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Stock Futures, Dow Jones Industries Rebound On Chips, China Trade War News



Stock futures look for a rebound on Wednesday, as earnings and China trade war news amped up early action, . Futures for the Dow Jones Industrial and S & P 500 rose 0.4% above fair value.

Micron Technology (MU) punched out a big gain after its fiscal Q3 earnings. (19459007] (19459007] (19459007) (19459007) (AMD) and (19459006) paced the Dow Jones industrial, with Apple (AAPL), Intel (INTC) and Caterpillar On the Nasdaq 100, with Micron Technology, Western Digital and Nvidia running at the head of the pack. Micron and Western Digital also led the S & P 500.

FedEx (FDX) gained more than 2%, although some analysts were cutting price targets after its fiscal fourth-quarter earnings report. General Mills (GIS) dived more than 6% following its earnings report. High-flying solar components maker Enphase (ENPH) dropped sharply on an analyst downgrade

China Trade War (Of Words)

Markets suffered their worst day in June on Tuesday as comments from Federal Reserve officials have reduced the possibility of a large interest rate cut in July, and news reports quoted a senior White House official saying the US

Treasury Secretary Steven Mnuchin took on the fixer role telling CNBC Wednesday morning that negotiations towards a US-China trade deal were 90% complete . Mnuchin also said, "I think there is a way to complete this." It was not clear whether he meant a way to complete a trade deal during the weekend meeting in Japan between Trump and Xi

The stock market could see some impact from durable goods, international trade and retail inventories, due out at 8 : 30 am Dow Jones Industries: Apple, Intel

Apple jumped 1

.3%, Intel rumbled 1.2% higher to lead the Dow Jones industrials. Apple confirmed late Tuesday said it had acquired an autonomous driving drive called Drive.ai. Reports said the California / Texas company was once valued at $ 200 million. Apple was reported to have laid down its autonomous vehicle unit engineers early this year. But Axios reported Tuesday that Apple had hired dozens of hardware and software engineers at Drive.ai

Apple stock has climbed nearly 15% from early June low.

Chip Rebound: Micron, AMD

Micron Technologies earnings and sales fell sharply for a second straight quarter, but its numbers were not as bad as analyst consensus had feared . The company's stock is beaten down, but it's still a chip industry bellwether. Micron shares up nearly 9% in early action

The chip-sector response sent the iShares PHLX Semiconductor ETF (SOXX) up 2.2% in premarket trade. IBD Leaderboard stock AMD surged more than 3%, moving it to just below a 30.05 buy point. The stock broke out above the buy-in point of June 6, then gave up its gains in pullback to test support at its 10-week line

Stock Market: A Record June, But Small Caps Lag

the current stock market remains in a confirmed uptrend, with the Dow Jones Industrial Average, the S & P 500 and Nasdaq still up sharply in what is traditionally a weak month for the market. The Dow Jones Industries are up 7% for the month, ending Tuesday 1.5% below their October 3 high. The Nasdaq has a 5.7% gain in June and is 3.7% below its April 29 high mark. The S & P 500 has climbed 6% in June. It dropped a new high on Thursday, but dropped 1.6% over the past three sessions.

Small caps, however, have lagged. The Russell 2000 and S & P Smallcap 600 each gained 3.8% for the month through Tuesday. That was the best June showing for both since 2014. June is generally not that weak for months for small caps. But both indexes remain deep below their August 2018 highs, with Russell 2000 down 12.7% and the S & P 600 16.2% off its peak

That small cap performance loosely parallels the action among growth stocks. The Innovator IBD 50 ETF (FFTY) that tracks IBD 50 listed stocks has gained 3.7% so far in June. That gives it a healthy 21% since the beginning of the year, but the fund remains almost 16% below its October high mark.

For more detailed analysis of the current stock market and its status, study the Big Picture . prices bucked higher as data released late Tuesday indicated a sharp drop in weekly inventories. The American Petroleum Institute estimates weekly stockpiles declined by 7.6 million barrels, what the Oilprice.com reported was expected to be 2.9 million barrel draw

West Texas Intermediate dropped 1.9% to $ 58.90 and barrel – up about 2.5% for the week and at its highest mark since May 30. Europe's Brent crude benchmark added 1.2% to $ 65.83. Official weekly supply statistics are due out at 10:30 am

The United States Oil Fund (USO) was up 1.8% in early trade. The Citigroup Global Markets VelocityShares 3x Long Fund (UWT) soared 5.2%

Find Alan R. Elliott on Twitter @IBD_Aelliott

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