Dow Jones Futures: Amazon, Pinterest, Skyworks Slam Techs After Tesla Flashes Buy Signal – Investor’s Business Daily
Dow Jones futures fell modestly Friday morning, while S&P 500 futures retreated solidly and Nasdaq futures tumbled as Amazon stock and Pinterest (PINS) sold off after the S&P 500 and Dow Jones rose Thursday to record highs in a quietly bullish stock market rally.
Amazon.com (AMZN), Twilio (TWLO) Pinterest stock, Atlassian (TEAM) and Apple (AAPL) iPhone chipmaker Skyworks Solutions (SWKS) headlined yet another crowded earnings night.
Amazon stock tumbled on a sales miss while PINS stock plunged on users, both reflecting shifts away from consumer behavior during the pandemic. SWKS stock and Twilio also retreated, but TEAM stock was a big winner.
Stock Market Rally Yields Breakouts
The stock market rally had a solid session Thursday. The Nasdaq crept higher, but all in all it’s probably good for the tech-heavy index to have a do-nothing day. Meanwhile, the Dow Jones and S&P 500 rose modestly to record highs as small caps had a solid gain and overall breadth improved.
Most of all breakouts and buying opportunities picked up, with more sectors in leading roles. Tesla (TSLA) flashed an aggressive entry while Align Technology (ALGN) and chipmaker Maxlinear (MXL) broke out on earnings, along with Tempur Sealy (TPX) and Hilton Worldwide (HLT). Meanwhile, Steel Dynamics (STLD) broke out while Lennar (LEN) cleared an early entry, both as rivals reported strong earnings.
Meanwhile, the steel, mining, chip and hotel groups and other stocks also made bullish moves — Arcelor Mittal (MT), U.S. Steel (X), Teck Resources (TECK), Qualcomm (QCOM) and Hyatt (H) to name a few — bolstering the group strength and reinforcing the leadership diversity.
Tesla stock and Steel Dynamics are on IBD SwingTrader. TEAM stock is on IBD Long-Term Leaders. STLD stock was Thursday’s IBD Stock Of The Day, while Lennar was Wednesday’s Stock of The Day and Mittal was Tuesday’s.
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