NEW YORK – The stock market experienced a relatively unchanged night, with Dow Jones futures, S&P 500 futures, and Nasdaq futures showing little movement. Earnings reports from companies like MercadoLibre, Carvana, and Booking Holdings took center stage.

Following strong Nvidia earnings, the stock market rally showed significant gains. Both the S&P 500 and Dow Jones hit all-time highs, while the Nasdaq surged above 16,000. However, the market already seems extended, with limited buying opportunities.

After the close, MercadoLibre, Booking Holdings, Carvana, Copart, and Floor & Decor reported their earnings. Amidst the positive market activity, Nvidia is on IBD Leaderboard, with Booking stock on the Leaderboard watchlist. Copart is on IBD Long-Term Leaders, while Nvidia, Booking, and MercadoLibre are on the IBD 50. Additionally, Nvidia and Super Micro stock are on the IBD Big Cap 20.

Dow Jones futures rose slightly, with the S&P 500 futures edging higher and Nasdaq 100 futures slightly lower. However, it’s important to note that overnight action in Dow futures may not necessarily translate into actual trading in the next regular stock market session.

MercadoLibre earnings fell short due to one-time tax hits, despite a revenue growth of 42%. MELI stock sold off in overnight action, with shares of the Latin American e-commerce and payments giant reaching a two-year high. Booking earnings beat views, but room nights sold came in just below expectations, resulting in BKNG stock tumbling in extended trade.

Meanwhile, Copart earnings and sales slightly missed, causing CPRT stock to fall solidly overnight. Carvana gave upbeat 2024 guidance despite reporting a wider-than-expected loss, resulting in CVNA stock soaring in extended action. Floor & Decor earnings easily beat, but EPS guidance was light.

In the market rally, the Dow Jones Industrial Average and the S&P 500 index both experienced record highs, with the Nasdaq composite leaping back above the 16,000 level. Market breadth was positive, and the small-cap Russell 2000 also popped nearly 1%.

As the market continues to show signs of extension, with U.S. crude oil prices rising and the 10-year Treasury yield hitting a fresh three-month high, it’s crucial for investors to exercise caution in making new buys and adding too much exposure.

With Nvidia stock skyrocketing 16.4% and AMD stock leaping 10.7% after strong Q4 results, investors must remain vigilant in identifying new opportunities, especially with the market already looking somewhat extended. This emphasizes the need to maintain watchlists and continuously run screens for potential investment opportunities.