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Dow Jones Futures: Dow Tests Key Support As Stimulus Fears Weigh On Market Rally; Lululemon, RH, GME Stock Are Earnings Movers

Posted Date: September 09 2021
Dow Jones futures fell modestly Thursday morning, along with S&P 500 futures and Nasdaq futures, with Lululemon, RH and GME stock among the big overnight movers. The stock market rally retreated Wednesday, with growth names among the hardest hit, but housing, industrial, steel and retail names also retreated.
The major indexes fell amid semi-hawkish comments from a Fed official on reining in monetary signs, as well as signs that further fiscal stimulus could be far less than forecast. But IBD Long-Term Leaders such as Microsoft stock and Idexx Labs (IDXX) held up well.

Key Earnings

RH (RH), Lululemon Athletica (LULU), Copart (CPRT) and original meme stock GameStop (GME) reported earnings after the close.
Academy Sports (ASO) reports before Thursday's open. ASO stock fell 3.85% to 43.40 on Wednesday, but closed above the official 42.85 buy point.
RH and Lululemon beat views and raised guidance. GameStop reported a wider-than-expected loss but beat on sales. Copart earnings and sales topped.
RH stock rose 1% overnight after recently undercutting its 50-day line. RH closed up 1.3% after falling more than 2% intraday.
LULU stock shot up 14% in extended trade, signaling a record high, after closing down for a sixth straight session.
GME stock tumbled 8% in premarket action after edging lower Wednesday. GameStop stock has been consolidating since its early June peak and more broadly since its late January surge to 483. Before the close, AMC Entertainment (AMC), another "traditional" meme stock, said it's working on a possible partnership with GameStop. AMC stock fell modestly after closing down 1% Wednesday.
CPRT stock edged higher following better-than-expected Copart earnings. Shares rose 1.2% to 144.67 on Wednesday. Copart stock is finding support at its 50-day line. The official buy point is 149.16 from a flat base. But a rebound from the 50-day line, perhaps getting above some short-term resistance, would offer an early entry.

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