Dow Jones futures were little changed early Thursday, along with S&P 500 futures and Nasdaq futures, as President Donald Trump said that hen he'll announce reciprocal tariffs on Thursday. Robinhood Markets, Reddit and Dutch Bros. headlined earnings overnight. HubSpot and Cisco Systems also reported.
The stock market rally rebounded to close mixed Wednesday after initially tumbling on a hot CPI inflation report that sent the 10-year Treasury yield up sharply.
A few stocks were big winners Wednesday on earnings, including Confluent and Upstart Holdings. But AI data center infrastructure play Vertiv tumbled from the 50-day line. Meanwhile, Tesla rebounded from 2025 lows.
HubSpot stock is on IBD Leaderboard, with Tesla stock on the Leaderboard watchlist. Robinhood stock, HubSpot and Reddit are on the IBD 50. The video embedded in this article reviews Wednesday's market action and analyzes S&P Global, Wells Fargo and Upstart stock.
S&P Global was Wednesday's IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures were little changed vs. fair value. S&P 500 futures lost a fraction. Nasdaq 100 futures edged higher. Cisco stock is a Dow Jones, S&P 500 and Nasdaq 100 component.
Futures erased slim gains on the latest Trump tariff news. The president said he'll implement tariffs against nations that levy duties on U.S. imports.
The 10-year Treasury yield dipped to 4.6%.
Crude oil fell more than 1%.
The Labor Department will release the January producer price index at 8:30 a.m. ET, along with weekly jobless claims.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Earnings
Robinhood, HubSpot, Reddit, PegaSystems, Cisco Systems and Dutch Bros reported Wednesday night. Deere, Datadog, CyberArk Software and SharkNinja and Howmet Aerospace were out Thursday morning.
Robinhood and especially Dutch Bros stock were big winners, though both were already extended. Cisco stock and HubSpot jumped, both signaling moves out of buy zones. SharkNinja popped, moving into a buy area. CyberArk climbed modestly, already extended.
Howmet was little changed around a buy area.
On the downside, Reddit stock sold off hard, but the social media IPO was greatly extended. Deere stock fell sharply, below a buy point. PegaSystems stock is set to fall back into a buy zone. Datadog tumbled from near an early entry.
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Stock Market Rally
The stock market rally gapped lower at the open after the January CPI inflation report came in hotter than expected across the board. But the indexes bounced back, especially the Nasdaq.
The Dow Jones Industrial Average fell 0.5% in Wednesday's stock market trading, testing the 21-day line but still some distance from the 50-day. The S&P 500 index declined 0.3%, testing its 50-day early on. The Nasdaq composite rose a fraction after initially tumbling nearly 1.2%, undercutting its 50-day.
The small-cap Russell 2000 slumped 0.9%, losing sight of the 50-day and suffering its lowest close since Jan. 14.
The Invesco S&P 500 Equal Weight ETF declined 0.6%, off lows but below its 50-day.
U.S. crude oil prices fell 2.7% to $71.37 a barrel.
The 10-year Treasury yield jumped 10 basis points to 4.64% on the hot CPI inflation report. Once again, the two-year yield rose less than the 10-year, while T-bill rates were little changed. The 10-year yield is up 21.5 basis points in the past five sessions.
Sometimes the market will ignore rising Treasury yields for a time before finally succumbing to the pressure. That hasn't happened yet, but if the 10-year yield approaches the 52-week high of 4.81%, stocks will likely take a toll.
Time The Market With IBD's ETF Market Strategy
ETFs
Among growth ETFs, the Innovator IBD 50 ETF jumped 1.75%. The iShares Expanded Tech-Software Sector ETF fell 0.3%, with HubSpot, Confluent, Pegasystems and Datadog all members. The VanEck Vectors Semiconductor ETF declined 0.5%.
ARK Innovation ETF popped 2.2% and ARK Genomics ETF rallied 2.4%. Tesla stock is the No. 1 holding across Ark Invest's ETFs. Cathie Wood's Ark also owns a lot of Robinhood stock.
SPDR S&P Metals & Mining ETF fell 0.8% The Energy Select SPDR ETF slumped 2.4% and the Health Care Select Sector SPDR Fund dipped 0.1%.
The Industrial Select Sector SPDR Fund sank 0.6%. The Financial Select SPDR ETF gave up 0.35%.
This EV Giant Is Surging On A Big Self-Driving Push. It's Not Tesla.
Tesla Stock
Tesla stock rose 2.4% to 336.51 on Wednesday, snapping a five-session losing streak and rebounding from 2025 lows. Benchmark initiated TSLA stock at a buy with a 475 price target.
TSLA stock came off intraday gains to as much as 346.40 late in the session on a report that Tesla CEO Elon Musk has told people he plans to work on DOGE for the next four months to try to cut government spending.
Wednesday was an inside day to Tuesday's 6.3% tumble, with shares still in a sharp downturn.
Tesla stock rose modestly overnight as Wedbush's Dan Ives reiterated a buy rating and 550 price target.
Meanwhile, Tesla archrival BYD gapped up 7.9% to 45.77 in massive volume to a record high on Wednesday, extended from a 42 buy point. Shares have vaulted 31% so far this month as the China EV maker rolls out driver-assist systems across its broad lineup at no extra cost. That will put pressure on local rivals and Tesla.
What To Do Now
Right at Wednesday's open, the CPI inflation report looked like it would trigger a meaningful move to the downside. But stocks battled back. Still, the market remains choppy. Until that resolves itself, it's a difficult environment to trade.
A number of stocks have made bullish moves in the past few weeks, and some have continued to do well. But others have not.
If the market does start to make a real move higher or lower, be ready to scale in or scale out. Have your watchlists and exit strategies ready.
Don't rush in or out. The market has been prone to head fakes, as Wednesday's reversal from lows showed.
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.
