Dow Jones Futures Rise On Netflix Subscribers; Why Elon Musk May Be Extra

Dow Jones futures rose overnight, along with S&P 500 futures and Nasdaq futures, with Netflix (NFLX) subscriber growth in focus and Tesla earnings looming.

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The stock market rally attempt added to gains Tuesday but closed well off highs in a volatile session. Reports of Apple (AAPL) iPhone production didn’t help. Apple stock briefly reversed lower but managed to close slightly higher.

While the market rally is still underway, it hasn’t confirmed anything yet. Investors should pay close attention and remain cautious.

Netflix subscriber growth was much stronger than expected in Q3, with the streaming TV giant also bullish on Q4 customers. Earnings also topped. Netflix stock surged, signaling a breakout. Disney (DIS) and Roku (ROKU) also rose overnight.

Intuitive Surgical (ISRG) beat Q3 EPS and revenue forecasts. ISRG stock jumped in overnight action. Intuitive shares are near lows. But results for the maker of robotic surgical systems could be a good sign for other medical gear companies.

United Airlines (UAL) delivered strong Q3 earnings and Q4 guidance, following a bullish outlook from Delta Air Lines (DAL) last week. UAL stock leapt in extended trade, with Delta adding to regular-session gains.

Chip gear giant ASML (ASML) reports early Wednesday morning, followed by Lam Research (LRCX) Wednesday night. They’ll offer a read on the chip sector, including possible commentary on U.S. controls on chip tech to China. Both ASML stock and LRCX are just above their lowest levels since 2020.

Tesla (TSLA) is on tap Wednesday night. The EV giant should deliver strong earnings growth, but investors will want reassurance about the future.

Meanwhile, there was new evidence that Elon Musk’s Twitter (TWTR) takeover could be imminent. TWTR stock is not far from the $54.20-a-share buyout price.

Dow Jones Futures Today

Dow Jones futures rose 0.7% vs. fair value, with DIS stock offering a small lift. S&P 500 futures climbed 1%. Nasdaq 100 futures jumped 1.5%. NFLX stock, Intuitive Surgical and United Airlines are S&P 500 and Nasdaq 100 components.

Crude oil futures rose more than 1%.

The U.S. may ramp up Strategic Petroleum Reserve sales over the winter, according to late Tuesday reports. The government would pledge to buy back crude reserves at or below $67-$72 a barrel.

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

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Stock Market Rally

The stock market rally attempt started off strong but fell off highs almost immediately. A volatile session followed, though the major indexes closed with solid to strong gains.

The Dow Jones Industrial Average rose 1.1% in Tuesday’s stock market trading. The S&P 500 index climbed 1.15%. The Nasdaq composite advanced 0.9%. The small-cap Russell 2000 gained 1.2%.

The 10-year Treasury yield fell 1 basis point to 4%, after dropping to 3.97% soon after the market open, then rising to 4.07%, just below a recent 14-year high.

U.S. crude oil prices fell 3.1% to $82.82 a barrel amid reports that the Biden administration will release…