Dow Jones futures and S&P 500 futures edged higher early Friday, while Nasdaq futures climbed modestly. The stock market rally suffered significant losses, with the Nasdaq undercutting key support. Apple stock broke through the 50-day line, while Microsoft (MSFT), PayPal (PYPL) and FANG stocks Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOGL) suffered notable damage.
On the plus side, Adobe (ADBE) and ServiceNow (NOW) found support at their 50-day line. Nvidia (NVDA) closed well off lows, near its 21-day and well above its 50-day. Tesla (TSLA) fell more than 4%, but is still up sharply for the week and above key levels. Rail operator CSX (CSX) edged higher, holding above a recent buy point. Target (TGT) and Home Depot (HD) are still consolidating constructively.
The S&P 500 rebounded from its 50-day moving average. But the Nasdaq gapped down below its 50-day line, though it didn’t undercut its Sept. 11 low and finished in the upper half of its daily range. Many recent breakouts showed weakness while some market rally winners such as Amazon stock are losing sight of key support.
Dow Jones Futures Today
The stock market rally remains under pressure, against the ropes, but hasn’t thrown in the towel. But it’s got the feel of a boxer who is just managing to stay upright despite several repeated blows.
Apple (AAPL), Amazon, Adobe, Microsoft, Nvidia, Netflix, ServiceNow, PayPal and Tesla stocks are on IBD Leaderboard. Microsoft stock, Adobe and PayPal are IBD Long-Term Leaders. Netflix stock, Adobe, Microsoft, PayPal, Nvidia and Amazon stocks are all on the IBD 50.
Dow Jones futures tilted higher vs. fair value, while S&P 500 futures climbed 0.2%. Nasdaq 100 futures rose 0.45%. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.