Stock futures were lined up Wednesday for their first soft start of the week, a day after the Dow, the Nasdaq and the S&P 500 all marked off new closing highs.
XAutoplay: On | OffFutures for the Dow Jones industrial average and the S&P 500 traded narrowly below fair value, while Nasdaq 100 futures dipped 0.2%. Small caps split the difference, with Russell 2000 futures digging in 0.1%.
Asian stock markets chalked up another mixed session, with Hong Kong’s Hang Seng index ending down 0.3% and the Nikkei 225 in Tokyo up 0.5%, rebounding above its 50-day moving average in a third advance off Friday’s low. In Europe, stock markets in Frankfurt and Paris traded effectively flat near midday, while London’s FTSE 100 benchmark dipped 0.2%.
FANG Stocks Flat, Apple Dips; HDFC Bank Poised For Breakout
Early trade among Dow industrials names was mild. General Electric (GE) led with a 0.4% gain, as the stock struggles to turn up from the dive that has sent shares down 26% since December. Apple (AAPL) dipped 0.6%, the Dow’s weakest premarket move.
The FANG tech leaders were essentially unchanged from Tuesday’s closing levels. All four of the stocks are basing, with Netflix (NFLX) and Facebook (FB) furthest along and just below buy points at 191.60 and 175.59, respectively. More detail on Netflix and Amazon.com’s (AMZN) charts is available at IBD’s Leaderboard.
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IBD 50 stock Centene (CNC) chalked off a 5% premarket gain after announcing late Tuesday it would pay $3.75 bil. to acquire New York-based Fidelis Care, an operator of governemt insurance programs. Fidelis reported $4.8 bil. in revenue in the first six months of 2017. Centene ended Thursday in a buy range, just above an 88.04 buy point in a five-week flat base.
IBD 50 peer HDFC Bank (HDB) climbed nearly 3% in early action. The India-based lender finished Tuesday less than 1% below a 99.87 buy point in a five week flat base. The foreign banks group currently ranks in the top 20 groups among the 197 industry groups tracked by IBD, and HDFC is also on IBD’s Global Leaders stock list.
Applied Materials (AMAT) rose almost 2%. Goldman Sachs upgraded the IBD 50 stock to buy, from neutral, and raised the stock’s price target to 52, from 49.The stock has been holding support at its 10-week moving average, just below a 47.69 buy point.