Home Business Dow Jones Futures: Market Rally Keeps Rising, But Here’s Why The S&P 500 Could Pause

Dow Jones Futures: Market Rally Keeps Rising, But Here’s Why The S&P 500 Could Pause

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Dow Jones futures fell early Wednesday along with S&P 500 futures and Nasdaq futures in focus on target earnings. Tuesday morning’s strong stock market rally weakened and was briefly disrupted after a Russian-made missile hit Poland.




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Target (target) headlined earnings Wednesday morning, chip giant NVIDIA (NVDA) looms large on Wednesday night.

Stock markets rallied on Tuesday morning after another modest inflation report. walmart (WMT) also contributed to earnings. So does Warren Buffett’s Berkshire Hathaway. taiwan semiconductor (TSM).

The major indexes moderated their gains slightly, but then quickly diverged following reports of Russian missile news. However, the Dow recovered and turned positive again.

Polish missile crash

Stocks slumped mid-afternoon on Tuesday after reports that a Russian missile hit the Polish village of Przewodov on the border with Ukraine, killing two people. The crash was caused by Ukrainian air defense systems, the NATO chief on Wednesday said.

Aside from the Polish missile crash, the market rally could come to a halt after a strong rally and the S&P 500 approaching a key resistance.

yet, Mercado Libre (Meri) When pure storage (PSTG) clear buy points However, the PSTG stock retreated from official entries for the second consecutive session.

retail revenue

Target, Lowes (low) When TJX Co., Ltd. (TJXMore) reported earnings early Wednesday, with October retail sales doing well.This is Dow Jones giant Walmart home depot (HD) early returns on Tuesday. WMT’s share price jumped 6.5% on strong earnings, guidance and massive buybacks to pull him out of the buy point of the handle. HD shares rose 1.6% and are trying to take control.

Achieved target income Sales were slightly ahead of Views, although they are well below Views. The discount giant warned of a holiday fourth quarter, and at the end of the third quarter he said spending patterns changed in October.

The target stock fell more than 10%. His TGT stock on Tuesday rose 3.6%, but reached resistance at the 200-day line and is approaching a bottom-based buy point. WMT shares, which surged on Tuesday’s results, fell slightly.

Lowe’s revenue and sales exceeded views. The home improvement giant has raised his EPS and earnings targets for the full year. LOW stocks rose 2% early on Wednesday. Lowe is working to bottom out after his Home Depot earnings on Tuesday put him up 2.15%.

TJX Earnings Outperformed I just missed out on a sale. The stock was little changed in pre-market trading. TJX shares rose 2.9% on Tuesday, but he’s still in the 10-month buy range. cup with handle base.

Nvidia will report on Wednesday night. Nvidia shares rose 2.3% on Tuesday, boosting the chip sector on top of its strong gains over the past month. Strong Earnings And Guidance From Chip Equipment Giants, Not Just Nvidia Applied Materials (AMAT) will be important for the sector and broader market rally on Thursday night.

A video embedded in this article discusses Tuesday’s market rally, covering MELI stock, Pure Storage, Albemarle (ALB).

MercadoLibre stock joins the ranks IBD leaderboard and it was tuesday IBD stock todayThe ALB stock is on the leaderboard watchlist. MercadoLibre and PSTG inventory turned on swing trader. Pure Storage IBD50.

dow jones futures today

Dow Jones futures fell 0.1% against fair value. S&P 500 futures were down 0.1% and Nasdaq 100 futures were down 0.15%.

The 10-year Treasury yield fell three basis points to 3.77%.

Crude oil futures fell slightly. Natural gas prices fell 3%.

Amazon.co.jp (AMZN) began cutting businesses and tech workers on Tuesday, according to a LinkedIn post from an affected Amazon staff member. E-commerce and the cloud The computing giant is reportedly planning to cut 10,000 jobs. AMZN’s stock fell 1% overnight.

Former President Donald Trump launched his candidacy for the 2024 White House on Tuesday night.

October retail sales are scheduled for 8:30 AM ET. The economist expects the Commerce Department to report his 1% rise, just 0.2% excluding autos and gas.

remember the night action dow futures Elsewhere, it doesn’t necessarily translate into the next regular real deal stock market session.


Join IBD experts analyzing viable stocks on IBD Live stock market rally


stock market rally

Equity market rebound started strong with producer price index weaker than expected and core PPI flat against September. Walmart’s earnings also helped. TSM’s stock jumped 10.5% on Tuesday night’s news that Warren Buffett had acquired the stock.Buffett’s Berkshire also won new positions and acquired new shares louisiana pacific (LPX) When Jeffries (Jeff).

