Dow Jones futures traded close to par with S&P 500 and Nasdaq futures in after-hours trading. The stock market rally on Wednesday eased slightly on higher US Treasury yields and a stronger dollar. Meta launched its Twitter rival on Wednesday night.
X
Major indices fell slightly. The Fed minutes had little impact, and the major indices were quiet again. META stock, Google’s parent company alphabet (Google) and salesforce.com (CRM) offsets are generally weaker widths.
meta platform (meta) launched Instagram rival Twitter on Wednesday night, joining Facebook and other social sites with more than 3 billion daily users. The Instagram Threads app debuted amidst Twitter’s ongoing troubles and is now Tesla (TSLA) CEO Elon Musk. Meta stock rose in after-hours trading.
GOOGL stocks and Salesforce issued buy signals on Wednesday.
in the meantime, Mercado Libre (Meri) is in the middle of early entry.
METAIn stock IBD Leaderboard. Google stock is listed on SwingTrader. Google was his IBD Stock Of The Day on Wednesday.
A video embedded in this article discusses Wednesday’s market trends and analyzes Google. monday.com (Mundi) and flow serve (FLS).
dow jones futures today
Dow Jones futures fell slightly below fair value. S&P 500 futures and Nasdaq 100 futures are little changed.
Investors will receive the ADP Jobs Report for June at 8:15 a.m. ET on Thursday. The Labor Department will release weekly unemployment claims at 8:30 a.m. and the ISM Services Index for June will be released at 10 a.m. ET. On Friday morning, the Labor Department will release its June jobs report.
Note that overnight trading such as Dow Futures does not necessarily translate into actual trading in the next regular stock market.
IBD experts analyze hot stocks during the stock market rally on IBD Live.
stock market rises on wednesday
In the stock market rally, the major indices fell slightly, and small-cap stocks fell a little more.
The Fed released the minutes of its June 13-14 meeting, but there were few surprises. Fed officials paused rate hikes at the meeting but backed further tightening. Fed Chairman Jerome Powell and other policymakers have emphasized it ever since.
The Dow Jones Industrial Average fell 0.4% in stock market trading on Wednesday. The S&P 500 and Nasdaq Composite fell 0.2%. The small-cap Russell 2000 fell 1.3%, ending its winning streak of six.
US oil prices climbed 2.9% to $71.79 a barrel. SAUDI ARABIA indicated that it will do whatever is necessary to support prices. This comes after it announced on Monday that it would extend its voluntary production cuts by another month into August.
Yields on 10-year U.S. Treasuries climbed 9 basis points to 3.94%, the highest in four months.
The US dollar edged higher around key levels on the back of rising US Treasury yields and weak economic data in Europe and Asia.
ETFs
Among Growth ETFs, Innovator IBD 50 ETF (FFTY) fell 0.8%. iShares Augmented Technology Software Sector ETF (IGV) CRM stocks were the main component and ended modestly higher. VanEck Vectors Semiconductor ETF (SMH) fell 1.9%.
A stock that reflects a more speculative story, the ARK Innovation ETF (Arkuk) down 0.35%, the ARK Genomics ETF (Argu) fell 0.65%. TSLA stock is the #1 holding across Ark Invest ETFs.
SPDR S&P Metals & Mining ETF (XME) fell 1.8%. US Global Jets ETF (Jets) rose 0.3%. SPDR S&P Homebuilders ETF (XHB) decreased by nearly 1%. Energy Select SPDR ETF (XLE) fell 0.55%, while the Healthcare Select Sector SPDR Fund (XLV) closed the trade just below breakeven.
Industrial Select Sector SPDR Fund (XLI) fell 0.5%.
Financial Select SPDR ETF (XLF) decreased by 0.2%. SPDR S&P Regional Banking ETF (KRE) gave up 1.3%.
Top 5 Chinese stocks to watch right now
What are Meta’s Instagram Threads?
Meta’s new text-based Threads are touted as a place to “follow and connect directly with your favorite creators and others who love the same things,” according to the App Store description. The Threads app shares many features with Twitter. It seems that users can like, reply to, and repost posts.
