after the close.
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The stock market rally pared gains after the major indexes hit record highs Thursday morning. Micron Technology (MU) and Broadcom (AVGO) led AI chip names higher, including Nvidia (NVDA). Microsoft (MSFT) hit a record high following its AI event.
On the downside, the Justice Department filed an antitrust suit vs. Apple (AAPL) over the iPhone. Apple stock fell solidly, weighing on the major indexes.
CyberArk Software (CYBR) flashed a buy signal, but a number of non-tech names stood out.
Neurocrine Biosciences (NBIX) and On Holding (ONON) broke out. Goldman Sachs (GS) broke out decisively from a trading range. Meanwhile, Blue Owl (OWL), Ares Management (ARES), Blackstone (BX), BlackRock (BLK), Apollo Global Management (APO) and KKR (KKR) — all part of the Finance-Investment Management group — made bullish moves.
Along with Microsoft, that’s 11 stocks in buy areas.
Apollo Global stock, KKR, Neurocrine Biosciences and Nvidia are on IBD Leaderboard, with CyberArk stock on the Leaderboard watchlist. Neurocrine stock, Ares and Apollo Global are on SwingTrader. Microsoft stock is on IBD Long-Term Leaders. Nvidia stock, Ares, Owl Capital and KKR are on the IBD 50. Broadcom stock and Nvidia are on the IBD Big Cap 20 list. Owl Capital was Thursday’s IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value, even with Nike stock a blue-chip drag. S&P 500 futures advanced 0.1% and Nasdaq 100 futures were flat.
The 10-year Treasury yield fell slightly to 4.24%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Earnings
FedEx earnings topped while guidance was strong, offsetting a narrow miss for revenue. FDX stock surged overnight, signaling a breakout at the open. Shares rose 1.9% to 264.85 on Thursday. FedEx is working up the right side of a three-month consolidation with a 285.53 buy point.
Lululemon earnings topped views but the yoga apparel retailer guided low. LULU stock sold off in extended trade. Shares advanced 2.1% to 478.84 on Thursday, decisively clearing the 50-day line and moving above some short-term levels. That could have offered an early entry, if it weren’t for the earnings report. Lululemon stock has a 516.39 official buy point from a flat base.
Nike earnings easily beat. NKE stock rose solidly initially Thursday lower, but turned decidedly lower as executives gave weak guidance on the analyst call. Shares edged up 0.55% to 100.82 on Thursday, but are still below their 50-day and 200-day lines.
Nike results and outlook are relevant for Deckers Outdoor (DECK) and On Holding. On Thursday, Deckers stock jumped 4.1%, hitting a record high but extended. ONON stock climbed 2.5% to 35.61 on Thursday, just clearing a 35.58 cup…
