Dow Jones futures and S&P 500 futures fell slightly early Thursday, while Nasdaq futures erased modest losses, after a wild day for the stock market rally. Cisco earnings, the Ford F-150 Lightning and Bitcoin’s ongoing price swings were in focus overnight.
The major indexes tested key levels Wednesday morning while Bitcoin cratered, only for equities and cryptocurrencies to rebound well off lows. The S&P 500 and Dow Jones found support at their 50-day moving averages while the Nasdaq held above last week’s lows. Still, they all closed down for a third-straight session.
Federal Reserve policymakers gave the first official hints that they are thinking about talking about tapering bond purchases. That news lifted Treasury yields and the dollar, but didn’t appear to have a big impact on stocks.
Meanwhile, Bitcoin crashed to just over $30,000 Wednesday morning, then rebounded sharply, but still down significantly from Tuesday. Bitcoin tumbled over the past week after Tesla (TSLA) CEO Elon Musk turned on the biggest digital asset, but Musk offered some fresh support on Wednesday. Coinbase (COIN), which suffered an outage Wednesday morning, hit a fresh low. Microstrategy (MSTR), Grayscale Bitcoin Trust (GBTC) and other Bitcoin plays sold off before paring losses
Target (TGT), Facebook (FB), Google parent Alphabet (GOOGL), Maravai LifeSciences (MRVI) and Trip.com (TCOM) flashed buy signals. But the current market environment hasn’t been favorable for new buys.
Meanwhile, commodity-related stocks, including miners, metals and fertilizers all retreated, as crude oil, copper, lumber and other commodity prices fell. Airlines, which showed promise Tuesday morning, fell back Wednesday. Financials also struggled.
After the close, Cisco Systems (CSCO), chip design software maker Synopsys (SNPS) and shipping leader Star Bulk Carriers (SBLK) reported earnings.
Cisco earnings topped fiscal Q3 views, but the Dow networking giant gave weak EPS guidance. CSCO stock tumbled overnight, signaling a sharp drop through the 50-day line. Shares fell 0.75% to 52.47 on Wednesday.
Synopsys earnings easily beat fiscal Q2 views. SNPS …….