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Dow Jones Futures: Apple Masks Weak Market Rally Trends As Leaders Tumble; Netflix, Taiwan Semiconductor Are Early Movers

Posted Date: July 15 2021
Dow Jones futures fell modestly Thursday morning, along with S&P 500 futures. Nasdaq futures edged higher. Netflix news, more big earnings and Chinese economic data were in focus.
 
On the surface, the stock market rally had a quiet Wednesday, helped by bullish Apple iPhone news and dovish comments from Federal Reserve chief Jerome Powell. But more leading stocks ran into trouble, including Upwork (UPWK) and new IPO Figs (FIGS).
 
Meme stocks such as AMC Entertainment (AMC) and GameStop (GME) continued to sell off.
 
Netflix (NFLX) late Wednesday said that it has hired Facebook gaming executive Mike Verdu, signaling a much-bigger push into gaming. Verdu previously worked at Electronic Arts (EA). NFLX stock rose 2% early Thursday. That signals a move toward a 563.66 buy point that could be viewed as an early entry or an official entry from a double-bottom base. Netflix stock climbed 1.3% to 547.95 on Wednesday.
 
Before Thursday's open, chip giant Taiwan Semiconductor (TSM) and Dow Jones giant UnitedHealth (UNH) reported second-quarter results. Morgan Stanley (MS) also is due before the open. All three are working on consolidations.
 

Apple Stock Rallies, iPhone Chipmakers Fizzle

 
On Wednesday, Apple stock rose 2.4%, hitting yet another all-time high on a report that Apple (AAPL) is telling suppliers that it wants to boost iPhone production by 20% in 2021. AAPL stock is extended from a recent breakout.
 
That should be good news for Apple chipmakers such as Qorvo (QRVO), Skyworks Solutions (SWKS) and Taiwan Semiconductor stock. Both Qorvo stock and Skyworks briefly cleared cup-with-handle buy points. But the advances fizzled, with QRVO closing down 0.2% while SWKS stock climbed just over 1%.

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