In the latest market update, Dow Jones futures displayed a positive trend overnight, mirroring the upward movement of S&P 500 futures and Nasdaq futures. Notable performers in the earnings spotlight included CrowdStrike (CRWD), Intuit (INTU), Workday (WDAY), and NetApp (NTAP).
The stock market experienced a relatively subdued session on Tuesday, marked by modest gains in major indexes amid a continued decline in Treasury yields. Additionally, crude oil futures saw a rebound.
Tesla (TSLA) exhibited strength by surpassing a significant level ahead of its Cybertruck delivery event scheduled for Thursday night. Palantir Technologies (PLTR) rebounded from a key level, potentially presenting an attractive entry point. Amazon.com (AMZN) and Nvidia (NVDA) maintained buy points, with Amazon announcing a new AI chip and AI chatbot.
Highlighted on IBD Leaderboard were Amazon and Nvidia stocks, while Nvidia, WDAY, and CRWD secured positions on the IBD 50. CRWD stock also found a place on the IBD Big Cap 20.
The accompanying video delved into Tuesday’s market activity, offering insights into TSLA stock, Palantir, and Marriott Worldwide (MAR).
In a significant development, Charlie Munger, Vice Chairman of Berkshire Hathaway (BRKB), passed away at the age of 99 on Tuesday. Munger, a longtime collaborator of Warren Buffett, had played a pivotal role at BRKB. The stock showed minimal changes in late trading following this news.
Dow Jones Futures Today
Dow Jones futures saw a rise of 0.15% versus fair value, while S&P 500 futures and Nasdaq 100 futures registered gains of 0.1% and 0.15%, respectively.
The 10-year Treasury yield experienced a decline of several basis points, settling at 4.29%.
It’s essential to note that actions in Dow futures and other overnight markets may not necessarily mirror actual trading in the upcoming regular stock market session.
Key Earnings Recap
CRWD experienced a slight dip overnight despite surpassing earnings expectations, with both revenue and revenue guidance slightly exceeding consensus. The stock, however, rose 1.1% in Tuesday’s session, reaching a 52-week high.
INTU stock hovered just above break-even after the tax software giant exceeded fiscal Q1 expectations but provided a lower Q2 guidance. Despite this, Intuit stock inched up 0.68% to 565.07 on Tuesday, maintaining its position in the vicinity of a 550.12 double-bottom buy point.
WDAY stock exhibited a notable rise in extended trading, potentially setting the stage for an entry on Wednesday. The business software giant outperformed consensus and offered optimistic guidance, with the stock inching 0.6% higher to 237.33 on Tuesday, approaching a 238.99 early entry from a short handle.
NTAP stock surged in overnight trade, propelled by beating fiscal Q2 forecasts and an upward Q3 EPS guidance. NetApp stock appeared poised to break out of a 79.63 handle buy point from a double-bottom base, closing at 78.11 after a 2-cent increase.
As the market continues to evolve, investors closely watch these key players and economic indicators for potential opportunities and challenges.
