Dow Jones futures fell modestly late Wednesday, along with S&P 500 futures and Nasdaq futures. The coronavirus stock market rally continued to broaden out and move higher on economic recovery hopes. The Dow Jones and S&P 500 led amid a shift to economic recovery plays, with Boeing surging. Meanwhile, the Nasdaq moved within 2% of its pre-coronavirus peak.
Smartsheet (SMAR) and Cloudera (CLDR) reported better-than-expected results after the close. But Smartsheet stock and Cloudera stock tumbled overnight below buy points on weak guidance.
KLA Corp. (KLAC) Trade Desk (TTD) and Tesla (TSLA) rival Nio (NIO) cleared buy points during Wednesday’s session.
The Nasdaq composite has led the coronavirus stock market rally, with gains concentrated among some big cap and megacap techs and medicals. The index was getting extended from the Dow and S&P 500. It wouldn’t have been a shock to see the Nasdaq move sideways or pull back for a few weeks in a sector rotation toward “real economy” stocks in the Dow Jones and S&P 500. But while the Dow and S&P are outperforming, the Nasdaq keeps marching toward record highs.
Trade Desk stock is on SwingTrader. Tesla stock, which is in buy range, is on IBD Leaderboard. Both TTD stock and TSLA stock are volatile growth names that have rallied back from very deep bases.
Dow Jones Futures Today
Dow Jones futures fell 0.3% vs. fair value, wavering between slim gains and losses. S&P 500 futures dipped 0.4%. Nasdaq 100 futures sank 0.4%. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.