Dow Jones futures edged higher Thursday morning while S&P 500 futures and Nasdaq futures rose as NVDA stock jumped on results. The Nvidia (NVDA) earnings report has huge implications for other chip and AI stocks, as well as the nascent market rally attempt. Snowflake (SNOW), Splunk (SPLK) and NetApp (NTAP) also reported Wednesday night.
The stock market rally attempt ran up on Wednesday ahead of the results, with improving breadth. Treasury yields fell sharply amid some weaker economic data as well as disappointing results or guidance from more retail and consumer plays.
The market is gaining some momentum but has not yet confirmed its rally attempt.
Nvidia stock ran strongly higher overnight on earnings. SPLK stock and Snowflake also were winners, while NetApp fell slightly.
Meanwhile, a slew of AI-related names also moved slightly to solidly on Nvidia earnings. Some could offer buy signals Thursday.
Those include chipmakers Broadcom (AVGO) and Marvell Technology (MRVL) to software makers like ServiceNow (NOW), Adobe (ADBE), Palantir Technologies (PLTR), C3.ai (AI) and Samsara (IOT) as well as server maker Super Micro Computer (SMCI). Don’t forget megacaps such as Microsoft (MSFT), Meta Platforms (META) and Google parent Alphabet (GOOGL).
In other news, Boeing (BA) has found a new 737 Max manufacturing issue that may have resulted in hundreds of incorrectly drilled holes. It’s a job done by supplier Spirit AeroSystems (SPR). Boeing says it has a fix. Near-term deliveries could be delayed, but the issue reportedly doesn’t affect Max jets in operation. BA stock fell modestly, testing a buy point and 50-day line. Spirit Aero tumbled.
NVDA stock and Meta are on IBD Leaderboard. Microsoft stock is on the IBD Long-Term Leaders list. ADBE stock and ServiceNow are on the IBD 50. Google stock, Meta and ServiceNow are on the IBD Big Cap 20.
Dow Jones Futures Today
Dow Jones futures were 0.1% above fair value, with Boeing stock acting as a drag. S&P 500 futures climbed 0.7% while Nasdaq 100 futures jumped 1.25%. Nvidia stock is a major Nasdaq 100 and S&P 500…