Dow Jones Futures: Meta Continues Tech Titan Meltdown; Apple On Deck

Dow Jones futures rose modestly overnight, along with S&P 500 futures and Nasdaq futures. Meta Platforms (META) plunged on earnings, though its spending splurge lifted several big tech suppliers.

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Apple stock and Amazon.com are on deck Thursday night.

The stock market rally had big intraday swings Wednesday, but the major indexes ultimately closed near session lows. The Nasdaq fell sharply on Microsoft (MSFT) and Google earnings.

Some more stocks flashed buy signals, including Enphase Energy (ENPH), Wingstop (WING) and Rollins (ROL).

Separately, Tesla (TSLA) reportedly faces a criminal probe over its self-driving claims.

Earnings

Facebook parent Meta Platforms, Wolfspeed (WOLF), Ford Motor (F), Impinj (PI), Molina Health (MOH), Aspen Technology (AZPN) and ServiceNow (NOW) reported after the close.

Meta stock tumbled on weak earnings and guidance. But Meta’s massive spending plans buoyed several chip and networking firms, including Nvidia (NVDA) and Arista Networks (ANET).

WOLF stock plunged on its guidance. Aspen Technology, ServiceNow and PI stock were big earnings winners, Molina Health popped. Ford fell slightly. AZPN stock was not yet active.

Merck (MRK), Shopify (SHOP), Mastercard (MA), McDonald’s (MCD) and Caterpillar (CAT) report early Thursday.

But then all eyes will turn to Thursday night, with Apple (AAPL) on tap, along with Amazon.com (AMZN) and biotech giant Vertex Pharmaceuticals (VRTX).

Apple stock and Amazon fell back from near their 50-day line Wednesday. VRTX stock is in a buy zone.

Vertex stock and Wingstop are on IBD Leaderboard. WOLF stock is on the Leaderboard watchlist. MUSA stock is on the IBD 50. Vertex, Molina Health and ENPH stock are on the IBD Big Cap 20. Enphase Energy was Wednesday’s IBD Stock Of The Day.

The video embedded in this article discussed the market’s volatile action and analyzed WING stock, Enphase and Clearfield (CLFD).

Tesla Criminal Probe

Tesla faces a criminal probe over its self-driving claims, Reuters reported Wednesday. The Justice Department probe started last year and is not close to reaching any conclusions, according to the report. The criminal probe comes amid an ongoing, expanding Autopilot probe by the National Highway Traffic Safety Administration.

The new criminal probe didn’t seem to affect TSLA stock. Shares closed up 1% to 224.64, off session highs as the market faded from late-morning peaks.

Meanwhile, Tesla CEO Elon Musk dropped by Twitter (TWTR) headquarters and changed his Twitter bio to “Chief Twit” with all signs pointing to his $44 billion takeover closing by Friday evening. TWTR stock rose 1.2% on Wednesday to 53.42, up 7% so far this week and just below the $54.20 price tag.

Twitter stock rose 1% to 53.90 overnight, as the NYSE said TWTR would be delisted at Friday’s close.

It’s unclear if Musk still has to sell more Tesla stock to finance the Twitter takeover.

Tesla Vs. BYD: Which EV Giant Is The Better Buy?

Dow Jones Futures Today

Dow Jones futures rose 0.45% vs. fair value. S&P 500 futures climbed 0.4%. Nasdaq 100 futures advanced 0.4%, as Meta plunged while NOW soared.

The 10-year Treasury yield fell 1 basis point to the key 4% level.

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 actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally had big swings Wednesday, closing mixed.

The Dow Jones Industrial Average closed up 2 points in Wednesday’s stock market trading, even with MSFT stock down 7% and Boeing (BA) off 9%. The S&P 500 index fell 0.7%. The Nasdaq composite skidded 2%. The small-cap Russell 2000 rose 0.5%.

The 10-year Treasury yield tumbled 10 basis points to 4.01%, continuing a sharp retreat from last Friday’s intraday highs. The 10-year Treasury yield is below the 3-month yield, which dipped to 4.03% on Wednesday. The 3-month/10-year inversion is seen as a stronger recession signal than 2-year/10-year inversion.

The Bank of Canada raised rates by 50 basis points vs. the expected 75 basis points as more central banks start to get less aggressive. The Federal Reserve is a virtual lock to hike rates by 75 basis points for a fourth straight meeting next week. But markets are leaning toward a 50-basis-point move in December.

The U.S. dollar fell solidly for a second session.

U.S. crude oil prices rose 3% to $87.91 a barrel.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) edged up 0.2%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 1.75%, with Microsoft stock a huge component and ServiceNow also a notable holding. The VanEck Vectors Semiconductor ETF (SMH) gave up 1%.

SPDR S&P Metals & Mining ETF (XME) advanced 1.1%. The Energy Select SPDR ETF (XLE) rose 1.4%. The Health Care Select Sector SPDR Fund (XLV) climbed 1.1%.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) edged up 0.2% and ARK…