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Dow Jones Futures Active As Apple, Netflix Hit Resistance; Nvidia Up Late

Dow Jones futures rose slightly late Monday, while futures for the S&P 500 index and Nasdaq 100 were mixed. During Monday’s stock market session, the Dow Jones, S&P 500 index and Nasdaq composite closed up but at session lows. Apple (AAPL), Netflix (NFLX), Microsoft (MSFT) and Micron Technology (MU) reclaimed their 50-day lines intraday but were turned back. Nvidia (NVDA) rallied late on an analyst upgrade.  Looking ahead, China President Xi Jinping and Facebook (FB) CEO Mark Zuckerberg will be in focus Tuesday. Facebook shares fell late.

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Apple, Netflix and Microsoft all closed higher, with Apple advancing a solid 1%. But they settled near session lows, struggling once again at key support lines. Micron reversed to close down 1%.

Tuesday’s overall closing action was not encouraging, but it doesn’t really change the broader picture. The stock market is in a correction, while a rally attempt is still ongoing.

Dow Jones Futures

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures were up 0.1%. Nasdaq 100 futures fell a fraction vs. fair value. Keep in mind that overnight action often doesn’t translate into how the stock market will close the following day.

Nvidia Headlines After-Hours Action

Nvidia rose 2% in late trading after Morgan Stanley analysts upgraded the chipmaker to overweight, sticking with a 258 price target. The analysts conceded that declining demand from cryptocurrency miners could hurt near-term revenue. But they said “all roads lead back to Nvidia” in machine learning.

Nvidia rose 0.5% to close at 215.41 in Monday’s stock market trading, near session lows.

Facebook’s Zuckerberg, China’s Xi Are In Focus

Facebook CEO Mark Zuckerberg will testify before Congress for the first time. His prepared remarks offer several apologies over Facebook’s handling of user data and Russian interference during the 2016 elections.

Facebook stock closed up 0.5% on Monday, still 19% off its Feb. 1 record high. Shares fell 1% in late trade.

Xi Jinping is expected to announce new economic reforms in a Tuesday address. But he doesn’t want to be seen as giving in to President Trump.

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