Dow Jones Futures Rise As Fed Meeting, Huge Earnings Loom; Tesla Stock Downgraded

Dow Jones futures rose slightly early Monday, along with S&P 500 futures and Nasdaq futures, ahead of a Federal Reserve meeting and huge earnings wave, led by Microsoft (MSFT), Google parent Alphabet (GOOGL) and Meta Platforms (META)


Tesla (TSLA) got a downgrade Monday as it upped discounts further. Apple (AAPL) and Nvidia stock got price target hikes. Among these megacaps, Apple stock, Microsoft, Google and Meta edged higher, along with Nvidia (NVDA). Tesla stock fell slightly, extending its post-earnings sell-off.

On Sunday, Dow giant Chevron (CVX) released some Q2 figures early, with EPS beating views. CVX stock edged higher. Domino’s (DPZ) reported mixed results Monday. DPZ stock fell modestly.

Cadence Design Systems (CDNS) will report Monday night, which will also have implications for rival chip design software firm Synopsys (SNPS). Both Cadence Design and SNPS stock are near buy points.

Trucking firm Yellow (YELL) reached a labor deal Sunday, lifting YELL stock. But XPO Logistics (XPO) and less-than-truckload firms such as Old Dominion Freight Line (ODFL) and ArcBest (ARCB) fell, with their rival averting a strike and possible bankruptcy.

Tesla, Nvidia and Meta stock are on IBD Leaderboard. Microsoft stock, Cadence Design and SNPS stock are on the IBD Long-Term Leader list. TSLA stock is on the IBD 50. CDNS stock and Tesla are on the IBD Big Cap 20.

Dow Jones Futures Today

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures advanced 0.1%. Nasdaq 100 futures climbed 0.15%.

Crude oil futures climbed a fraction.

The 10-year Treasury yield fell several basis points to 3.8%.

Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Fed Meeting

The Fed starts its two-day meeting Tuesday. After a June pause, the Fed is overwhelmingly expected to raise rates by a quarter point on Wednesday. But the real question is the rate hike outlook for the rest of the year. Fed policymakers in June forecast two more rate hikes this year, but tame inflation…


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