Dow Jones futures fell slightly early Wednesday, along with S&P 500 futures and Nasdaq futures. GM stock and Paycom Software (PAYC) were in focus.
The stock market rally tested some short-term support Tuesday, rebounding for modest gains.
Tesla stock, Square (SQ) and Steel Dynamics (STLD) rebounded from tests of their recent buy points. Meanwhile, ZoomInfo Technologies (ZI) blasted higher on earnings, but then slashed gains. ZI stock continued to weaken overnight on a share offering.
Paycom reported better-than-expected earnings after the close. PAYC stock jumped, signaling a move over a key resistance area.
General Motors (GM) missed earnings views, but beat on revenue and raised its full-year estimates amid strong pricing. Toyota Motor (TM) and Honda Motor (HMC) reported better-than-expected quarterly earnings overnight, though chip shortages remain a concern. Several other automakers, from Ford Motor (F) to Tesla (TSLA), have reported strong profits as chip woes crimp sales but also boost pricing power.
GM stock fell 3% before the open, after hovering below its 50-day line in a consolidation. TM stock fell slightly after just breaking out Tuesday heading into earnings. Honda rose slightly as it moves toward a buy point.
Tesla stock is on IBD Leaderboard and SwingTrader. STLD stock also is on SwingTrader.
The video embedded in this article takes a look at ZoomInfo stock, Steel Dynamics and the SPDR S&P Homebuilders ETF (XHB).
Dow Jones Futures Today
Dow Jones futures fell 0.3% vs. fair value. S&P 500 futures lost 0.2%. Nasdaq 100 futures fell 0.1%.
Private employers added 330,000 workers in July, far below views of 700,000. The Labor Department will release its July nonfarm payrolls report on Friday.
Crude oil prices continued to retreat, down more than 1% early Wednesday. The 10-year Treasury yield was little changed.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on …….