Dow Jones Futures: Market Rally Erases Loss On Fed News; Nvidia Earnings Strong;

Dow Jones futures tilted lower late Wednesday, along with S&P 500 futures and Nasdaq futures, with Nvidia earnings headlining overnight earnings. The stock market rally fell solidly intraday, but rallied to close little changed after newly released Fed meeting minutes that held no new, hawkish surprises.

X

Russia said it was continuing to pull back troops from near the Ukraine border, but NATO officials say they haven’t seen any evidence of that. Instead, Russia has added some 7,000 troops to its already-large build-up, a U.S. official said late Tuesday.

Nvidia (NVDA), Albemarle (ALB), Applied Materials (AMAT), Cisco Systems (CSCO) and DoorDash (DASH) were among the many earnings reports Wednesday night.

Nvidia’s stock fell slightly in extended trade after it reported strong earnings and guidance. Nvidia earnings are especially important for the stock market rally and especially growth names. Nvidia stock is a megacap that has been a huge winner in recent years, and is close to an aggressive buy point. A strong Nvidia earnings reaction, along with AMAT stock, could be a catalyst for chip and tech stocks broadly. And while NVDA stock has a high price-to-earnings ratio of 68, that isn’t in the triple digits.

AMAT stock rose modestly on its positive results. Cisco stock advanced on strong results, a 3% dividend increase and a $15 billion buyback plan, signaling a move above its 200-day line but still below its 50-day line. The Cisco results follow strong earnings from faster-growing rival Arista Networks (ANET) on Monday.

ALB stock plunged despite topping Q4 EPS views.

DASH stock shot up nearly 30% in extended trade on its earnings. If that holds during regular trading, the app-based delivery firm would return to its tumbling 50-day line. That would still be more than 50% below DoorDash’s November peak of 257.25.

Look below for more on Nvidia, Albemarle and AMAT earnings and stock action.

No PLTR Stock Crystal Ball

Palantir Technologies (PLTR) reports early Thursday. PLTR stock is far off highs.

Palantir investors are hoping for blowout results, triggering a PLTR stock spike like Upstart (UPST) and DASH stock. But plenty of beaten-down growth stocks have plunged recently on earnings.

Fed Minutes

Fed minutes from the Jan. 25-26 policy meeting showed policymakers ready to begin interest rate hikes and curb the massive balance sheet soon, to confront inflation. But that was largely known before.

There may have been some relief that were no new hawkish surprises, such as several policymakers favoring turbocharged-tightening even last month. Remember, the January Fed meeting came before the January CPI report, which sent the 10-year yield above 2% and ramped up Fed rate hike forecasts.

The 10-year Treasury yield closed flat at 2.05%. But the two-year Treasury yield, more closely tied to Fed policy moves, sank 5 basis points to 1.52%. The U.S. dollar fell and gold rose. All of these moves indicate at least a sense that the Fed minutes were no-more hawkish than expected.

Nvidia stock is on IBD Leaderboard and the IBD 50.

Dow Jones Futures Today

Dow Jones futures lost 0.1% vs. fair value. S&P 500 futures fell 0.2% and Nasdaq 100 futures…