Dow Jones futures tilted lower Thursday morning, along with S&P 500 futures and Nasdaq futures, while Bitcoin continued to retreat from record highs. Chipotle Mexican Grill (CMG) and Lam Research (LRCX) headlined key earnings reports late Wednesday, with Cleveland-Cliffs, HCA and several others out early Thursday.
The stock market rally had a positive session Wednesday, with leading stocks rebounding amid solid earnings reports after a couple of rough days. Meanwhile, Bitcoin-related plays such as Coinbase (COIN) and Tesla stock tested key support. Apple (AAPL) and Google parent Alphabet (GOOGL) faced scrutiny for their app store fees and rules.
Chipotle earnings easily beat views on skyrocketing digital sales, with the fast-casual chain predicting faster same-store sales growth in Q2. CMG stock rose 1.5% in Thursday’s premarket. Shares fell 1.6% to 1,507.62 on Wednesday, trading relatively tightly heading into results. Chipotle stock has a 1,565.01 buy point.
Lam Research earnings topped Q3 views while the chip-gear maker also guided up for the current Q4. LRCX stock lost a fraction early Thursday. Shares rose 4.6% to 641.25 on Wednesday, slightly extended once again after nearly testing its 603.70 buy point on Tuesday. LRCX stock could have an alternate entry if it breaks a downtrend from the past couple of weeks.
Fellow chip-gear giant ASML (ASML) beat views and raised guidance before Wednesday’s open. ASML stock jumped 6.25% on Wednesday, also lifting Lam Research and other chip plays.
Early Thursday, Cleveland-Cliffs (CLF) topped Zacks estimates, though it missed some other consensus forecasts. Fellow steelmaker Nucor (NUE) reported booming earnings and revenue, but missing views after raising forecasts in March. Both companies were bullish going forward, as soaring steel prices fuel profits.
Cleveland-Cliffs was up 3% before the open. On Wednesday, CLF stock rose 2.7%, rebounding from its 50-day, but it needs to form a new base.
Nucor fell 1% early Thursday, near a four-weeks-tight buy point following a strong run.
Copper and gold miner Freeport McMoRan (FCX) reported mixed results with Southern Copper (SCCO) after the close.