Dow Jones futures and S&P 500 futures fell slightly early Thursday, while Nasdaq futures erased modest losses, after a wild day for the stock market rally. Cisco earnings, the Ford F-150 Lightning and Bitcoin's ongoing price swings were in focus overnight.

Federal Reserve policy makers gave the first official hints that they are thinking about talking about tapering bond purchases. That news lifted Treasury yields and the dollar, but didn't appear to have a big impact on stocks.

Meanwhile, Bitcoin crashed to just over $30,000 Wednesday morning, then rebounded sharply, but still down significantly from Tuesday. Bitcoin tumbled over the past week after Tesla (TSLA) CEO Elon Musk turned on the biggest digital asset, but Musk offered some fresh support on Wednesday. Coinbase (COIN), which suffered an outage Wednesday morning, hit a fresh low. Microstrategy (MSTR), Grayscale Bitcoin Trust (GBTC) and other Bitcoin plays sold off before paring losses

Target (TGT), Facebook (FB), Google parent Alphabet (GOOGL), Maravai LifeSciences (MRVI) and Trip.com (TCOM) flashed buy signals. But the current market environment hasn't been favorable for new buys.

Meanwhile, commodity-related stocks, including miners, metals and fertilizers all retreated, as crude oil, copper, lumber and other commodity prices fell. Airlines, which showed promise Tuesday morning, fell back Wednesday. Financials also struggled.

Key Earnings

After the close, Cisco Systems (CSCO), chip design software maker Synopsys (SNPS) and shipping leader Star Bulk Carriers (SBLK) reported earnings.

Cisco earnings topped fiscal Q3 views, but the Dow networking giant gave weak EPS guidance. CSCO stock tumbled overnight, signaling a sharp drop through the 50-day line. Shares fell 0.75% to 52.47 on Wednesday.

Synopsys earnings easily beat fiscal Q2 views. SNPS stock rose modestly in extended trade. Shares climbed 1% to 237.36 on Wednesday, holding their 200-day line and slightly below their 50-day average.

Star Bulk Carriers earnings appeared to be lower than expected. The shipping firm will pay a dividend of 30 cents a share, reviving shareholder returns, but that followed expectations of a big payout.

SBLK stock fell solidly early Thursday. Shares rose 2% to 22.54 on Wednesday, just below a recent six-year high. Star Bulk earnings followed strong results early Wednesday from Zim Integrated Shipping (ZIM), which jumped to a record high.

Ford F-150 Lightning

Meanwhile, Ford Motor formally unveiled its F-150 Lightning Wednesday night, after President Joe Biden took a test drive Tuesday.

Ford says the F-150 Lightning will have a range of 230-300 miles depending on the battery pack, with 10,000 pounds of towing capacity. The EV version of the bestselling pickup, which will begin deliveries next spring, will start at $39,974, before the $7,500 federal tax credit. The longer-ranger version will start in the mid-$50,000s.

Shares climbed 2% in the premarket. Ford stock dipped 0.25% to 12.11 on Wednesday, just below the 50-day line. F stock has a 13.72 buy point. Investors could use a move above Tuesday's high of 12.53 as an early entry, above the 10-week line and a trend line.

Rivian will launch its electric pickup in June, with the GM Hummer EV set for late 2021. The Tesla Cybertruck likely won't arrive until 2022. There's still no finished design, the Austin plant is under construction and the new 4680 batteries are several months, at least, from mass production.

Google stock is on IBD Leaderboard. Target stocks was Wednesday's IBD Stock Of The Day.

Bitcoin Wild Ride Isn't Over

Bitcoin plunged from nearly $44,000 early Wednesday morning to a three-month low of $30,201.96 a few hours later. The Bitcoin price then rebounded above $40,000. The digital asset sank below $36,000 before rebounding to nearly $41,000 in Thursday's premarket. The huge fluctuations in just the past 24 hours highlighted concerns with Bitcoin as a store of value.

Bitcoin peaked at $64,829.14 just over a month ago. Selling intensified over the past week as Elon Musk said late on May 12 that Tesla would no longer accept Bitcoin for vehicle purchases, citing environmental concerns. On Tuesday, China stepped up its crypto crackdown.

On Wednesday, Musk again suggested on Twitter that Tesla is still holding a substantial amount of Bitcoin. Ark Invest's Cathie Wood, who has become a big crypto fan, reiterated her $500,000 target for Bitcoin, adding that the digital asset appeared to show capitulation selling on Wednesday. ARK Invest has a stake in GBTC stock and has amassed a sizable position in COIN stock.

GBTC stock sank 5.2% to 32.60, rebounding from a low of 28 and a test of its 200-day line. Coinbase stock lost 5.9% to 224.80 after setting a fresh low of 208.

Tesla, which still owns a tidy amount of Bitcoin, fell 2.5%, undercutting its recent lows and setting a 2021 closing low. TSLA stock is starting to lose touch with its 200-day moving average. Shares rose 1% early Thursday as Musk tweeted out an announcement for a June 3 delivery event for the long-awaited Model S Plaid.

Meanwhile, Dogecoin popped Thursday morning as Musk tweeted out another Dogecoin tweet.

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