Dow Jones Futures: Market Rally Passes Basic Test As Bitcoin Bounces; New Meme Stock Clover Health Keeps Rising

Posted Date: June 09 2021
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Dow Jones futures tilted lower Wednesday morning, while S&P 500 futures and Nasdaq futures edged higher. Bitcoin rebounded after Tuesday's tumble toward multi-month lows. The stock market rally had another quiet session Tuesday, with the major indexes holding near record highs but more top stocks flashing buy signals.
 
UiPath (PATH) reported better-than-expected earnings late Tuesday in its first report since its IPO, but the initial reaction for PATH stock was negative.
 
Clover Health (CLOV) and Wendy's (WEN) soared as they've joined the "meme stock" Reddit craze. GME stock shot up with GameStop (GME) earnings due Wednesday. Bed Bath & Beyond (BBBY) and AMC Entertainment (AMC) continued higher. But RIDE stock plunged after Lordstown (RIDE) issued a going concern notice.
 
The S&P 500 was essentially flat Tuesday. But Generac (GNRC) and Marvell Technology (MRVL) broke out. Google parent Alphabet (GOOGL) is nudging toward a breakout and new high. Applied Materials (AMAT) retreated, but now has a handle in its consolidation as it tests its 50-day line once again.
 
Generac stock joined IBD Leaderboard on Tuesday. Google and AMAT stock are already on Leaderboard. GOOGL stock is on IBD Long-Term Leaders.

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