Dow Jones futures tilted lower Wednesday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally took a breather Tuesday, edging lower after strong gains over the past few sessions.
Royal Caribbean (RCL), Carnival (CCL) and Norwegian Cruise Line (NCLH) rallied late on a Bloomberg report that the Centers for Disease Control and Prevention recommended that cruises could resume this summer with certain restrictions, as cruise lines threatened to relocate ships from the U.S. That followed reports indicating that cruise line operators wouldn’t have to require vaccinations for travelers.
Carnival, NCLH and RCL stock rose 2%-4% early Wednesday, adding to gains Tuesday and over the past several sessions. All three stocks are approaching possible buy points.
Carnival earnings are due Wednesday morning.
Breakouts Hold, New Buy Signals
Microsoft (MSFT), Facebook (FB) and Google parent Alphabet (GOOGL) continued to hold in buy range Tuesday after Monday’s breakouts.
Micron Technology (MU), Square (SQ), Sea Limited (SE), Chipotle Mexican Grill (CMG) and Yeti Holdings (YETI) all flashed buy signals, at least intraday.
Tesla (TSLA) is hitting resistance after a recent run. But Tesla stock and other highly valued growth names are showing signs of life.
Microsoft and Google stock are on IBD Leaderboard. GOOGL stock is on SwingTrader. Microsoft stock is on IBD Long-Term Leaders. Yeti stock is on the IBD 50 list. Google and Micron stock are on the Big Cap 20.
Dow Jones Futures Today
Dow Jones futures fell slightly fair value. S&P 500 futures and Nasdaq 100 futures edged lower.
The Bitcoin price fell back below $56,000.
An economic boom could “easily run into 2023,” wrote JPMorgan Chase (JPM) CEO Jamie Dimon in his annual letter to shareholders. He cited vaccines fueling a post-pandemic recovery and massive deficit spending.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.