Dow Jones Futures Rallied on Friday. What about the S&P 500?

 Dow Jones futures increased modestly on Friday, along with Nasdaq futures and S&P 500 futures, as traders are waiting for the latest stimulus deal news. On the other hand, Intel (INTC) plummeted down due to lowered earnings. However, that was good news for AMD stock. On Thursday, the stock market rally ended with a slight positive reversal for the major indexes. Major stocks were mixed as the market fluctuated.

On Thursday, PayPal (PYPL) stock dropped below its buy point. D.R. Horton (DHI) and several homebuilders have also failed breakouts. Tesla (TSLA) climbed up after the report about strong earnings, but the stock still closed near session lows.

Meanwhile, Amazon.com (AMZN) and Apple (AAPL) tumbled down a little further below their 50-day lines. Microsoft (MSFT) also tested its 50-day before ending the session a fraction higher.

A trio of new IPOs made significant moves on Friday. Unity Software (U) jumped just below to buy points, while Snowflake (SNOW) surged above another early entry point. Array Technologies (ARRY) also rallied to record highs.

However, the mixed action in major stocks and the lacklustre upside reversal in the main indexes don’t inspire a lot of confidence. Currently, the market rally is in a confirmed uptrend. It’s very recent action has been considerably weak.

PayPal, Tesla stock, and LGI Homes (LGIH) are on IBD Leaderboard. Adobe and Microsoft stock remains on IBD Long-Term Leaders. Furthermore, PayPal, Adobe, Advanced Micro Devices (AMD), Microsoft and Amazon are still on the IBD 50.

How did the Dow Jones Futures fare?

Dow Jones futures surged forward by 0.4% versus fair value. The S&P 500 futures also gained 0.5%, while Nasdaq 100 futures climbed up by 0.3%. Intel stock is a member of the S&P 500 index, the Dow Jones, and Nasdaq composite. However, it has a far smaller weight than the likes of Microsoft and Apple.

Intel earnings tumbled down by 22% to $1.11 a share, in line or just a penny above views. Furthermore, sales plummeted down by 4% to $18.3 billion. Still, a shortfall in data centre chips was the real negative.

Intel stock also collapsed by nearly 10% before Friday’s open. Its shares rallied by 0.75% to 53.90 on Thursday. However, they have been below their 200-day line since the second-quarter’s Intel earnings report. The stock hasn’t been a leader for quite some time.

On the other hand, Intel’s data centre weakness could be good news for its rival – AMD. AMD stock jumped by 1% in extended trade. Its shares climbed up 0.3% on Thursday to 79.42. Traders could view 88.92 as an entry point.