Dow Jones Futures: Market Rally Extends Momentum As Apple Pops, Amazon Soars On

Dow Jones futures were little changed early Friday, while S&P 500 futures and especially Nasdaq futures rose, as Apple (AAPL) and Amazon.com (AMZN) headlined another wave of overnight earnings.

X

The stock market rally showed strength Thursday, shrugging off a post-Fed pullback and weak earnings to move modestly higher.

Key Earnings Overnight

In addition to Apple and Amazon, First Solar (FSLR), Intel (INTC) and Roku (ROKU) were notable reports.

Apple stock rose modestly in overnight action on better-than-expected fiscal Q3 earnings and upbeat comments.

Amazon stock surged in extended trading. The e-commerce and cloud-computing giant topped revenue views.

FSLR stock rose modestly overnight after First Solar easily beat EPS views and also topped on sales. Shares spiked 15% Thursday as Congress made progress on legislation that includes solar and green-power incentives.

Intel stock plunged in extended action after the ailing chip giant missed Q2 views badly and slashed full-year estimates.

Roku stock crashed late after the streaming platform reported a wider-than-expected loss and fell short on revenue, citing a “significant slowdown” in advertising. Streaming hours watched edged lower vs. Q1. Roku also guided sharply lower in Q3. Roku stock is set to plunge to its worst levels since the March 2020 coronavirus lows.

Early Friday, Exxon Mobil (XOM), Chevron (CVX), AstraZeneca (AZN) and AbbVie (ABBV) are on tap. AZN stock and AbbVie aren’t far from highs. XOM stock and Dow Jones giant Chevron are starting to rebound after a retreat.

Dow Jones Futures Today

Dow Jones futures edged lower vs. fair value. S&P 500 futures climbed 0.5%. Nasdaq 100 futures jumped 1.2%. Apple stock and Intel are Dow Jones, S&P 500 and Nasdaq components.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally fell soon after the open, but quickly strengthened, with the major indexes rising solidly.

U.S. GDP fell at a 0.9% annual rate, the second straight quarter of modestly declining economic activity. However, consumer spending remained positive. The data further eases Fed rate hike forecasts without signaling a massive slump.

A new push for a tax-and-spending bill that includes green provisions lifted solar stocks and other green-energy plays.

The Dow Jones Industrial Average popped 1% in Thursday’s stock market trading. The S&P 500 index rallied 1.2%. The Nasdaq composite gained 1.1%. The small-cap Russell 2000 gained 1.4%.

U.S. crude oil prices reversed lower, falling 0.9% to $96.42 a barrel.

The 10-year Treasury yield fell 5 basis points to 2.68%, hitting its lowest levels since April.

The odds of a 50-basis-point Fed rate hike on Sept. 21 rose to 76% from 60.5% on Wednesday and 40% on Tuesday. Markets are betting on a quarter-point move in November and then maybe a quarter point in December.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 1.8%, while the Innovator IBD Breakout Opportunities ETF (BOUT) bounced 1.75%….