Dow Jones futures rose slightly overnight, while S&P 500 futures and Nasdaq futures retreated as Treasury yields pushed above 4%. Tesla Investor Day is underway while Salesforce.com, Snowflake and other software earnings headlined a busy overnight session.
The stock market rally suffered further damage Wednesday as the 10-year Treasury yield hit 4% intraday. Some leading stocks flashed buy signals on news. But the S&P 500 and Nasdaq headed lower.
Apple (AAPL) fell back below its 200-day line as International Data Corp. now sees global smartphone sales falling slightly again in 2023 vs. its prior forecast for a modest bounce.
Tesla Investor Day opened with expectations for major announcements. Despite speculation of a new EV being unveiled, Tesla (TSLA) executives said at the event that a next-generation platform or vehicle will come at a “later date.” CEO Elon Musk’s “Master Plan 3” involved the world making a huge push for clean energy.
Late into the event, CEO Elon Musk confirmed that Tesla will build a Mexico plan.
Tesla stock fell solidly overnight as Investor Day had few headlines.
Notable software makers Salesforce.com (CRM), Splunk (SPLK), Box (BOX), Okta (OKTA) and Snowflake (SNOW) reported late Wednesday. CRM stock and OKTA were big winners overnight, while SNOW stock, Box and Splunk retreated.
Dow Jones Futures Today
Dow Jones futures rose 0.2% vs. fair value. CRM stock is a Dow component. S&P 500 futures retreated 0.4% and Nasdaq 100 futures fell 0.5%. TSLA stock is a big Nasdaq 100 component.
The 10-year Treasury yield rose 4 basis points to 4.03%, above the key 4% level.
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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Tesla Investor Day
Tesla Investor Day’s big presentations took place Wednesday evening.
The EV giant had said weeks ago that it would release more details about a next-generation EV platform at Tesla Investor Day, with a lot of…