Dow Jones futures rose slightly on Thursday morning, along with S&P 500 futures and Nasdaq futures. micron technology (Mu) published a major report on semiconductors Wednesday night, including chip equipment makers such as: applied materials (Amat).
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As the stock market rose, major indexes turned from modest gains to solid declines, with many major indexes declining.
Google’s parent company alphabet (Google) entered heavy trading on Wednesday following reports of a possible restructuring of ad sales, but the gains have since offset the market.trucking company Saia (Saia) and old dominion freight line (ODFL) also flashed a buy signal during the day.
In the petroleum machinery industry, WFRD stock continued its solid move on Tuesday, suggesting additional early entries.
meanwhile, tesla (TSLA) fell short of early entry following a Reuters report that the electric car giant was blaming drivers for failures in parts it had known were defective for years.
Metaplatform and Amazon stock are on IBD Leaderboard. Meta and Amazon are also listed on SwingTrader along with his AMAT shares.Meta and CCL stock is IBD50.Meta stocks are IBD big cap 20.
weatherford international (WFRD) was Wednesday’s IBD Stock Of The Day.
The video embedded in the article reviews Wednesday’s market trends, including Google, ODFL stock, Mongo DB (MDB).
Dow Jones futures today
Dow Jones futures rose 0.5% to fair value. S&P 500 futures rose 0.55%. Nasdaq 100 futures rose 0.7%, supported by MU stock.
The yield on the 10-year US Treasury note fell to 3.87%.
Crude oil futures rose slightly.
At 8:30 a.m. ET, investors will receive weekly unemployment claims data, the Philadelphia Fed Manufacturing Index, and final third-quarter GDP numbers.
Please note that pre-market actions in Dow futures and other markets do not necessarily lead to actual trades in the next regular stock market session.
micron earnings
MU stock soared in premarket trading. Micron reported a smaller-than-expected loss in the first quarter, while sales rose his 16%, eliminating a significant year-over-year decline for the first time in five quarters. The memory chip giant also led to the top spot in the current second quarter. Micron shares fell 4.2% to 78.69 in regular trading Wednesday, but still near their 52-week high.
chip equipment manufacturers applied materials (Amat), KLA Co., Ltd. (KLAC) and ram research (LRCX) rose slightly in late trading. All three stocks fell about 3% on Wednesday, but are still trading near 52-week highs.
Several other chip plays saw partial increases as well.
carnival (CCL) and carmax (KMX) This is a report before opening. Both Carnival and KMX’s stock prices are rising steadily, but CCL’s stock price is even closer to the top.
IBD experts analyze leading stocks and markets on IBD Live.
stock market rise
Stocks were up modestly to modestly for most of Wednesday, but began to fall back mid-afternoon, gaining momentum and closing at the low end of the session.
The Dow Jones Industrial Average fell 1.3% in stock market trading Wednesday. The S&P 500 Index and Nasdaq Composite fell 1.5%. The small-cap Russell 2000 fell 1.9%.
The Dow and Nasdaq ended their nine-game winning streak, with the latter falling below $15,000.
There didn’t seem to be any special trigger, but the reversal wasn’t all that surprising. The Nasdaq was trading more than 8.5% above its 50-day line on Wednesday, raising the possibility of a pullback. The CBOE Volatility Index (VIX) was hovering near its lowest level in four years, indicating an overly bullish stance. The market fear index rose 9.1% on Wednesday.
It’s unclear whether Wednesday’s market decline is just a blip, the start of a slow rebound, or the first step toward something more serious.
Unsurprisingly, growth stocks were hit harder than indexes on Wednesday.
U.S. crude oil prices rose 0.4% to $74.22 a barrel, up 3.9% so far this week.
The yield on the 10-year U.S. Treasury note fell 4.5 basis points to 3.88%, its lowest level since late July.
ETF
Among growth ETFs, iShares Expanded Technology Software Sector ETF (IGV) fell 1.4%. VanEck Vectors Semiconductor ETF (SMH) fell 2.8%. MU stock is a major holding of SMH, along with AMAT, KLAC, and LRCX stock.
ARK Innovation ETF (Arkku) fell 4.1%, while the ARK Genomics ETF (arcg) 4.9%. Tesla stock remains a major holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) fell 1.8%, while the Global X US Infrastructure Development ETF (pave) 1.6%. US Global Jets ETF (jets) fell 1.6%. SPDR S&P Home Builders ETF (XHB) fell 1.1%. Energy Select SPDR ETF (XLE) fell 0.9%, while the Healthcare Select Sector SPDR Fund (XLV) gave up 1.45%.
Industrial Select Sector SPDR Fund (XLI) retreated by 1.6%. Financial Select SPDR ETF (XLF) decreased by 1.8%.
Why this IBD tool simplifies your search for top stocks
google stock
Google stock rose 1.2% to close at 138.34. The stock remained one of the best-performing stocks on the S&P 500 on Wednesday, finishing higher among the Magnificent Seven stocks.
In the morning, the stock price soared to 141.70, above Cup With Handle’s buy point of 139.42 on heavy volume. On Monday, the stock regained its 50-day line.
GOOGL stock rose early Wednesday after The Information reported that the search giant may restructure its 30,000-person ad sales team and rely more on machine learning to help customers buy ads on Google, YouTube, and more. It skyrocketed to .
trucking stocks
Saia stock rose 2% to 436.54, breaking above the trend line to an early entry at 428.79 before breaking through a buy point at 443.85.
ODFL stock rose 0.2% to 402.03. During the day, Old Dominion reached 415.95, decisively breaking the 50-day line and breaking the downtrend line.
Saia and Old Dominion are both in truckable spaces.Trucking industry made profits despite slump fedex (FDX) results and guidance later Tuesday.
weatherford stock
WFRD stock rose 0.3% to 96.01. During the day, the stock price rose to 98.69, clearing the downtrend line. The strong move above the 50-day line on Tuesday also allowed for early entry into the cup base. According to MarketSmith analysis, the official buy point is 100.93.
tesla stock
Tesla stock fell 3.9% Wednesday to 247.14, below its initial entry of 252.75. The stock is working towards a double bottom buy point at 278.98.
On Wednesday, Reuters reported that tens of thousands of drivers have suffered suspension and steering component failures over the years. The report, based on a Reuters review of documents, found that the EV giant knew many parts were defective but often blamed drivers for the resulting failures. There is.
This report and its underlying documents could increase the risk of costly recalls, litigation, and even potential criminal charges.
The news comes as Tesla rolls out an over-the-air “recall” to improve driver monitoring while using Autopilot.
Still, Wednesday’s decline in TSLA stock appears to have more to do with the broader market reversal than the Reuters report.
what to do now
The stock market rally was being extended in both major indexes and mainstream stocks. A pause and a moderate withdrawal would be healthy. There is no particular reason to increase exposure now.
As a matter of fact, with the exception of Google, Cyre, and Weatherford, there aren’t many buying opportunities right now.
Investors may choose to lock in some profits and reduce their exposure, especially if they are on the rise and have not done so in recent days. Remember, if you’re not selling on the way up, you’re selling on the way down.
Keep your watchlist updated and engaged.
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