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Nvidia Slips, Stock Futures Weak; Ad Leader Set For Breakaway Gap

The stock market’s leading indexes pulled back for a breather in extended trade Thursday, after the Dow posted its sixth straight advance and the S&P 500 tacked toward its best week in almost three months.

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The earnings calendar was busy after Thursday’s closing bell, with Nvidia (NVDA), Trade Desk (TTD) and Pilgrim’s Pride (PPC) among the names in motion after hours.

Futures for the Dow Jones industrial average eased 0.1%. Nasdaq 100 and S&P 500 futures were 0.2% below fair value.

The Dow clocked out on Thursday with its sixth straight gain, lifting the index 2% for the week through Thursday and putting it on track for its first weekly advance in three weeks. The S&P 500 is ahead 2.2%, also eyeing its first weekly jump in three weeks and, so far, its strongest week since early March.

The Nasdaq rose 2.7% for the week through Thursday, looking toward its third gain in four weeks. Summed up, the market is on track to exit the week in a lot better shape than when it entered it.

Nvidia Slips, Trade Desk Hints At Breakaway Open

IBD 50 name Nvidia slipped more than 3% late Thursday, despite crushing fiscal first-quarter expectations. Second-quarter revenue guidance was also above views. The company gave no EPS guidance for Q2. At the close of regular trading, the stock was in a buy range above a flat-base buy point at 254.60. The chart also can be interpreted as a double-bottom base with a 239.35 entry.

Trade Desk made a 22% after-hours gain. The Ventura, Calif.-based online advertising platform saw both earnings and revenue growth accelerate in its first quarter. The company’s 89% EPS growth and a 61% revenue surge easily topped analyst targets. Management’s raised Q2 and full-year revenue and earnings guidance were well above consensus hurdles.

Trade Desk shares ended Thursday up nearly 7% for the week, and still struggling to retake their converged 10- and 40-week moving averages. Thursday’s extended trading move implied a breakaway gap on Friday, past a 61.03 buy point in a gnarled-looking cup base. It’s best to read up on buying breakaway gaps before trying to jump in. And keep in mind that not all extended-trade moves carry over into regular trade.

Friday’s Injured List, Consumer Sentiment And Oil Prices

Among stocks that appeared headed for Friday’s injured list, security software developer Symantec (SYMC) collapsed 19% after tripping over weak guidance. DNA screening pioneer Intrexon (XON) fell 7% as losses widened. And Yelp (YELP) dropped nearly 5% after analysts gave its first-quarter report mixed reviews.

Friday offers up a comparatively light earnings schedule, as well as a very sparse day of economic releases. Import-export price data are due from the Labor Department before the market opens. The University of Michigan delivers its preliminary reading on May consumer sentiment at 10 a.m. ET.

Crude oil prices rose 0.3% Thursday, with U.S. benchmark West Texas intermediate settling at $71.36 a barrel, up 2.4% so far for the week. Prices may feel some effect when Baker Hughes (BHGE) releases its weekly rig-count survey at 1 p.m. ET.

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