Dow Jones futures fell slightly Friday morning, along with S&P 500 futures and Nasdaq futures. Coinbase, Twilio and Roku headlined earnings reports late.
The stock market rally jumped Thursday, with the indexes extending Wednesday's reversal of lows with a number of big earnings movers. President Donald Trump, as expected, signed an executive order imposing reciprocal tariffs on other countries' trade barriers. But the new Trump tariffs won't start immediately, cheering markets.
The S&P 500 is just below all-time highs while some key growth ETFs are at record or 52-week peaks.
Nvidia regained its 50-day line for the first time since the Jan. 27 DeepSeek AI sell-off. Tesla rebounded for a second day.
Twilio stock is on SwingTrader.
Dow Jones Futures Today
Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures dipped 0.1% and Nasdaq 100 futures declined 0.1%.
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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Stock Market Rally
The stock market rally continued to rebound from Wednesday's lows on Thursday, with the major indexes closing near session highs. Markets took in stride a seemingly hot inflation report as well as President Trump's latest tariffs, with the details more market-friendly than the headlines.
The Dow Jones Industrial Average rose 0.8% in Thursday's stock market trading. The S&P 500 index gained 1%. The Nasdaq composite jumped 1.5%. The small-cap Russell 2000 popped 1.2%, still below the 50-day line.
After tumbling Wednesday morning, the indexes have rebounded powerfully. The Nasdaq and S&P 500 are breaking short downtrends, though they're still in recent ranges going back to December, The S&P 500 is near the top of that band though, moving above the old Dec. 6 peak, just below its Jan. 24 all-time high.
The First Trust Nasdaq 100 Equal Weighted Index ETF rose 1.2%, hitting a record high. The FFTY and ARKK ETFs cited below are at or around their best levels since mid-2022.
Some more stocks gapped out of bases on earnings, including Palomar Holdings and Tyler Technologies.
New buying opportunities overall were limited, though many leading stocks showed strength.
U.S. crude oil prices fell 11 cents to $71.29 a barrel.
The 10-year Treasury yield tumbled 11 basis points to 4.52%, snapping a five-session win streak. The PPI inflation report came in hot on the headline figures, much like Wednesday's CPI data. But encouraging details eased fears.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF surged 5%, hitting its best levels since June 2022. The iShares Expanded Tech-Software Sector ETF gained 1.6%. The VanEck Vectors Semiconductor ETF popped 1.4%, with Nvidia stock the leading component.
ARK Innovation ETF leaped 3.3%, right around the best levels since mid-2022. ARK Genomics ETF also gained 3.3%. Tesla stock is the No. 1 holding across Ark Invest's ETFs. Cathie Wood also a sizable stake in COIN stock.
Key Earnings
Coinbase, Twilio, Palo Alto Networks, GoDaddy, Roku, Airbnb and Applied Materials reported Thursday night.
Roku stock and Airbnb jumped more than 10% in premarket trading, signaling moves above buy points.
Twilio stock tumbled overnight after trading tightly since a Jan. 24 gap-up on preliminary Q4 results. Palo Alto stock declined solidly, back below a buy point after Thursday's breakout. GoDaddy stock skidded back below a buy point that was reclaimed in Thursday's session.
Coinbase stock retreated modestly in volatile trade, near an early entry.
Applied Materials stock fell solidly.
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Tesla Stock
Tesla stock jumped 5.9% to 356.37 on Thursday after rising 2.4% on Wednesday, bouncing from 2025 lows. TSLA stock is still below all of its moving averages and down for the week.
Tesla shares rose slightly early Friday.
Nvidia Stock
Nvidia stock rose 3.2% to 135.29 on Thursday, closing above the 50-day line for the first time since diving 17% on the Jan. 27 sell-off in AI hardware stocks. The move comes as some other hardware plays, including Astera Labs and Vertiv have tumbled on earnings. The NVDA stock rebound also has come on lighter volume Nvidia's heavy volume sell-off.
Shares edged higher in premarket trade.
The chart still needs serious repair.
Nvidia earnings are due Feb. 26.
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What To Do Now
Is this the start of a sustained stock market rally or just another head fake in a choppy market?
If you're too aggressive, you could get burned if the market reverses lower again. But if you wait until the market decisively clears its recent range, the best opportunities may be gone.
So make new buys gradually, ready to step out if those positions or the broader market fall back.
It's important to have your watchlists up to date. You want to find the best opportunities and be ready to act when they trigger buy signals.
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.
