Dow Jones futures were little changed early Friday, along with S&P 500 futures and Nasdaq futures, with the January jobs report on tap. Amazon.com headlined another big night of earnings.
Fortinet, Affirm, Doximity and Cloudflare were other key earnings movers.
The stock market rally had a quiet Thursday, with the key indexes narrowly mixed. A number of leading stocks showed bullish action, with several moving into buy zones.
ARM Holdings fell but held a buy point while Nvidia continued a slow recovery. Tesla fell to a 2025 low intraday, but is this a bearish sign or a bullish shakeout?
Dow Jones Futures Today
Dow Jones futures were flat vs. fair value. S&P 500 futures and Nasdaq 100 futures edged lower. Amazon stock is a Dow Jones, S&P 500 and Nasdaq component.
The Labor Department will release the January jobs report at 8:30 a.m. ET.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Rally
The stock market rally traded mixed in a relatively narrow range Thursday. The Dow Jones Industrial Average fell 0.3% in Thursday's stock market trading. The S&P 500 index rose 0.4%. The Nasdaq composite gained 0.5%. The Dow, S&P 500 and even the Nasdaq are not far from record highs, but are still rangebound.
The small-cap Russell 2000 reversed from a seven-week high to close down 0.4%, just below its 50-day.
U.S. crude oil prices fell 0.6% to $70.61 barrel.
The 10-year Treasury yield rose two basis points to 4.44%, still near 2025 lows.
Growth ETFs
Among growth ETFs, the Innovator IBD 50 ETF dipped 0.1%. The iShares Expanded Tech-Software Sector ETF climbed 0.3%%. The VanEck Vectors Semiconductor ETF rose 0.5%. Nvidia stock, the No. 1 component in SMH, rose 3.1%, a third straight gain after hitting a multimonth low on Monday.
ARK Innovation ETF fell 1.7% and ARK Genomics ETF sank 2.7%. Tesla stock is the top component across Ark Invest's ETFs.
Time The Market With IBD's ETF Market Strategy
Amazon Earnings
Amazon earnings comfortably beat Q4 views with revenue eking past consensus. But the internet giant gave disappointing guidance
Amazon Web Services revenue roughly met consensus. That comes after the cloud-computing arms for Microsoft and Google-parent Alphabet slightly missed analyst estimates.
Amazon stock fell modestly in overnight trade, signaling a test or undercut of a 233 flat-base buy point. Shares rose 1.1% to 238.83 in Thursday's regular session.
Other Earnings
Fortinet stock jumped in extended action. The cybersecurity giant topped Q4 views and guided up slightly on 2025 revenue. FTNT stock edged down 0.3% to 104.72 on Thursday. Shares are just in range of a 100.59 flat-base buy point.
Cloudflare earnings slightly beat views. NET stock surged late after closing down modestly. Cloudflare stock is near three-year highs, extended from any buy point.
Affirm reported a surprise quarterly profit and an easily revenue beat. AFRM stock jumped in extended trade, signaling a clear move above their 50-day line, which would offer an early entry. Affirm stock has a 73.34 consolidation buy point.
Doximity earnings comfortably beat. DOCS stock skyrocketed in overnight action, gapping out of a base. The cloud-based platform for medical professionals has a 61.75 buy point, but investors could use the 60 level as an early entry.
Fortinet, Doximity and Cloudflare stock are on the IBD 50 list.
Tesla Stock
Tesla stock fell 1% to 374.32 on Thursday after hitting a two-month low of 363.18 intraday. Shares have undercut the low of a consolidation with a 488.54 buy point.
However, if TSLA stock rebounds from here the pattern would be a double-bottom base with a 439.74 buy point.
This is a key juncture. Shares have tumbled since hitting resistance on Jan. 31 at a downward-sloping trendline. Tesla stock could break down from here, or this could be a bullish shakeout.
A clear move back above the 50-day line could offer an early entry. The 400 level and, soon, the trendline, also roughly coincide.
Tesla stock fell slightly early Friday.
The relative strength line for Tesla stock is at a three-month low.
TSLA stock is on the IBD Leaderboard watchlist.
What To Do Now
The stock market rally is showing some positive action, especially among leaders. But with the market still in a range and subject to headline swings, investors shouldn't get too excited.
You can try some new or add-on positions, looking for early entries and not buying extended. Be ready to step back if they aren't working.
It's also fine to largely hold current holdings, especially if you have substantial-to-heavy exposure. A lot of that will depend on your investing style.
Definitely work on watchlists. If the market does take off on another run you want to be ready.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
