ED CARSON
Dow Jones futures edged lower late Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally extended for a second day, thanks to an upside reversal that pushed the S&P 500 and Nasdaq composite into positive territory. Roku (ROKU), Lyft (LYFT), Carvana (CVNA) and MercadoLibre (MELI) reported earnings after the close. Roku stock and Carvana stock jumped overnight, while MercadoLibre stock searched for direction. Lyft stock was volatile but was moving higher. Lyft rival Uber (UBER) rose slightly.
Uber reports late Thursday.
Dow Jones Futures Today
Dow Jones futures fell 0.1% vs. fair value, while S&P 500 futures sank 0.15%. Nasdaq 100 futures retreated 0.2%. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Dow Jones futures are especially volatile overnight right now.
Investors are paying close to attention to China's yuan, which has moved markets up and down since the surprise yuan devaluation early Monday.
Current Stock Market Rally
The stock market rally attempt looked like it was in serious trouble after just one day, as the Dow Jones and other major averages plunged at the open along with Treasury yields on global growth fears. But the indexes battled back. The Dow Jones Industrial Average lost 0.1%, but finished near session highs. The S&P 500 index advanced 0.1% and the Nasdaq composite tacked on 0.4%.
Leading stocks generally outperformed the broad market.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) edged up 0.3%. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.55%.
Keep the stock market rally attempt in perspective. A low-volume rebound and a mixed second day, albeit after a big upside reversal, is not a trend. The major indexes have only made up a little ground after several days of big losses. Wait to see if one or more of the major averages stages a follow-through day to turn the stock market rally attempt into a confirmed stock market rally. Even then, a confirmed market uptrend can fail. But there have been no significant stock market rallies without a follow-through day....MORE
