Dow Jones Futures: This Big-Cap Index Is Leading Now; Red-Hot IPO Tops Views

Dow Jones futures rose slightly early Wednesday, along with S&P 500 futures and Nasdaq futures, after Boeing (BA) marred an otherwise positive Tuesday for the current stock market rally. But the Nasdaq 100 index, which includes many tech titans, rose to its best level of the current rally, as Apple (AAPL), Microsoft (MSFT) and Google parent Alphabet (GOOGL) led the way. Apple stock is still well off old highs, but Microsoft is flirting with a new buy point while Google stock is building the right side of its base. Meanwhile, hot IPO stock Guardant Health (GH) reported earnings late, with Guardant Health stock continued to climb late.

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Dow Jones Futures Today

Dow Jones futures were 0.1% above fair value, even with Boeing stock down about 1%. S&P 500 futures climbed 0.2%. Nasdaq 100 futures rose 0.2% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Current Stock Market Rally

In Tuesday’s stock market, the Dow Jones fell 0.4% as Boeing stock continued to sell off as more countries grounded the Boeing 737 Max 8. The Dow fell even with Apple stock and Microsoft stock providing modest boosts. The S&P 500 index rose 0.3% while the Nasdaq composite climbed 0.4%. Aside from Boeing stock and some related names, the current stock market rally fared relative well, with growth stocks leading.

Nasdaq 100 Hits High On Apple, Microsoft, Google

The Nasdaq 100, which includes the 100 of the biggest non-financial Nasdaq-listed stocks, climbed 0.5%. Intraday, the Nasdaq 100 index topped its March 4 peak to its best level since Oct. 19, while the Dow, S&P 500 and Nasdaq composite are below their pre-pullback highs. One of the most popular top ETFs, the Invesco QQQ ETF (QQQ), tracks the Nasdaq 100. The Invesco QQQ ETF, which rose 0.55%, hit its best intraday level since Oct. 18. Viewing it as a stock, QQQ briefly cleared a 175.89 cup-with-handle buy point before closing at 175.69.

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Microsoft stock advanced 0.7% to 113.62, just clearing alternate entries of 113.35 and 113.52. Volume was 13% below normal for the Microsoft stock breakout, which is not ideal. Microsoft stock is the world’s most valuable company at $871.72 billion.

Apple stock climbed 1.1% after a 3.5% surge Monday. Apple has the No. 3 market cap at $855.67 billion.

Finally, Google stock rallied 1.5% 1197.25, hitting a five-month high in above-average volume. Shares rose 2.55% on Monday. Google stock is building the right side of a saucer base with a 1291.54 buy point.

Guardant Health Earnings

The maker of cancer diagnostics tests reported a loss of 30 cents a share for the fourth quarter, beating views by a nickel. Revenue rose 64% to $32.87 million, also beating. For 2019, Guardant Health sees revenue rising 43%-39% to $130 million to $135 million vs. views for $116 million.

Guardant Health stock rose 2.7% to 76 in late trade, which would mark a new high. Guardant Health stock already surged 11% to 74 in Tuesday’s session, an all-time best and up 289% since coming public. The IPO stock came public at 19 a share in early October, but hardly noticed the severe stock market correction.

The relative strength line has been rising steadily or sharply through Guardant stock’s brief history. The RS tracks a stock’s performance vs. the S&P 500 index.

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