Dow Jones futures rose late Thursday, along with S&P 500 futures and Nasdaq futures, after hopes for a deeper Fed rate cut buoyed the stock market rally Thursday.
Dow Jones giant Microsoft (MSFT), hot new IPO CrowdStrike Holding (CRWD), Intuitive Surgical (ISRG) and Skechers (SKX) all reported earnings after the close, while Boeing (BA) said it expects the 737 Max to resume flights this year. Boeing stock jumped. Microsoft stock, CrowdStrike stock, Chewy stock and Skechers stock rose late, while Intuitive Surgical stock fell modestly.
Microsoft stock boasts a 97 IBD Composite Rating out of a best-possible 99. Skechers stock has a strong 91 Composite Rating. Intuitive Surgical stock is an 88, CrowdStrike stock has a 71 CR and Boeing stock a 73.
CrowdStrike stock and Skechers stock signaled big moves above buy points at Friday's stock market open.
Dow Jones futures climbed 0.4% vs. fair value, helped by Boeing stock and Microsoft stock. S&P 500 futures advanced 0.3%. Nasdaq 100 futures rose 0.6%. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Provided by Nasdaq Last Sale.
Real-time quote and/or trade prices are not sourced from all markets.
The stock market rally rebounded Thursday thanks to a late afternoon rally. The major averages seemed headed for a third straight down session when New York President John Williams said he supports aggressive policy moves to combat adverse conditions. Williams said he favors keeping Fed rates lower for longer. Fed Vice Chair Richard Clarida also hinted at aggressive action.
The odds for a 50-basis point Fed rate cut on July 31 soared to 70% vs. 34% on Wednesday and 20% a week ago.
The Dow Jones closed up a few points. The S&P 500 index rose 0.4% and the Nasdaq composite 0.3%, even with Netflix plunging 10%.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 0.45%. The iShares Expanded Tech-Software Sector ETF (IGV) closed flat.
The VanEck Vectors Semiconductor ETF (SMH) jumped 1.8%, clearing a buy point after chip giant Taiwan Semiconductor Manufacturing (TSM) said industry demand has bottomed.
The Dow Jones aerospace giant said it expects the Boeing 737 Max to resume flights in the fourth quarter, quelling growing concerns that the jet would be grounded into 2020. Boeing will take a $4.9 billion charge in the second quarter for 737 Max disruptions.
Keep in mind that the aerospace giant has been optimistic about the timetable for the Boeing 737 Max. But Boeing has to submit a software fix to the FAA. The FAA will take its time recertifying the Boeing 737 Max, and international regulators could take even longer.
Boeing stock rose 1.7% in late trade. Shares closed down 2.3% to 361.11, moving back below its 200-day line.
Microsoft earnings rose 21% to $1.31 a share as revenue grew 12% to $33.72 billion. Wall Street forecast Microsoft earnings of $1.21 a share on sales of $32.73 billion.
Microsoft stock advanced 2.7% late. Shares closed up 0.1% to 136.42. Microsoft stock had drifted back into buy range from a 131.47 flat-base buy point, with the 5% chase zone ending at 138.04.
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CrowdStrike lost 47 cents a share while revenue soared 103% to $96.1 million. Analysts expected the recent cybersecurity IPO to lose 47 cents a share on revenue of $95.7 million for the period ended June 30. CrowdStrike also gave bullish guidance for the current quarter and fiscal year.
CrowdStrike stock shot up 17% after hours to 84.93, signaling a breakout. Shares closed up 2.5% at 72.75. CrowdStrike stock has formed an IPO base with a 79.89 entry.
The CrowdStrike IPO came public at 34 a share last month, with shares quickly doubling to 79.79 on June 19.
Intuitive Surgical earnings rose 18% to $3.25 a share. The robotic surgical systems giant's revenue climbed 21% to $1.099 billion. Both beat analyst estimates.
Intuitive Surgical stock fell 0.7% late. Shares closed up 2.5% at 536.63. Intuitive Surgical stock has a 540.55 cup-with-handle buy point.
Skechers earnings shot up 69% to 49 cents a share. Revenue grew 11% to $1.26 billion. Skechers' same-store sales climbed 4.9%. Analysts expected Skechers earnings per share of 33 cents, with revenue up 7% to $1.22 billion and comps up 2.6%.
Skechers stock jumped 12.5% to 39.20 late, signaling a breakout from a cup base with a 35.76 buy point, MarketSmith analysis shows.
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