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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