Futures for the S&P 500 index, Nasdaq 100 and Dow industrials fell modestly late Thursday following weak guidance from Oracle (ORCL) and reports of a possible new North Korea missile launch. That follows a mixed session for the major averages, but leading stocks were more upbeat: Tesla (TSLA) and Square (SQ) broke out. Boeing (BA) closed on a buy point, offsetting another dip by fellow Dow titan Apple (AAPL), which is still in buy range.
XAutoplay: On | OffS&P 500 index futures fell 0.2% vs. fair value. Nasdaq 100 futures sank 0.3% and Dow futures 0.1%.
North Korea launched another missile over Japan, according to reports after New York’s market close. Recent North Korean missile and nuclear tests have unnerved overnight traders but have had little lasting market impact. President Trump has cooled his rhetoric vs. the rogue nuclear nation in recent weeks.
Meanwhile, Oracle reported better-than-expected fiscal first-quarter earnings and revenue, with growth continuing to gradually accelerate on the top and bottom lines as its cloud business booms. But the software giant’s guidance was weaker than expected.
Oracle fell 3.6% to 50.90 in late trading on the stock market today, though it found support near its 50-day moving average around the 50 level. That would suggest a drop below a 51.95 flat-base buy point cleared on Monday.
During the regular session, the S&P 500 index fell 0.1% and the Nasdaq composite slid 0.5%. But the Dow rose 0.2%, hitting yet another all-time high.
Boeing Vs. Apple
Leading the way for the Dow was Boeing, rising 1.4% to 245.23. That’s less than 1% below a 246.59 flat-base entry.
Boeing has been the top-performing Dow stock in 2017, easily outperforming Apple. Boeing rose a fraction in late trade as North Korea concerns could park demand for defense and aerospace stocks.
Apple dipped 0.9% to 158.28, its third straight modest decline since unveiling its next-generation iPhones, with the top-of-the-line iPhone X not available until Nov. 3. Apple remains in a buy range from a 165.75 entry.
Tesla jumped 3.1% to 377.64, clearing a 377.10 cup-with-handle buy point. Tesla has surged nearly 10% so far this week. Regulators partially blamed Tesla for a 2016 fatal crash, but investors didn’t see any significant impact on the company’s prospects. Elon Musk late Wednesday teased the likely of a semi truck next month.
Meanwhile, payment processor Square jumped 4.2% to 28.64 on Thursday, clearing a 28.07 buy point from a cup base.
Tesla and Square both show the importance of industry trends. Ferrari (RACE), Fiat Chrysler (FCAU) and General Motors (GM) are all rallying, extended from their own buy points. Payment processors from PayPal (PYPL) to Visa (V) also have been acting well.