Dow Jones futures rose solidly vs. fair value early Wednesday, along with S&P 500 futures and especially Nasdaq futures, as Google stock soared. The coronavirus stock market rally hit a bump Tuesday as growth stocks retreated. Advanced Micro Devices (AMD), Google parent Alphabet (GOOGL), Dexcom (DXCM), Akamai Technologies (AKAM) and Masimo (MASI) reported earnings after the close.
XAMD stock fell in extended trade on weak sales guidance, but rival Nvidia (NVDA) was little changed. Google stock rallied, with fellow FANG stock Facebook (FB) also climbing. Dexcom stock popped, Akamai stock fell, and Masimo stock nudged higher.
Boeing (BA) and Mastercard (MA) report Wednesday morning, with Tesla (TSLA), Microsoft (MSFT), Vertex Pharmaceuticals (VRTX), Teladoc (TDOC) and Facebook stock on tap Wednesday night.
Dexcom stock, AMD stock and Nvidia stock are on IBD Leaderboard. So are Tesla stock, Microsoft stock and Vertex stock.
Masimo stock and Mastercard stock are IBD Long-Term Leaders, along with MSFT stock.
Dow Jones Futures Today
Dow Jones futures rose 1.05% vs. fair value. S&P 500 futures climbed 1.5%. Nasdaq 100 futures advanced 1.9%. Google stock appears to be giving a lift to futures, with some tech titans nudging higher even as AMD stock retreated.
The first-quarter GDP report will be released at 8:30 a.m. ET on Wednesday. Economists expect a decline from the coronavirus, but the second quarter is likely to show a massive decline. So far investors are looking ahead to a possible recovery, as states and countries start to open up their economies.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Coronavirus News
Coronavirus cases worldwide have cleared 3.13 million. Covid-19 deaths have topped 217,000.
Coronavirus cases in the U.S. are at least 1.035 million with deaths above 59,000.
As states and countries gradually ease coronavirus shutdowns, that's good news for economies and businesses. That is, if coronavirus cases don't ramp back up.
Coronavirus Stock Market Rally
The coronavirus stock market rally had a down session, with top stocks leading the retreat. Worried about corporate profits, investors took profits in coronavirus plays and leading tech and medical stocks.
The Dow Jones Industrial Average dipped 0.1%, the S&P 500 index fell 0.5%, and the Nasdaq composite retreated 1.4%. The Nasdaq composite tested its recent handle-like pattern. Many growth stocks that recently cleared handles, such as TSLA stock, struggled to hold above buy points.
Microsoft stock fell 2.4% on Tuesday, continuing to hit resistance at key levels. Facebook stock slid 2.45% after hitting resistance at its 200-day line on Monday. Vertex stock sank 4.3% to 256.96 after nearly testing a 249.95 buy point intraday. Tesla stock slid 3.7%, back below a buy point. Teladoc stock fell 7.4% a day after the telemedicine play hit a record high. Mastercard stock dipped 0.2%, hitting resistance at its 50-day line. Boeing stock rose 2% but is trading near multiyear lows.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) slid 1.8%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 2.2%, with top holding MSFT stock not helping. The VanEck Vectors Semiconductor ETF (SMH) dipped 0.7%, with AMD stock and Nvidia stock notable weights.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
AMD Earnings
AMD earnings shot up 200% to 18 cents a share as revenue grew 40% to $1.79 billion. Analysts expected AMD earnings of 18 cents a share on sales of $1.78 billion.
The chipmaker sees Q2 revenue of $1.75 billion to $1.95 billion, with the midpoint below some estimates.
AMD stock slid 3.1% overnight. Shares retreated 1.7% to 55.51 on Tuesday. AMD stock has a 58.73 cup-with-handle buy point, according to Marketsmith analysis.
Nvidia stock edged higher in extended trade. Shares sank 1.9% to 291.36 on Tuesday. For a second straight session, NVDA stock cleared an alternative handle entry of 299.10 but failed to close above it.
Google Earnings
Google earnings per share fell 17% to $9.87, while revenue grew 13% to $41.16 billion. Wall Street expected Google earnings of $10.73 a share on revenue of $40.98 billion.
Despite the earnings miss and some weakness in Google's digital advertising due to the coronavirus crisis, Google Cloud revenue soared 52%. That's also good news for Microsoft and Amazon.com (AMZN), as well as several other cloud and data-center related plays.
Google stock soared 8% overnight. Shares fell 3% on Tuesday to 1,232.59, reversing from its 200-day line and closing below its 50-day. GOOGL stock seems set to retake its 50-day line at Wednesday's open and possibly its 200-day. But Google stock is a long way from a 1,530.84 buy point.
Facebook stock rose 3.4% overnight, offsetting losses from the regular session.
Dexcom Earnings
Dexcom earnings came in at 44 cents a share while revenue grew 44% to $405.1 million. Analysts predicted Dexcom earnings per share of 10 cents and $357 million in sales.
The continuous glucose monitoring firm suspended 2020 guidance.
Dexcom stock jumped 6.2% overnight. Shares fell 6.4% to 313.53 on Tuesday. Dexcom stock broke out past a 281.07 buy point from a cup-with-handle base earlier this month.
Akamai Earnings
Akamai earnings climbed 9% to $1.20 a share. Revenue rose 8% to $764.3 million. Analysts expected Akamai earnings of $1.16 a share on revenue of $749.7 million.
Cloud security revenue grew 26% to $240 million. Revenue from internet platform companies — Amazon stock, Apple (AAPL), Facebook, Google, Microsoft and Netflix (NFLX) — fell 5% to $44.7 million.
Akamai stock fell 3.9% in extended trade. Shares closed down 1.1% to 101.93. Akamai stock could test its 98.35 buy point from a cup-with-handle base.
Masimo Earnings
Masimo earnings rose 23% to 97 cents per share as revenue grew 16% to $269.63 million. Wall Street forecast earnings of 88 cents on $251 million in sales.
The medtech company suspended guidance.
Masimo stock rose 5.55% overnight. Shares fell 0.8% to 212.56 on Tuesday. Masimo stock is extended from a mid-April breakout.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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