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Dow Jones Futures: Plug Power, CrowdStrike Are Key Movers Ahead Of Fed Meeting; Chip Stocks Flash Buy Signals

Dow Jones futures fell slightly late Tuesday, along with S&P 500 futures and Nasdaq futures, ahead of the Fed meeting announcement Wednesday afternoon.

The stock market rally finished narrowly mixed Tuesday after the Nasdaq closed well off intraday highs. Plug Power (PLUG) and CrowdStrike stock headlined key overnight movers.

Microsoft stock, MKS Instruments (MKSI), Applied Materials (AMAT) and Apple (AAPL) iPhone chipmakers Qorvo (QRVO) and Skyworks Solutions (SWKS) all flashed buy points at least intraday.

After the close, Plug Power said it would have to restate 2018 and 2019 financial statements, as well as quarterly statements for 2019 and 2020. The fuel cell company cited accounting errors related to non-cash items, including some costs. But it said there was no misconduct. PLUG stock fell 12% overnight. Shares sank 8.1% on Tuesday, hitting resistance at its 21-day line.

CrowdStrike (CRWD), Coupa Software (COUP), Smartsheet (SMAR) and Lennar (LEN) headlined earnings late Tuesday, with Chinese e-commerce giant Pinduoduo (PDD) due early Wednesday.

Chip-equipment maker MKS Instruments broke out past a buy point Tuesday. Chip-gear giant AMAT stock flashed an early entry, along with wireless chipmakers Qorvo and Skyworks Solutions.

Microsoft (MSFT) rose, flashing additional buy signals. Google parent Alphabet (GOOGL) also climbed slightly and is potentially actionable. Apple stock and Facebook (FB) rose but may need more repair time. (AMZN) closed near lows, stuck around its 200-day line. Tesla (TSLA) hit resistance and retreated, still well below its 50-day line.

All of these stocks came off highs, with some closing near session lows as the Nasdaq lost steam.

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Key Earnings

CrowdStrike earnings and revenue were better than expected, while the cybersecurity leader also guided higher. CRWD stock jumped 6% in extended trade. Shares hit resistance at the 21-day line Tuesday and reversed lower for a 2.1% loss.

Coupa earnings and sales also topped views. COUP stock climbed 2% overnight. Shares fell 3.5% on Tuesday.

Smartsheet earnings and revenue beat forecasts. SMAR stock fell 2% in extended trade. Shares rose 1.4% on Tuesday to 68.71, backing off key levels intraday.

PDD stock rose 1.1% to 160.89 on Tuesday.

CRWD stock, Coupa stock, and Smartsheet, along with Pinduoduo, are former leaders that sold off sharply in the recent tech sell-off. They all closed below their 50-day moving averages, with COUP stock below its 200-day line.

Lennar earnings also exceeded analyst estimates. LEN stock rose nearly 2% in overnight trade. Shares fell 1.5% to 88.71. Lennar stock is several weeks into a consolidation next to a prior base. A move above last week's high of 92.85 — the top of a quasi-handle — could offer an early entry.

Google stock and Microsoft are on IBD Leaderboard. AMAT stock and Google are on SwingTrader and the Big Cap 20. MSFT stock  is an IBD Long-Term Leader. Google, SWKS and TSLA stock are on the IBD 50. MKSI stock was Tuesday's IBD Stock Of The Day.

Fed Meeting In Focus

The Federal Reserve will end its two-day policy meeting Wednesday, with an announcement at 2 p.m. ET. Investors will be looking for clarity from the central bank and Fed chief Jerome Powell regarding inflation and rising Treasury yields, which have hit growth stocks. Will the Fed enact, or signal a move toward, reviving "Operation Twist" to drive down long-term Treasury yields? While the Fed has said it's far away from even curbing bond buys, will policymakers signal optimism about the economic outlook, worrying traders?

Dow Jones Futures Today

Dow Jones futures edged lower vs. fair value. S&P 500 futures and Nasdaq 100 futures fell 0.1%.

Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.



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