Dow Jones futures were little changed early Friday, along with S&P 500 futures and Nasdaq futures, with the February jobs report on tap. Broadcomand Costco Wholesale
The stock market suffered significant losses Thursday, with the Nasdaq back below the 200-day line amid Trump tariff fatigue. The S&P 500 undercut its 200-day line as well as Tuesday's low. Tesla, Nvidia and Palantir Technologies were big losers.
More resilient stocks began to buckle, with Netflix and DoorDash tumbling below their 50-day lines.
A stock market rally attempt is still underway for the Nasdaq, but remains tentative at best.
Notably, while the U.S. stock market is in a correction, Hong Kong's Hang Seng has surged to a three-year high while Germany's DAX is at all-time levels amid overseas stimulus efforts.
DoorDash stock is on IBD Leaderboard, though a reduced position. Netflix stock s on the IBD 50.
Dow Jones Futures Today
Dow Jones futures were even vs. fair value. S&P 500 futures rose 0.1%. Nasdaq 100 futures advanced 0.2%, buoyed by Broadcom. Futures have pared modest overnight gains.
The 10-year Treasury yield dipped to 4.25%.
Crude oil rose more than 1%.
The jobs report will be sure to swing Dow futures, Treasury yields and more.
President Trump signed an order late Thursday, creating a Bitcoin Strategic Reserve, funded by seized coins not new purchases. The Bitcoin price fell slightly overnight.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Jobs Report
The Labor Department will release the February jobs report at 8:30 a.m. ET. Economists expect to see nonfarm payrolls rising by 160,000 after January's 143,000. The jobless rate is seen holding at 4%
Planned layoffs soared in February to their highest level since June 2020, with federal government layoffs surging due to Elon Musk's Department of Government Efficiency. But those layoffs likely will show up in future months. Government job losses could spill over to private employment, both via federal contractors and general economic spillover.
Another Trump Tariff Delay
President Donald Trump will pause tariffs on Canadian and Mexican goods and services covered by the United States-Mexico-Canada agreement until April 2. That reportedly includes about half of Mexican goods and 38% of Canadian imports.
Earlier Thursday, Trump signaled that he was providing the latest reprieve to Mexico, but didn't mention Canada.
On Wednesday, Trump gave automakers a one-month exemption from the 25% tariffs on Canada and Mexico.
But those one-month exemptions will be over quickly. A slew of other tariffs are set to phase in over the next few weeks. April 2 also is when Trump is set to start imposing "reciprocal" tariffs on other countries.
Meanwhile, tariffs and tariff uncertainty could spur layoffs or hiring and investment freezes as companies await more certainty.
Trump told reporters that the recent tariff reprieves aren't related to market woes. The president, who would often cite a rising Dow Jones in his first term, said he is "not looking at the stock market." Trump blamed "globalist countries and companies" for the sell-off.
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Earnings
AVGO stock surged overnight after Broadcom earnings topped views and the AI chipmaker guided higher. In Thursday's regular session, Broadcom stock tumbled 6.3% to just below its 200-day line as fellow custom AI chipmaker Marvell Technology dived nearly 20% on its earnings report.
COST stock fell modestly in extended action after Costco earnings missed but revenue topped. Costco stock fell 2% to 1,026.62 on Thursday. The warehouse membership retailer has been consolidating within a buy zone for the past few weeks. Smaller rival BJ's Wholesale blasted out of a base Thursday on its own earnings.
Meanwhile, Samsara and Hewlett Packard Enterprise plunged overnight on their results.
Stock Market Rally Attempt
The stock market sold off Thursday after rallying Wednesday, despite Trump providing more short-term tariff exemptions. Investors seem to be developing Trump tariff fatigue, with the whipsaw action generated unease.
The Dow Jones Industrial Average fell 1% in Thursday's stock market trading. The S&P 500 index gave up 1.8%, undercutting recent lows but just closing above the 200-day line. The Nasdaq composite sold off 2.6%, back below the 200-day moving average and marking its lowest close in five months. The small-cap Russell 2000 shed 1.6%
The S&P 500 undercut Tuesday's intraday low, ending its rally attempt. But Friday will be day four of a rally attempt for the Nasdaq. So it could stage a follow-through day after Friday's jobs report.
Not all confirmed stock market rallies work. With the market so headline driven, stocks could easily spike higher on news, triggering a follow-through day, then immediately sell off on other reports.
U.S. crude oil prices rose five cents to $66.36 a barrel.
The 10-year Treasury yield rose two basis points to 4.28%, off intraday highs of 4.34% but continuing a strong bounce from Tuesday's morning low of 4.11%.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF plunged 5.1%. The iShares Expanded Tech-Software Sector ETF gave up 3.8%, with Palantir stock a key holding. The VanEck Vectors Semiconductor ETF tumbled 4.2%, with Nvidia stock the No. 1 holding. Broadcom stock and Marvell also are key components.
ARK Innovation ETF skidded 4.7% and ARK Genomics ETF retreated 3.2%. Tesla stock is still the top component across Ark Invest's ETFs. PLTR stock also is a top-five Cathie Wood holding.
SPDR S&P Metals & Mining ETF declined 1.6%. The Health Care Select Sector SPDR Fund dipped 0.3%. The Industrial Select Sector SPDR Fund shed 0.9%. The Financial Select SPDR ETF dropped 1.6%.
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Tesla, Palantir, Nvidia Tumble
Tesla stock fell 5.6% to 263.45, the lowest since the Nov. 5 Election Day and round-tripping back below a 264.86 cup-with-handle buy point. On Thursday, Baird analysts slashed their TSLA price target to 370 from 440, citing growing risks of a first-quarter delivery miss for the EV giant. Tesla stock is on track for its seventh straight weekly loss.
Palantir stock dived 10.7% to 80.46, back below the 50-day moving average. PLTR stock bounced 6.8% on Wednesday to reclaim that level.
Nvidia stock skidding 5.7% to 110.57, just holding above Tuesday's intraday low but marking the worst close in nearly six months.
Tesla Vs. BYD: Comparing The EV Giants
Netflix, DoorDash Stock
Netflix stock dived 8.5% to 906.36, below its 50-day line and a 941.75 buy point cleared on Jan. 22.
DoorDash stock skidded7.7% to 180.11, also undercutting its 50-day. Shares tested a 181.78 flat-base buy point cleared in late January.
What To Do Now
The stock market continues its volatile daily and intraday moves on headlines. There's a rally attempt in play, though it doesn't feel like it.
Most investors should wait for a follow-through day, whether that's Friday, next week or months from now.
In a correction, the priority is to preserve your financial and mental capital.
It's time to be updating watchlists. Focus on stocks showing relative strength. Remember, stocks can be resilient for some time before they crack. Netflix stock and DoorDash are among the latest to do so. Cast your net widely. Definitely look at investing outside the U.S. economy, either via stocks or ETFs. As Tesla, Nvidia and Palantir stock show, old growth leaders may be in the penalty box for some time.
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