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
) and new IPO Figs
Meme stocks such as AMC Entertainment
) and GameStop
) continued to sell off. Netflix
) 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
). 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
) and Dow Jones giant UnitedHealth
) reported second-quarter results. Morgan Stanley
) 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
) 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
), Skyworks Solutions
) 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%.