Dow Jones Futures: Market Split With Tesla, Broadcom, AppLovin Key Losers; Nvidia Chipmaker Due

ED CARSON
Updated 10:55 PM ET 01/14/2026

Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. Nvidia (NVDA) chipmaker Taiwan Semiconductor (TSM) will report earnings early Thursday along with investment banks Goldman Sachs (GS) and Morgan Stanley (MS).

The stock market saw solid losses on the S&P 500 and Nasdaq composite amid bank earnings losses and weakness in megacaps such as Tesla (TSLA) and Broadcom (AVGO) along with sharp drops in Shopify (SHOP) and AppLovin (APP).

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But market breadth was solidly positive, with the small-cap Russell 2000 hitting another all-time high.

Taiwan Semiconductor stock is on the IBD 50. Nvidia stock is on IBD Sector Leaders.

The video embedded in the article reviews Wednesday’s market action and analyzes AppLovin stock, Wells Fargo and Nutrien (NTR).

Dow Jones Futures Today

Dow Jones futures lost 0.1% vs. fair value. S&P 500 futures dipped 0.1% and Nasdaq 100 futures fell 0.15%.

Crude oil futures declined 3% after President Donald Trump signaled he’ll hold off on attacking Iran.

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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Earnings

Taiwan Semiconductor earnings will be released very early Thursday after the chip foundry released December sales last week.

Taiwan Semi makes chips for Nvidia, Advanced Micro Devices (AMD), Broadcom, Apple and more. It’s also one of the biggest buyers of chip equipment. So TSMC’s results, guidance and capital spending plans will be huge for the chip sector.

TSM stock fell slightly Wednesday, still a little extended from a 310.12 double-bottom buy point, according to MarketSurge.

Goldman Sachs and Morgan Stanley will report before Thursday’s open. Shares have drifted lower this week, still near highs, following negative reactions to JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C). Notably, JPMorgan reported weak investment banking but Citigroup’s M&A fees surged 84%.

Alternative asset manager BlackRock (BLK) also is on tap early Thursday. BLK stock is holding the 50-day line within a consolidation.

Stock Market Rally

The stock market rally saw significant losses in big-cap and megacap stocks, especially in the bank and tech areas, though the major indexes pared declines into the close.

The Dow Jones Industrial Average edged down 0.1% in Wednesday’s stock market trading. The S&P 500 index declined 0.5%, testing the 21-day moving average. The Nasdaq composite slumped 1%, below the 21-day line and testing the 50-day.

But overall market breadth was positive.

The Russell 2000 rose 0.7%, hitting a record high.

The Invesco S&P 500 Equal Weight ETF (RSP) climbed 0.5%, also an all-time best.

The Direxion Nasdaq-100 Equal Weighted ETF (QQQE) declined 0.4%, rebounding off the 21-day line.

U.S. crude oil prices rose 1.4% to $62.02 a barrel.

The 10-year Treasury yield fell three basis points to 4.14%.

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Notable Losers

Among the trillion-dollar megacaps under pressure, Tesla stock fell 1.8%, fall below its 50-day lines. Nvidia stock sank 1.4% and Broadcom gave up 4.15%, both losing sight of their 50-day lines. Amazon.com (AMZN) and Microsoft (MSFT) lost 2.4% while Meta Platforms (META) gave 2.5%.

AppLovin ($209 billion market cap) and Shopify stock ($205 billion) tumbled 7.6% and 5.9%, respectively, knifing through their 50-days.

Wells Fargo ($280 billion), Bank of America ($383.5 billion) and Citigroup ($201 billion) lost 4.6%, 3.8% and 3.3% respectively, with the first two running below their 50-day lines.

Travel stocks also were hit.

ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 0.4%. The iShares Expanded Tech-Software Sector ETF (IGV) slumped 2.2%. Microsoft and AppLovin stock are key members. The VanEck Vectors Semiconductor ETF (SMH) slid 0.8%. Nvidia, Taiwan Semiconductor and Broadcom are three huge SMH weights.

ARK Innovation ETF (ARKK) closed just below break-even. ARK Genomics ETF (ARKG) popped 1.8%. Tesla stock remains the No. 1 holding across ARK Invest’s ETFs.

SPDR S&P Metals & Mining ETF (XME) rallied 2.7%. U.S. Global Jets ETF (JETS) descended 1.25%. SPDR S&P Homebuilders ETF (XHB) declined 0.9%. The Energy Select SPDR ETF (XLE) gained 2.3% and the Health Care Select Sector SPDR Fund (XLV) advanced 0.7%.

The Industrial Select Sector SPDR Fund (XLI) edged up 0.2%. The Financial Select SPDR ETF (XLF) dipped 0.15%, but found support off the 50-day. Goldman Sachs and Morgan Stanley are big XLF holdings, along with JPMorgan, Wells Fargo, Bank of America and Citigroup.

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What To Do Now

The stock market rally showed divergent action under the surface once again. Investors don’t want to overplay that. The Nasdaq just needs a good day or two and it’ll be at record highs. But another losing session could have the composite below the 50-day line, with the S&P 500 close behind.

Software is definitely weak. Investors also may want to be more cautious about loading up on high-beta, volatile names in a whipsaw environment. And, as bank earnings have shown, investors have to be aware of upcoming results.

Still, the overall market is acting well. Being solidly invested in a variety of leading sectors makes a lot of sense.

Have a diverse watchlist can help you identify those setups as well as budding sector rotations.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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