Dow Jones and S&P 500 futures declined slightly overnight, while Nasdaq futures rose. JPMorgan Chase reports hefty earnings on Friday. Tech growth stocks led another strong session for the stock market rebound, as Treasury yields and the dollar fell further.
Alphabet’s parent company Alphabet (GOOGL), ASML (ASML), Snowflake (SNOW), Arista Networks (ANET), and On Holding (ONON) all issued buy signals on Thursday, while many other leaders extended advances. This has been a favorable week for investors to increase their exposure, but the possibility of another market downturn is increasing.
Aehr Test Systems (AEHR) posted fiscal Q4 earnings that slightly exceeded expectations, with revenue narrowly missing. The chip-testing equipment producer, which has exposure to EV semiconductors, expects fiscal 2024 revenue increasing by more than 50%, but falling just short of expectations. In tumultuous overnight trade, AEHR shares rose 4%. On Thursday, shares increased 3.7% to 141.43, continuing a rebound from the 10-week line and returning above a previous purchase point of 40.69 that is no longer valid. For the past few weeks, AEHR stock has been consolidating near the top of a previous base.
JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), BlackRock (BLK), and UnitedHealth (UNH) are among the companies set to report earnings on Friday. JPM stock is in a buy zone, whilst BLK stock is potentially actionable. In recent weeks, the stock of UNH and other health insurers has plummeted.
In Focus: The Magnificent Seven
Meanwhile, the Nasdaq is expected to disclose on Friday how it would reweight the Nasdaq 100 through a “special rebalance” on July 24. Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Google stock, Amazon.com (AMZN), Tesla (TSLA), and Meta Platforms (META), the “Magnificent Seven,” are projected to experience reduced weights.
Nvidia and Tesla stock are on the Leaderboard on Holding. Swing Trader has ONON stock and Arista Networks. Holding and ANET are also on the IBD 50. TSLA is a component of the IBD Big Cap 20. Thursday’s IBD Stock Of The Day was Holding.
- Dow Jones and S&P 500 futures fell slightly overnight, while Nasdaq futures tilted higher.
- JPMorgan Chase, Wells Fargo, Citigroup, BlackRock, and United- Dow Jones futures and S&P 500 fell slightly overnight, while Nasdaq futures tilted higher.
- JPMorgan Chase is set to headline big earnings on Friday.
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.