Dow Jones futures, along with S&P 500 futures and Nasdaq futures, dipped slightly after hours on Wednesday. Advanced Micro Devices (AMD) reported favorable overnight earnings, while the Federal Reserve wrapped up its two-day meeting.

During the stock market rally attempt, major indexes showed signs of improvement as they rebounded from morning declines. Nvidia stock initially dropped to recent lows but managed to minimize losses. Market breadth also displayed positive trends, although the overall downtrend remains unbroken.

Arista Networks emerged as a big winner on Tuesday, with its earnings surpassing expectations and propelling the stock towards record highs. This came after a previous slump caused by Meta Platforms' capital spending plans. Similarly, Pinterest and Cameco experienced significant gains following their earnings reports. All three entities displayed buy signals, although caution remains necessary due to elevated risks.

Tesla's stock made modest gains as a jury ruled that its Autopilot feature was not at fault in a fatal accident. However, ELF Beauty experienced a sharp downturn leading into its earnings announcement on Wednesday night. Nvidia stock, on the other hand, witnessed a recovery after initially plummeting to recent lows.

Dow Jones futures opened with a 0.2% decline in value, while S&P 500 futures and Nasdaq 100 futures slipped by the same percentage. AMD stock, being part of the Nasdaq 100, was affected by these changes.

Meanwhile, the 10-year Treasury yield increased by several basis points, reaching 4.93%.

It is important to remember that movements in Dow futures may not necessarily reflect actual trading during regular stock market sessions.

AMD, a rival to Nvidia, reported strong third-quarter earnings and sales figures, although its guidance fell short of expectations. The company's stock remained relatively stable after an initial decline. On Tuesday, AMD shares rose by 2.4% to 98.50, but remained below the 50-day and 200-day lines.

Paycom Software, on the other hand, surpassed earnings-per-share (EPS) estimates but fell short in terms of revenue and fourth-quarter guidance. As a result, the stock plunged by over 30%.

In other news, an advisory panel of the FDA provided positive feedback on the first-ever gene-therapy treatment for sickle cell disease, which was developed by Crispr Therapeutics and Vertex Pharmaceuticals. Interestingly, the panel did not vote on whether to recommend the treatment. Trading of Crispr Therapeutics' stock was temporarily halted throughout Tuesday's session. Vertex's stock, however, experienced a 1.3% increase, rebounding from the 50-day line. Vertex stock is approaching a potential buy point of 367, with earnings scheduled for next week.

Tesla's stock rose by 1.8% to 199.96 on Tuesday, bouncing back from a five-month low after the favorable verdict in the Autopilot lawsuit related to a fatal 2019 crash in California. This trial is the first among several lawsuits involving the electric vehicle company's driver-assistance software. Tesla's stock is still trading below its 200-day line.

Li Auto, XPeng, and Nio, three Chinese rivals to Tesla, are set to report October deliveries early Wednesday. Li Auto already announced on Tuesday that its deliveries exceeded 40,000 for the first time. Meanwhile, EV and battery giant BYD is expected to report October sales by Thursday morning.

Tuesday's stock market trading saw the Dow Jones Industrial Average rise 0.4%. The S&P 500 index advanced by 0.65%, with Arista Networks emerging as the top performer. The Nasdaq composite also experienced a gain of 0.5%.

Nvidia stock initially plummeted by 4.7% on Tuesday due to the news that it may be forced to cancel AI chip orders from Chinese companies worth over $5 billion due to stricter U.S. restrictions. However, the company managed to reduce losses and closed the day down by only 0.9% at 407.80.

Tuesday's market session showed improved market breadth, with winners outnumbering losers. Nonetheless, new lows continued to surpass new highs.

While the small-cap Russell 2000 index climbed by 0.9%, the Invesco S&P 500 Equal Weight ETF rose by 0.8% and the First Trust Nasdaq 100 Equal Weighted Index ETF gained 0.9%.

The stock market attempt to rally on the Nasdaq entered its third day, while the S&P 500 and Dow Jones attempted to rally for the second consecutive day. Confirmation of a Nasdaq follow-through day, which hints at a new uptrend, can occur at any time.

The composite index managed to surpass the 200-day line on Tuesday, but other resistance levels remain a challenge. The other market indexes are still far below the 200-day line.

Considering the market correction, few stocks currently appear to be in a favorable position.

Tuesday saw the 10-year Treasury yield remain stable at 4.87%. However, it has surged by 30 basis points in October, marking the sixth straight monthly gain. As the Federal Reserve bases its actions on the 10-year yield, it remains uncertain whether the Fed meeting announcement and remarks from Jerome Powell will have the same impact they had in previous years.

The iShares Expanded Tech-Software Sector ETF experienced a substantial jump of 1.2%, while the VanEck Vectors Semiconductor ETF advanced by 0.7%. Notably, Nvidia stock is the largest holding in the semiconductor ETF, with AMD stock also occupying a prominent position.

ARK Innovation ETF, focused on speculative story stocks, rallied by 2.3%, and the ARK Genomics ETF experienced a leap of 2.6%. Tesla's stock is a significant holding across Ark Invest's ETFs.

Other notable ETF movements included a 0.6% decline in SPDR S&P Metals & Mining ETF, a 1.2% increase in SPDR S&P Homebuilders ETF, a 0.3% rise in the Energy Select SPDR ETF, and a 0.6% gain in the Health Care Select Sector SPDR Fund. Vertex stock belongs to the latter fund, which is focused on the healthcare sector.

The Industrial Select Sector SPDR Fund climbed by 0.7%, while the Financial Select SPDR ETF experienced a 1.1% increase.

ANET stock surged by 14% to 200.37, surpassing the 198.70 buy point from its consolidation period. The stock had already shown promise as it decisively surpassed the 50-day line earlier in the day. Arista Networks also provided better-than-expected Q3 results and raised its Q4 revenue guidance, following last week's decline caused by lower-than-expected capital spending signaled by Meta, one of its key customers. Arista reported a second consecutive quarter of 46% earnings growth compared to the previous year, with EPS showing an increase of over 20% for the 11th consecutive quarter.

CCJ stock experienced a substantial gain of 8.1% as it surged from around the 50-day line to near the top of a short consolidation period. Investors could consider using 42.16 as an official buy point, although the stock became actionable from its October 25 high of 39.77.