Dow Jones Futures: Apple, Boeing, Nike, JPMorgan, Goldman Sachs Moving Late

Dow Jones futures rose modestly late Thursday, along with S&P 500 futures and Nasdaq futures, after a modest stock market rally. Dow Jones stocks Apple (AAPL), Boeing (BA), Nike (NKE), JPMorgan Chase (JPM) and Goldman Sachs (GS) all moved modestly on news overnight.


Meanwhile, Progress Software (PRGS) soared in late trading, vaulting toward a buy point on better-than-expected earnings.

Apple Chief Design Officer Jony Ive is leaving to set up his own shop, but the iPhone maker will be a key client. Boeing could have software woes beyond the 737 Max. Nike earnings fell more than expected. JPMorgan Chase and Goldman Sachs raised dividends and buybacks, along with many other banks, after passing Fed stress tests.

Apple stock fell slightly late. Boeing stock edged lower after dropping in the regular session as the FAA ordered the aerospace giant to fix a new 737 Max software flaw. Nike stock initially fell but moved to about flat. JPMorgan stock and Goldman Sachs stock rose modestly.

Dow Jones Futures Today

Dow Jones futures rose 0.35% while S&P 500 futures climbed 0.25% amid broad overnight gains in bank stocks, including JPMorgan and Goldman Sachs. Nasdaq 100 futures advanced 0.2%. 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

Thursday’s stock market rally was focused on techs and small caps. The Dow Jones closed a fraction lower as Boeing stock fell 2.9%. But the S&P 500 rose 0.4%, the Nasdaq composite added 0.7% and the small-cap Russell 2000 jumped 1.9%. The indexes closed near session highs after Wednesday’s stock market rally fizzled.

Growth stocks had a solid session. Among the best ETFs, Innovator IBD 50 (FFTY) rose 1.25%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.2%. The VanEck Vectors Semiconductor ETF (SMH) rallied 1.3%.

But the stock market rally is in a holding pattern until President Donald Trump and Chinese President Xi Jinping meet on Saturday at the G-20 summit in Japan.

Apple’s Jony Ive To Exit

Jony Ive, who has led Apple’s design team since 1996, is leaving to form an independent company. He’ll count Apple as a core client. Apple products won plaudits for their distinctive, elegant design, far more than any other consumer tech company.

Apple stock fell 0.7% overnight. Shares closed down 6 cents to 199.74, but have been moving toward a 215.41 buy point in a deep cup-with-handle base.

More Boeing Software Issues?

Boeing stock dipped 0.2% late. After the close, Bloomberg reported that pilots have complained of software woes on older Boeing jets. Boeing stock closed below its 200-day line but above its 50-day in the regular session.

Nike Earnings Miss

Nike earnings missed views for the first time in seven years, with EPS down 10% vs. a year earlier. But on the conference call, executives said they’ve seen no China trade impact so far, with “strong momentum” in that key market. Nike stock was little changed after initially falling 2% in late trade. Shares closed up 1.3% to 83.66, just below their 50-day line. Nike undercut that key support and fell below a buy point after breaking out last Friday.

JPMorgan, Goldman Hike Dividends, Buybacks

The Federal Reserve approved 18 banks’ shareholder return plans after passing stress tests. Financials promptly announced dividend hikes and big stock buybacks, including JPMorgan and Goldman.

JPMorgan Chase will hike its quarterly dividend by 11% to 90 cents a share starting in Q3, with a buyback authorization of $29.4 billion. Goldman Sachs will buy back $7 billion worth of shares and hike its quarterly payout by 47% to $1.25 a share.

JPMorgan stock rose 1.75%. Goldman Sachs stock climbed 2.5%, signaling a move above its 200-day line. Goldman hasn’t closed above that long-term support line since April 2018.

Progress Software Earnings

Progress Software earnings returned to growth in its fiscal Q2, rising 18%. Revenue climbed 8%, the best in nearly three years. The software maker also reported strong Q3 and full-year EPS guidance.

Progress Software stock spiked 17% to 47.50 in late trade, signaling a move to a 47.70 buy point from a long cup-with-handle pattern.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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Originally posted 2019-06-28 02:00:13.


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