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Dow Jones futures saw a modest increase on Thursday, with S&P 500 and Nasdaq futures rising slightly as Meta Platforms (META) surged following its earnings guidance. Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), and Coinbase (NASDAQ:COIN) all experienced slight gains ahead of their expected results later in the day. Other notable earnings winners included Carvana (NYSE:CVNA), TransMedics (NASDAQ:TMDX), and Ferrari (NYSE:RACE), while AI chip company Arm Holdings (ARM) and biotech firm Moderna (MRNA) saw declines due to their guidance.
Nvidia(NASDAQ:NVDA) indicated a potential move above its 50-day moving average, a key technical level for the stock. Dow Jones futures rose 0.1% versus fair value, while S&P 500 futures climbed 0.5%, and Nasdaq 100 futures increased 0.6%. Crude oil futures edged up after a significant rise on Wednesday, and the 10-year Treasury yield fell to 4.06%.
The Bank of England cut its key interest rate by a quarter-point to 5% in a closely split decision, with economists divided on the expected outcome. It's important to note that premarket action in Dow futures and other indices doesn't always reflect actual trading during the regular stock market session.
On Wednesday, the stock market rally was bolstered by significant tech earnings, boosting AI optimism. Federal Reserve Chairman Jerome Powell mentioned that a rate cut in September is possible. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 jumped 1.6%, and the Nasdaq composite surged 2.6%, both retaking their 50-day moving averages. The small-cap Russell 2000 also gained 0.5%.
Meta's earnings exceeded expectations, with the Facebook and Instagram parent company guiding higher on revenue and projecting robust capital spending through 2025. Meta stock surged 9% in premarket trading, indicating a move back above its 50-day moving average and the 500 level. On Wednesday, shares rose 2.5% to 474.83.
Arm Holdings reported earnings that beat fiscal Q1 expectations but provided lower guidance for fiscal Q2, causing its stock to plunge 9%. Carvana's earnings surpassed forecasts, with CVNA stock spiking 11%, moving out of a critical zone.
Apple stock climbed 1% early Thursday, after rising 1.5% on Wednesday to 222.08, retaking its 21-day moving average. The upcoming earnings report is expected to show slight growth in earnings and revenue for fiscal Q3, with attention on the next AI-enabled iPhone model. Amazon stock advanced nearly 2%, following a 2.9% rise on Wednesday to 186.98. Amazon's earnings are anticipated to jump 59%, with key factors being Amazon Web Services growth and AI capital expenditures.
Coinbase stock increased by 2% before the market opened. Despite falling 10 cents to 224.36 on Wednesday, it faced resistance at the 50-day moving average. Nvidia stock rose 3% in premarket trade, following a 12.8% surge on Wednesday to 117.02. Nvidia is attempting to reclaim its 21-day and 50-day moving averages, possibly forming the right side of a new base resembling its previous pattern from March to May.
