US stock futures slid modestly overnight as investors awaited the January jobs report. Dow Jones futures dipped 0.1%, with S&P 500 and Nasdaq futures following suit. Amazon (AMZN) made headlines with its earnings report, but its disappointing guidance sent shares lower. Other key earnings movers included Fortinet (FTNT), Affirm (AFRM), Doximity (DOCS), and Cloudflare (NET).
The stock market had a relatively quiet Thursday, with major indexes trading narrowly mixed. The Dow Jones Industrial Average fell 0.3%, while the S&P 500 rose 0.4%, and the Nasdaq composite gained 0.5%. Despite these movements, the indexes remain close to record highs, though they are still in a rangebound pattern.
The Russell 2000 index, tracking small-cap stocks, reversed from a seven-week high, closing down 0.4%. Meanwhile, US crude oil prices slipped by 0.6%, and the 10-year Treasury yield edged up two basis points to 4.44%, staying near 2025 lows.
Growth ETFs:
Among growth-focused ETFs, the Innovator IBD 50 ETF (FFTY) dipped 0.1%, while the iShares Expanded Tech-Software Sector ETF (IGV) climbed 0.3%. The VanEck Vectors Semiconductor ETF (SMH) gained 0.5%, driven by a 3.1% rise in Nvidia (NVDA) shares. On the other hand, ARK Innovation ETF (ARKK) fell 1.7%, and ARK Genomics ETF (ARKG) dropped 2.7%, largely impacted by Tesla’s (TSLA) downturn.
Amazon Earnings:
Amazon’s Q4 earnings exceeded expectations, but its disappointing guidance spooked investors. Despite reporting solid revenue and meeting consensus for Amazon Web Services, the stock fell sharply in after-hours trading, signaling a move below its 233 flat-base buy point. Shares had risen 1.1% to $238.83 during regular trading on Thursday.
Other Earnings Highlights:
- Fortinet (FTNT): The cybersecurity company reported a strong Q4 and provided slightly optimistic 2025 revenue guidance, sending shares up in extended trading.
- Cloudflare (NET): Cloudflare’s earnings exceeded expectations, and its stock surged late, reaching near three-year highs, though it remains extended from any buy point.
- Affirm (AFRM): Affirm delivered a surprise quarterly profit and a revenue beat, with its stock jumping in after-hours trading, potentially offering an early entry above its 50-day line.
- Doximity (DOCS): Doximity’s earnings comfortably beat estimates, with shares surging in overnight trading, breaking out of a base. The stock could offer an early entry at the $60 level.
Tesla Stock:
Tesla (TSLA) saw a 1% decline on Thursday, hitting a two-month low of $363.18 during intraday trading. However, a rebound from this point could form a double-bottom base with a 439.74 buy point. This is a crucial moment for Tesla stock, which has faced resistance since January 31. If the stock moves back above its 50-day line, it could present an early entry opportunity. The relative strength line for Tesla is currently at a three-month low, marking a key point in its performance.
Tesla remains on the IBD Leaderboard watchlist as investors closely monitor its next move.