Meta Platforms released its text-based Threads app on Wednesday at 7pm PT. This is 12 hours ahead of its scheduled debut on Thursday at 7am PT.
Meta CEO Mark Zuckerberg has used Instagram to infiltrate rival social sites in the past. Launched in 2016, Instagram Stories takes over Snapchat. snap (snap). Announced in 2020, Instagram Reels is an effort to follow TikTok.
Other potential Twitter rivals, such as Mastodon and Bluesky, are gaining users, but have yet to pose a significant threat. The Threads app is expected to be released with many celebrities and other high-profile users, and may soon attract a large audience.
It joins the ecosystem of more than 3 billion people using at least one of Meta’s apps: Facebook, Instagram and WhatsApp every day. Threads will reportedly let you follow his current Instagram account on Threads using his Instagram username.
Since Musk bought Twitter for $44 billion last year, social sites have alienated advertisers and many users with a range of issues. Over the past week, Twitter has capped the number of Tweets users can view. This “rate limit” is supposed to crack down on unauthorized data scraping and bots, and has a greater impact on unauthenticated users.
Metastock
META shares jumped 2.9% to 294.37, hitting a 17-month high. Fully extended from any point of purchase. Meta Platforms rose 1% in after-hours trading.
google stocks
Google shares rose 1.5% to 121.75, rebounding from the 10-week moving average and breaking the short-term downtrend. The stock price also broke through the 21st line. Investors may use the 21-day line or the June 30 high of 121.08 as a specific entry. Volume on Wednesday was well below average.
GOOGL shares are set to gain new bases later this week.
Salesforce stocks
CRM shares rose 1% to 213.82. Like Google, Salesforce also rose from the 10-week line, breaking a brief downtrend. MarketSmith analysis shows the stock has 225 buy points from a flat base amid several weeks of tough weekly closings.
Mercado Libre Stocks
MELI shares rose 4.5% to 1247.36. Volume was above average and rose as MercadoLibre shares rose. Shares of the Latin American e-commerce and payments giant decisively beat its 21-day moving average for the first time in a month, breaking a brief downward trend. However, MELI shares stopped short of the 50-day line. Early entry is possible if there is clear movement in the 50 days. MercadoLibre shares are trading at a buy point of 1,365.64.
Keep in mind that MELI stock has fallen multiple times with above-average volume over the past few weeks.
market rise analysis
The major indices fell slightly on Wednesday after a slight gain on Monday. Metaplatforms, Salesforce, Google stock and several other mega-cap stocks capped broader losses elsewhere.
Downside significantly outweighed upside on Wednesday, but many losers showed little damage. Generak (GNRC) and Aehr test system (AEHR) was the exception, with 8% and 11% tumbled for heavy loads.
Invesco S&P 500 Equal Weight ETF (RSP) fell 0.4%, retreating from its highest level in more than four months.
The First Trust Nasdaq 100 Equal Weighted Index ETF (QQEW) fell 0.3% against the flat Nasdaq 100.
Steel makers, base metal miners and casinos had a tough day. While some software leaders have stalled, many have broken out of intraday lows. Medical product companies had another tough deal.
Travel shows generally performed well, or at least held up. The same was true for industrial products.
After recovering from last week’s rally, stocks are hesitating in pre-rebound conditions. A longer pause or slight drop over days or weeks could be positive for the stock market rally. The Nasdaq Composite closed 7% above its 50-day moving average, while the Nasdaq 100 was 7.9% above its key level. These aren’t extreme levels, but they aren’t too far off.
Timing the Market with IBD’s ETF Market Strategy
what to do now
The question is what will happen in the future when the market rebounds. However, investors may want to be cautious about adding large amounts of exposure in the short term given the potential for sideways moves and another pullback.
In any case, apart from Google and CRM stocks, there weren’t many stocks with buy signals on Wednesday.
Although many stocks retreated on Wednesday, many stocks are trading close to buying territory in various sectors.
Work on those watchlists.
Read “The Big Picture” daily to stay on top of market direction and key stocks and sectors.
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