Dow Jones futures rose modestly early Friday, along with S&P 500 futures and Nasdaq futures. Lululemon, Costco and Broadcom reported earnings after the close.
The stock market rally rebounded modestly on Thursday, but only regained a small portion of the losses suffered in the last several days. Investors should still be cautious amid choppy market action. The S&P 500 remains below its 200-day line with most indexes also hitting resistance at their 21-day moving averages.
Semiconductor stocks did well, with chipmaker Nvidia (NVDA) among the S&P 500’s top performers Thursday. But chip-equipment makers are generally in better shape, with KLA Corp. (KLAC), Axcelis Technologies (ACLS) and Ultra Clean Holdings (UCTT) flashing buy signals Thursday. ASML (ASML) and Applied Materials (AMAT) are among those near buy points.
Costco Wholesale (COST), Lululemon Athletica (LULU) and Broadcom (AVGO) reported late Thursday.
COST stock were little changed overnight after Costco earnings and sales just missed views. Costco stock lost a fraction in Thursday’s regular session but is down nearly 11% so far this month.
LULU stock tumbled in extended trade after the yoga apparel retailer guided slightly lower for the critical holiday quarter. Lululemon earnings topped Q3 views slightly. Lululemon stock edged up 0.6% to 374.11 Thursday, closing in range of a 370.56 cup-with-handle buy point. But it’s set to fall out of that buy area.
AVGO stock rose solidly in premarket trade as Broadcom earnings and guidance topped views, with the chip-and-software giant also hiking its dividend. Broadcom stock closed up 2.4% to 531.08, just below the 200-day line. Last week’s high of 552.42 might offer some sort of entry.
LULU stock is on IBD Leaderboard as an earnings options play. KLAC stock is on IBD Long-Term Leaders.
Dow Jones Futures Today
Dow Jones futures rose 0.3% vs. fair value. S&P 500 futures advanced 0.4% and Nasdaq 100 futures climbed 0.5%.
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