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Dow Jones Futures: Apple, JPMorgan, Cisco Systems, Walmart Lead 6 Key Movers

Dow Jones futures and S&P 500 futures rose modestly Thursday morning while Nasdaq futures climbed solidly after Dow Jones tech titan Apple (AAPL) once again led the stock market lower in a wild session Wednesday. Dow stocks Walmart (WMT) and Cisco Systems (CSCO), as well as NetApp (NTAP), were notable movers overnight on earnings. Dow Jones component JPMorgan Chase (JPM) and Oracle (ORCL) were active after Warren Buffett, via Berkshire Hathaway (BRKB), took big new positions in the large-cap stocks. Warren Buffett also added to Berkshire's big Apple stock holdings.

Dow Jones Futures Today

Dow Jones futures rose nearly 0.2% vs. fair value, with Apple, JPMorgan and Cisco Systems climbing in extended trade. S&P 500 futures were up 0.1%. Nasdaq 100 futures climbed 0.4%. Futures have been up and down. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular session.

Brexit Deal Backlash Pounds U.K. Pound

The British pound is plunging vs. the dollar and other major currencies after Brexit Minister Dominic Raab resigned from the U.K. cabinet over Prime Minister Theresa May's proposed Brexit deal with the European Union. A second cabinet minister, Esther McVey, also resigned. It dashes hopes for a Brexit deal with the EU. Meanwhile, a hardline Brexit Conservative MP, Jacob Rees-Moog said he may seek a vote of no confidence in PM May.

'Very Happy' Fed Chief Says Global Signs 'Concerning'

Fed chief Jerome Powell said Wednesday night that he is "very happy" with the economy right now. He said equity markets are just one part of a large economy, continuing to suggest that recent stock market struggles haven't spooked Fed policymakers.

Powell did say that signs of a global economic slowdown are "concerning." He also said the central bank is watching housing closely, noting that many buyers have never seen 5% mortgage rates. Powell says Trump tariffs have not had much impact on the economy so far, but noted that expanded tariffs could hurt growth and boost inflation.

Powell's "concerning" comments might be a hint that Fed rate hike plans could moderate, but generally the Fed chief seemed confident.

Stock Market Rally Continues To Weaken

The Dow Jones and S&P 500 index lost 0.8% in Wednesday's stock market trading, suffering their fourth straight declines, with Apple, Cisco and JPMorgan all contributing. The Dow Jones fell below its 200-day line, joining the other major indexes, after breaching its 50-day line Monday. The Nasdaq composite shed 0.9%. The major averages reversed from early gains, in yet another dispiriting session since last week's follow-through day confirming a new uptrend.

The stock market uptrend is under increasing pressure, though the Dow Jones and other major averages haven't undercut recent lows. Investors should be extremely cautious about making new purchases and consider paring any recent holdings.

Walmart Earnings

Walmart earnings rose 8% to $1.08 a share with e-commerce sales up 43% and same-store sales 4.3%. Overall revenue edged past some views, missed others. Walmart earnings guidance was raised for the full year, but largely on Q3's beat.

Walmart stock was hovering around break-even in the premarket, holding above a buy point. Walmart stock has been a leader in the current shaky market uptrend.

Also: Buffett sold Berkshire's Walmart stake in Q3.

Cisco Earnings

Cisco earnings rose 23% vs. a year earlier, the best gain in years. Revenue rose 8%, the fourth straight quarter of slowly accelerating top-line growth. Cisco's earnings guidance was in line, while the midpoint of the networking giant's revenue outlook was slightly above consensus. There's a growing hope that Cisco is successfully shifting from hardware to faster-growing, higher-margin software and services.

Cisco stock rose 5% in the premarket. Shares closed down 1.75%, their fourth straight loss. Cisco stock closed at 44.33, just below its 200-day line.

NetApp Earnings

NetApp earnings rose 32% to $1.06 a share, beating views by 7 cents. The data-storage giant's revenue grew 7%, a slowdown, but just edging past consensus. NetApp sees Q4 EPS of $1.12-$1.18 vs. views for $1.12 and gave in-line revenue guidance. But NetApp stock tumbled 5.8% late. Shares fell 1.1% to 78.03 on Wednesday.

Warren Buffett Buys JPMorgan Stock, Oracle Stock

Warren Buffett's Berkshire Hathaway bought more than 35 million shares of JPMorgan Chase in the third quarter, making an even-bigger bet on financials. Berkshire's top holdings after Apple stock are Bank of America (BAC) and Wells Fargo (WFC). Buffett also added to other bank stock holdings.

JPMorgan stock rose 1.6% early Thursday after sliding 2.1% Wednesday in a bad session for financials.

Buffett's Berkshire also snapped up 40 million shares of Oracle. Oracle stock climbed 3% in the premarket following a 1.35% loss Wednesday.

Buffett Adds Apple Stock

Berkshire bought an additional 522,802 shares in Q3, continuing to increase its exposure to the iPhone maker.

Apple stock was up 0.75% early Thursday. That's just a sliver of Apple's 2.8% Wednesday loss, falling to a four-month low amid fresh negative analyst comments about weakening iPhone demand. After the close, Swiss-based AMS became the latest Apple supplier to cut guidance.

So why is Apple's overnight action notable? At this point, everything Apple is notable, at least for the broader market. Apple — as a member of the Dow Jones, S&P 500 index and Nasdaq composite — has been a huge factor in the stock market's recent retreat. When Apple stock tries to rally, so do the major averages. When Apple heads lower, so does the market. So at this delicate stage, investors should keep a close eye on Apple stock.

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