Dow Jones futures fell slightly Thursday night, along with S&P 500 futures and Nasdaq futures. The stock market rally suffered significant losses Thursday, but the Nasdaq and S&P 500 found support around short-term moving averages.
Many stocks reversed off key levels. Roku (ROKU), Advanced Micro Devices (AMD), Crocs (CROX), InMode (INMD), Upwork (UPWK), Denbury Resources (DEN) and Figs (FIGS) tested their 21-day exponential moving averages, while Tempur-Sealy (TPX), Ford Motor (F) and Tesla stock found support at their 50-day lines.
Roku stock, Crocs, InMode, Figs and Ford arguably offered buying opportunities from their reversals. AMD stock, Upwork, Denbury, Tempur-Sealy and Tesla (TSLA) found key support, but might have buying opportunities a little later.
Looking ahead to Friday, Taiwan Semiconductor (TSM) is expected to report June sales before the open. TSM is the world’s largest chip foundry, making semiconductors for Apple (AAPL), Nvidia (NVDA), AMD and many others.
TSM stock dipped 0.3% to 117.89 on Thursday, rebounding from 50-day line support.
Dow Jones Futures Today
Dow Jones futures edged lower vs. fair value. S&P 500 futures fell 0.1% and Nasdaq 100 futures fell 0.25%.
Stock Market Rally
The stock market rally suffered losses, but came off lows with the major indexes and most leading stocks not suffering too much damage.
The Dow Jones Industrial Average fell 0.7% in Thursday’s stock market trading. The S&P 500 index lost 0.9%. The Nasdaq composite slid 0.7%. The small-cap Russell 2000 sank 0.9%.
The 10-year Treasury yield fell 3 basis points to 1.29. The 10-year yield fell below 1.26% intraday. Even with paring losses, the 10-year Treasury yield is down 14 basis points this week.
U.S. crude oil futures rose 1% to $72.94 a barrel amid another hefty decline in domestic crude and gasoline stockpiles. Oil prices fell in the prior two days after OPEC+ was unable to reach a production deal.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) fell 2%, with a couple of huge losers weighing on FFTY. The Innovator IBD Breakout Opportunities ETF (BOUT) slumped 3.1%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 0.9%. The VanEck Vectors Semiconductor ETF (SMH) retreated 1.3%. AMD stock is a notable SMH holding.
SPDR S&P Metals & Mining ETF (XME) and Global X U.S. Infrastructure Development ETF (PAVE) both fell 2.2%. U.S. Global Jets ETF (JETS) descended 1%. SPDR S&P Homebuilders ETF (XHB) gave up 2.8%. The Energy Select SPDR ETF (XLE) edged down 0.5% and the Financial Select SPDR ETF (XLF) gave up nearly 2%.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) fell 0.8% and ARK Genomics ETF (ARKG) closed down less than 0.1%. ARKK and ARKG tested or undercut their 200-day lines intraday before rebounding. Tesla stock is the No. 1 holding across the ARK Invest ETFs.
Roku stock fell as low as 405.15, rebounding from just above its 21-day line to edge up 0.3% to 420.28. At the low, Roku stock was also slightly above a 397.79 entry in what could be seen a double-bottom buy point. So there were a couple of reasons to start a position. Roku stock now has a handle buy point of 463.09.
AMD stock fell as low as 87.45, nearly touching its 21-day line, before rallying to close off 0.9% at 89.74. AMD stock also tested and closed above a prior early entry of 89.30, just above a late April short-term peak. But after tumbling 4.2% on Wednesday, investors may want to wait for AMD stock to show more strength. It’s on track to have a handle on a weekly chart after Friday, presenting a 95.44 buy point.
CROX stock tumbled to 116.20 intraday, right at its 50-day line, before rebounding to gain 0.6% at 113.45. Investors could have bought Crocs on the 50-day bounce or as it reclaimed a 110.01 flat-base buy point.
InMode stock sank to 86.21 intraday, then raced back from its 50-day line for a 2% rise to 92.96. That intraday dive for INMD stock also tested an 87.10 buy point from a short cup-with-handle base.
Figs stock fell 1.3% to 44.56, but that’s after sinking to 41.39 intraday, testing its 21-day moving average for the first time. That offered an aggressive point to start or add shares in the recent Figs IPO.
Ford stock sank to 13.73, testing its 50-day line and a prior 13.72 cup-base buy point, but pared losses. Ford lost 1.2% to 14.06.
Upwork stock slid as low as 53.15 intraday, rebounding from its 21-day…