Dow Jones futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures, with the May jobs report on tap. The stock market rally had a strong session, shrugging off a Microsoft (MSFT) profit warning and the Fed’s No. 2 official signaling big rate hikes will continue through September.
Flex LNG (FLNG), Howmet Aerospace (HWM), AAR Corp. (AIR), Enphase Energy (ENPH) and ZIM Integrated Shipping (ZIM) are near buy points. FLNG stock, AAR and Howmet Aerospace cleared early buy points Thursday, while Enphase broke out. ZIM stock is setting up.
Meanwhile, it was a strong day for EV makers and highly valued growth stocks such as Tesla (TSLA), Xpeng (XPEV), MongoDB (MDB) and UiPath (PATH), with the latter two flying on earnings. All of these names still need a lot of repair work.
China EV and battery giant BYD (BYDDF) rose on record May sales, on track to seize Tesla’s EV crown in the second quarter. BYD stock rose solidly, moving toward all-time highs.
Despite declining NYSE and Nasdaq volume, Thursday’s market rebound was encouraging after two days of modest losses. Investors can slowly add to exposure, but take small steps.
After the close, upscale retailers Lululemon Athletica (LULU) and RH (RH) topped quarterly views, but RH gave weak guidance. Cybersecurity plays CrowdStrike (CRWD) and Okta (OKTA) topped and beat guidance. LULU stock rose modestly overnight, while RH and CRWD stock retreated slightly. OKTA stock jumped. All four stocks are off recent lows, but a long way from being actionable.
ENPH stock is on IBD Leaderboard. Enphase and HWM stock are on SwingTrader. MSFT stock is on IBD Long-Term Leaders. ZIM stock is on the IBD 50. Howmet Aerospace was Thursday’s IBD Stock Of The Day.
The video embedded in this article highlights Thursday’s market action and analyzes FLNG stock, Enphase and Epam Systems (EPAM).
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures and Nasdaq 100 futures climbed 0.1%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual…