Dow Jones, S&P 500 Dip; Marijuana Stocks Rip Higher

Stock futures were under mild selling pressure early Wednesday as earnings reports from top growth stocks RH (RH), HealthEquity (HQY), Workday (WDAY) and Coupa Software (COUP) were on Wall Street’s radar.


Dow Jones futures eased less than 0.1%, while S&P 500 futures and Nasdaq 100 futures were down about 0.2%. U.S. markets held up well amid selling in overseas markets overnight. The Paris CAC-40 was down 1% in late trading Wednesday, while Germany’s DAX lost 0.7%. Heavy selling continued in China as the Hang Seng crashed by 2.6%. The Shanghai Composite lost 1.7%.

Marijuana Stocks Up Again

Pot stocks were set to move sharply higher in premarket trades Wednesday despite negative comments recently from short seller Citron Research. Cronos (CRON) soared nearly 20% before the opening bell; Tilray (TLRY) jumped 9% and Canopy Growth (CGC) surged 6%.

Stock Futures: Facebook, Twitter In Focus

Facebook (FB) Chief Operating Officer Sheryl Sandberg and Twitter (TWTR) Chief Executive Jack Dorsey are scheduled to appear before a Senate panel Wednesday to defend their response to Russian interference in U.S. elections. Facebook stock was down 0.5% in early trading. Twitter shed 0.4%.

Stock Futures: Mixed Bag Of Earnings

Shares of enterprise software name Workday gave back 3% in early trading despite a strong earnings report that showed bottom-line growth of 29% and top-line growth of 28%. Through Tuesday, Workday rose 19 times in 21 trading sessions. Some consolidation should be expected from here.

But another enterprise software stock went the other way on earnings. Coupa Software was sharply higher in premarket trades after the company reported an unexpected profit. Sales growth accelerated from the prior quarter, rising 38% to $61.6 million.

RH, formerly known as Restoration Hardware, slumped 2.5% before the opening bell despite a big earnings beat. Wall Street focused instead on a sales miss and weaker-than-expected same-store sales.

IBD Sector Leader HealthEquity gave back 3%. Adjusted earnings per share of 34 cents topped views, but sales growth decelerated for the third straight quarter.


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Originally posted 2019-09-19 23:19:44.


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