Dow Jones futures rose Thursday morning, along with S&P 500 futures and Nasdaq futures. Nvidia headlined key earnings Wednesday night, with the AI chip leader climbing before the open on robust results and guidance.
Salesforce.com and Snowflake, Nutanix and eBay were key earnings movers overnight.
The stock market rally initially rallied Tuesday but turned mixed. President Donald Trump said he would impose 25% tariffs on the European Union. Nvidia stock, Snowflake and many growth plays rebounded Wednesday.
Dow Jones Futures Today
Dow Jones futures gained 0.25% vs. fair value, with Nvidia and Salesforce stock both Dow components. S&P 500 futures rose 0.6% and Nasdaq 100 futures were up 0.8%.
The 10-year Treasury yield rose to 4.29%.
Crude oil futures climbed 1%.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
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Nvidia Earnings
Nvidia earnings and revenue modestly beat fiscal Q4 views, with growth strong but slowing. The AI leader guided slightly higher on Q1 revenue.
"Demand for Blackwell is amazing," Nvidia CEO Jensen Huang said about the next-generation AI chip in the earnings release.
Nvidia stock rose modestly in premarket trade, signaling a move above its 50-day moving average. Shares rose 3.7% to 131.28 in Wednesday's regular session, bouncing from the 200-day line to just shy of its 50-day.
NVDA stock crashed Jan. 26 on the DeepSeek sell-off in AI hardware stocks, with a slow recovery. Shares have an ugly double-bottom base with a 148.97 buy point. Investors could use 143.44 as trendline buy point.
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Other Earnings
CRM stock fell solidly in overnight trade. Salesforce beat profit views but missed on revenue and guided low on fiscal 2026 sales. Salesforce stock edged higher Wednesday, but the software giant is well below its 50-day line.
SNOW stock jumped in extended action after Snowflake earnings beat consensus with revenue guidance also strong. Shares of the data analytics software maker climbed 1.2% on Wednesday, snapping a five-session losing streak. Snowflake stock is signaling a move above the 50-day line and back near 11-month highs.
NTNX stock spiked higher overnight, signaling a breakout, as Nutanix earnings beat views and guided higher. Nutanix stock gained 3.6% to 69.35 on Wednesday, bouncing off the 50-day line. The data storage software firm has a 75.80 cup-base buy point, according to MarketSurge. Investors could use 72.46 as an early entry from an almost-handle.
EBay stock fell sharply in extended trade. EBay earnings modestly beat but revenue guidance was light. Shares briefly topped a 71.61 cup-base buy point on Wednesday before reversing for a 2.5% drop to 69.14.
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Stock Market Rally
The stock market rally opened higher, but closed narrowly mixed as President Trump said that most EU goods will soon face a 25% U.S. tariff. On Tuesday, Trump said 25% tariffs on Canadian and Mexican goods will begin as scheduled on March 4. Canadian energy will only see a 10% hike.
The Dow Jones Industrial Average fell 0.4% in Wednesday's stock market trading. The S&P 500 index edged up less than 1 point. Both briefly peeked above their 50-day lines intraday.
The Nasdaq composite climbed 0.3%, off highs and still well below its 50-day moving average.
The small-cap Russell 2000 gained 0.2%, hitting a ceiling intraday at the 200-day line.
Some highly valued growth stocks rebounded Wednesday, but even those generally recouped only a sliver of their damaging recent losses.
U.S. crude oil prices fell 0.45% to $68.62 a barrel.
The 10-year Treasury yield fell five basis points to 4.25%, down 29.5 basis points in a six-day slide.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF bounced 2.5%. The iShares Expanded Tech-Software Sector ETF rose 1.4%, with CRM stock a huge holding. The VanEck Vectors Semiconductor ETF gained 2.3%. Nvidia stock is the largest component.
ARK Innovation ETF was up 0.8% and ARK Genomics ETF popped nearly 2%.
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What To Do Now
The stock market showed positive action Wednesday morning, but it didn't last. A solid open is nowhere near enough to get excited in the current market.
Nvidia earnings and results, along with Salesforce and Snowflake, could be a big market catalyst. But it doesn't have to be positive. Trump tariffs are an ongoing headline threat.
Work on watchlists. If the market does mount a sustained comeback, you'll want to be ready. But if bears reassert control, pushing the indexes below recent lows, you may need to cut exposure even further, especially new buys.
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.
