Dow Jones futures, along with S&P 500 futures and Nasdaq futures, were little changed after-hours heading into the final trading day of 2023.
X
Thursday was a quiet day for stock market gains, with major indexes little changed.
tesla (TSLA) The price fell below the early buy point. Recent IPOs arm holdings (arm) has maintained its strength since its breakout earlier this month and has moved into the profit-taking zone.Cyber security giant palo alto networks (Panwoo) became the latest major stock to find support at the 21-day moving average. weatherford international (WFRD) fell slightly from around the buy point, but continued to successfully weather the slump in energy prices.
Tesla stock and Arm are on IBD Leaderboard. PANW stock is IBD big cap 20.
Dow Jones futures today
Dow Jones futures were nearly flat to fair value. The same was true for S&P 500 futures and Nasdaq 100 futures.
Please note that overnight trades such as Dow futures do not necessarily translate into actual trades in the next regular stock market.
IBD experts analyze leading stocks and markets on IBD Live.
stock market rise
In the stock market rally, the major indexes again traded calmly.
The Dow Jones Industrial Average rose 0.1% in Thursday’s stock market trading. The S&P 500 index rose slightly, with TSLA stock performing the worst. The Nasdaq Composite closed just below break-even. The small-cap Russell 2000 fell 0.4%, retreating from a 20-month high.
On Thursday, the Dow Jones hit a new all-time high, and the S&P 500 rose within 1% of it.
Various overbought and sentiment indicators suggest that the market rally could be pausing or pulling back. The NASDAQ is 7.8% above its 50-day moving average.
U.S. crude oil prices fell 3.2% to $71.77 a barrel, falling for the second consecutive year after rising over the past two weeks.
The yield on the 10-year U.S. Treasury rose 6 basis points to 3.85%, reversing most of its decline to a five-month low on Wednesday.
ETF
Among growth ETFs, iShares Expanded Technology Software Sector ETF (IGV) lost some of its weight, and PANW stock became an important component. VanEck Vectors Semiconductor ETF (SMH) also closed just below the break-even point.
ARK Innovation ETF (Arkku) fell 0.2%, ARK Genomics ETF (arcg) rose 1.7%. Tesla stock remains a major holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) fell 1%. SPDR S&P Home Builders ETF (XHB) fell 0.3%. Energy Select SPDR ETF (XLE) fell 1.5%, while the Healthcare Select Sector SPDR Fund (XLV) rose 0.3%.
Industrial Select Sector SPDR Fund (XLI) rose less than 0.1%. Financial Select SPDR ETF (XLF) rose 0.3%.
Tesla’s EV business faces “challenges” in 2024. Still, TSLA stock may not stop.
tesla stock
Tesla shares fell 3.2% to 253.18, below the early entry of 259.84 it cleared on Wednesday. The official buy point is 278.98 from the double bottom base. The relative strength line is still at its lowest point in five months, but it recently hit a two-month high.
Thursday’s decline was an external reversal, but TSLA stock is still poised to double in 2023 even as Tesla’s profits decline and analysts lower their forecasts through 2024 .
Ideally, Tesla stock would at least return to its 21-day line and form a true handle with some depth.
Tesla is scheduled to announce its fourth quarter and full year delivery results on Tuesday, January 2nd.
arm stock
Arm stock rose 4.3% to 77.47, and the RS line also hit a new high. The British wireless chip design giant has soared 19% from its IPO standard buy point of 64.92 points for cups with handles, which cleared earlier this month. During the day, ARM stock moved into the 20%-25% profit-taking zone, often making it a good place to take partial or full profits. But if a stock rises 20% from its buy point in just a few weeks, investors may want to hold on to the stock longer to see if it turns out to be a big winner. However, the eight week hold rule is more of a guideline than a rule.
Whether an investor takes a partial profit on ARM stock or similar situations depends on their individual investment strategy and market type. This is a strong rally in the market, but one that also has the potential for a pullback.
palo alto stock
PANW stock fell 0.65% to 295.58, returning to its 21-day line for the first time since breaking out of a flat base in late November. The stock price has reversed from its all-time high of 318 times on December 14th, falling just short of the 20-25% profit-taking zone. Since then, stock prices have generally seen a modest decline in volume.
A bullish move from the 21-day line could provide additional or aggressive entry for Palo Alto stock.
weatherford stock
WFRD stock fell 1.7% to 98.95 on Thursday. On Wednesday, the stock reversed its all-time high of 102.65 and closed slightly lower, just below the cup-based buy point of 100.93. Both days were due to the drop in crude oil prices. But just as oil prices plummeted from late September to early December, Weatherford stock has held up much better than most energy stocks. If oil prices can recover in 2024, WFRD stock could continue to perform well again.
market rise analysis
The stock market rally still looks great. A pullback may be on the horizon, but it could be constructive.
While there aren’t that many stocks that are giving buy signals, there are a number of major stocks that are finding support at their 21-day moving average after a solid stock, like Palo Alto. Other companies are building tight entries that could evolve into new locations given a little more time.
Therefore, it is not the time to act aggressively, but it is the time to look for new handles, pullbacks and other opportunities.
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