However, the Dow Jones Industrial Average turned negative briefly after reports that a Russian missile hit Poland, and major indexes capped gains.

The Dow Jones Industrial Average rose 0.2% on Tuesday. stock market trading, even with WMT stock and Home Depot offering lifts. The S&P 500 Index rose 0.5%. The Nasdaq Composite rose 1.45%. Small-cap Russell 2000 rose 1.5%.

The 10-year Treasury yield fell seven basis points to 3.8%. The US dollar also fell.

US oil prices rose 1.2% to $86.92 a barrel after briefly rising more than 3% on Russian missile news. Natural gas futures rose 1.7%.

ETFs

In between best ETFsInnovator IBD 50 ETF (FFTY) increased by 1.4%. iShares Expanded Tech Software Sector ETF (IGV) increased by 2.3%. VanEck Vectors Semiconductor ETF (SMH) surged 3.15%, with Taiwan Semi and Nvidia stocking huge components alongside AMAT.

SPDR S&P Metals & Mining ETF (XME) increased by 0.85%. SPDR S&P Homebuilders ETF (XHB) is up 2.1%, with both HD and Lowe holding sizable amounts. Energy Select SPDR ETF (XLE) rose just over 1%, while the Financial Select SPDR ETF (XLF) increased by 0.2%. Healthcare Select Sector SPDR Fund (XLV) 0.1% immersion.

Reflecting more speculative story stocks, the ARK Innovation ETF (arc) rose 2.7%, while the ARK Genomics ETF (ARKG) was slightly above breakeven.


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Stocks close to buy point

MELI shares rose 6.4% to 1,020.68, clearing the buy point of 1,018.10 for cups with handles. MercadoLibre had below-normal volume, but recent consolidation has yielded a lot of profit with above-average volume. The Latin American e-commerce giant enjoys strong revenue growth.

PSTG shares rose 1.6% to 31.56. During the day, Pure Storage reached 32.47, clearing the handle cup buy point of 32.07 for the second time in a row, but failed to close beyond that entry. According to MarketsmithThe PSTG stock closed with early entries at 32.57.

The data storage company has also seen a significant increase in revenue.

Market rally analysis

The stock market rally started strong on Tuesday, booming with the PPI inflation report. However, major indexes retreated from their intraday highs and mixed in response to reports of a missile attack in Poland.

Perhaps the inflation/Fed narrative has changed. But that doesn’t mean the major indices can’t reach resistance, especially after their recent strong performances. There is always the possibility of tipping over.

Both the Dow Jones and Russell 2000 are above their 200-day moving averages. The S&P 500 is approaching his 200-day line and recorded a strong resistance on August 16th.

Nasdaq is heading from the 50-day line to the 200-day line, but it has a long way to go.

In particular, the Invesco S&P 500 Equal Weight ETF (RSP) is just above the 200-day line. Direxion Nasdaq-100 Equal Weighted Index ETF (QQQE) is approaching its significant long-term level.

Of course, just because a major index can claim to have a “deadline” for a pause, pullback, or rebound, the market does what it’s supposed to do.

The tech giant is recovering with the market, but definitely not taking the lead. A number of giants hit bear market lows last week. One of the semi-exceptions is his Nvidia stock, which has skyrocketed in his month. But even the chip giant is still working towards the 200-day line.

However, many sectors are showing strength.

Solar, networking, contract electronics manufacturers and some medical product companies are doing well. So are a select number of chips, and a few others trying to set it up. Many housing stocks look interesting, from builders to suppliers to home retailers.

Other retailers look good, including WMT inventory. BJ wholesale (BJs) When ultra beauty (Ultra). BJ’s Thursday report.

Truckers are moving upwards as investors believe the worst has passed, or at least the price has been set for stock shipments.

Biotech companies and health insurers have either suspended or exited, but overall things are going pretty well. Energy stocks are also doing well, but many stocks look better.


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what to do now

Major indices look strong, with more stocks setting up with flashing buy signals. Inflation data may have reached a tipping point, increasing the likelihood that the pace of Fed rate hikes will slow and end tightening in the not too distant future.

Therefore, investors should take advantage of the current market rally. But given the potential for market setbacks and resistance, they want to be cautious about how much they add in the short term.

Do not track extended inventory. Be wary of buying stocks that are significantly above the 50-day moving average, even if they are in the official buy zone. Don’t concentrate too much.portfolio focused on lithium strains Albemarle and others would have burned down on Tuesday.

But tackle those watchlists, stay engaged, and be prepared to act.

read big picture Every day to stay in sync with market direction and major stocks and sectors.

Follow Ed Carson on Twitter. @IBD_E Carson Stock market updates and more.

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