Dow Jones futures dipped early Friday, while S&P 500 futures and Nasdaq futures rose barely, throughout the wake of a big global IT disruption grounding flights while slamming CrowdStrike (CRWD) and hitting Microsoft (MSFT).
Netflix (NFLX), Intuitive Surgical (ISRG) and American Express (AXP) were earnings movers.
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Nasdaq Extends Losses In Broad-Based Sell-off; BX, VRTX, EGO In Focus
Dow Jones Futures
Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures rose 0.1% and Nasdaq 100 futures climbed 0.2%. Microsoft and American Express are Dow Jones components, with CrowdStrike, Netflix and Intuitive Surgical all S&P 500 and Nasdaq 100 members.
The ten-year Treasury yield edged as much as 4.21% after rising 4.5 basis points to 4.19% on Thursday.
Crude oil prices fell barely after dipping 3 cents to $82.82 a barrel on Thursday.
CrowdStrike Sparks Global IT Outage
A CrowdStrike update glitch caused a worldwide IT outage via Microsoft cloud servers, causing massive disruptions worldwide. Flights grinded to a halt, while financial systems, hospitals, media outlets and more faced significant issues.
CrowdStrike says it wasn’t a cyberattack, and a fix has been deployed. Disruptions proceed at present.
But CRWD stock plunged greater than 10% in premarket trade, though off their worst levels. Rivals resembling Palo Alto Networks (PANW), Fortinet (FTNT) and SentinelOne (S) rose. Microsoft fell barely.
CrowdStrike shares had already sold off in recent days, tumbling below a buy point and the 50-day line. MSFT stock had held the 50-day line on Thursday, inside a previous buy zone.
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Stock Market Rally
The Dow Jones Industrial Average tumbled 1.3% in Thursday’s stock market trading. The S&P 500 index shed 0.8%, just holding its 21-day line. The Nasdaq composite retreated 0.7%, now clearly below its 21-day line. The small-cap Russell 2000 sold off 1.85% after reversing from multiyear highs Wednesday.
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Earnings
Netflix subscribers grew by just over 8 million, beating views, as ad-supported users jumped. Earnings and revenue barely topped. The streaming media giant guided higher on Q3 EPS but barely lower on revenue.
NFLX stock were little modified Friday morning. Shares edged down 0.7% to 643.04 on Thursday, just above a 639 buy point from a cup base initially cleared in late May. But Netflix stock has pulled back below a rising 50-day line.
Intuitive Surgical earnings comfortably beat views. ISRG stock jumped in overnight motion. Intuitive Surgical stock fell 2.4% to 416.14, back in a buy zone and just undercutting the 50-day line.
American Express earnings beat with the Dow Jones bank card giant also guiding higher. AXP stock fell barely early Friday.
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Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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