October 2, 2022

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Dow futures: Market rally prepares for inflation report; Trade office rises at guidance

Dow Jones Futures: Market Rally Like Nvidia and AMD Lead Chip;  Nio earnings mixed

Dow futures rose overnight, along with S&P 500 and Nasdaq futures, with a massive inflation report released ahead of Wednesday’s open.




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The stock market rally lost steam, retreating from resistance levels micron technology (mo) caused a massive sell-off in chip stocks.

On the upside, some natural gas-related stocks showed strength, including Field Resources (RRC), EQT Corp. (EQT) And the Equinor (EQNR), which all smashed downtrends in the handles, creating potential early entry points. However, only RRC stock was moving on a good volume. Golar liquefied natural gas (GLNGCleared some short-term levels, still near the 50-day line, but gains due on Thursday.

apple (AAPLMicrosoft stock rose, as tech giants Dow Jones helped cut losses in major indexes. Tesla (TSLA) The recent reversal continued to the downside while China Lee Otto (LI) sold hard.

Main earnings

Celsius (CELH) And the Exelixis (excelNotable post-close earnings headlines, along with lower growth rates Queen Piece (Currency), Roblox (RBLX) And the trade office (TTD).

CELH stock rose slightly in overnight trading after initially falling. Percentage profits Triple-digit earnings per share and sales growth topped second-quarter viewers. But the gross margins came in little light. Celsius stock fell 7.8% Tuesday to 93.38, retreating from its August 2 high of 109.74, but the high-value energy drink maker has surged in the past three months. This was capped off by an early August run on a PepsiCo (PEP) Investment and distribution deal with a degree Celsius.

EXEL stock rose modestly in extended trading after that Exelixis earnings exceed expectations. Shares fell 2.3 percent to 21.06 on Tuesday. Exelixis stock is making a mess cup base with handle with 22.57 buy point. Investors can use a downward sloping trendline to find a slightly lower early entry.

COIN stock fell strongly overnight as Coinbase reported lower revenue than views and a much worse loss than expected. Shares of the cryptocurrency exchange fell nearly 11% to 87.68 on Tuesday. Coinbase stock has doubled since late June, but is well below its April 2021 opening day peak of 429.54.

RBLX stock fell in extended actions as Roblox reported a larger-than-expected loss while revenue fell. Reservations and user growth also missed. Shares fell 3.35 percent to 47.26 on Tuesday. RBLX stock has more than doubled since bottoming out in early May. But the video game platform’s shares are well below their November 2021 peak of 141.60.

TTD stock rose in overnight trade as trade desk met EPS views, but outperformed revenue views and Give upward directions. This will still be below the 200 day streak. Trade Office inventory fell 0.9% to 54.50 on Tuesday, but rose sharply from a 52-week low of 39 on July 14.

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EQNR stock is located at IBD Leaderboard Watch list. RRC stock is running SwingTrader And it’s Tuesday IBD stock today. Microsoft (MSFT) he is IBD long-term leader. CELH and Equinor stock available at defect 50.

The video included in the article discussed the market movement on Tuesday and analyzed the RRC stock, Costco Wholesale (cost) And the life (h).

Dow jones futures contracts today

Dow futures skewed higher against fair value. S&P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.1%.

The Labor Department will release its CPI inflation report for July at 8:30 AM ET. Inflation data will certainly have a significant impact on Dow futures and Treasury yields.

Remember to work overnight in Dow Jones futures contracts and elsewhere that does not necessarily translate into actual circulation in the next regular session Stock market session.


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Inflation Report

Economists expect Consumer Price Index for the month of July It showed a 0.2% rise compared to June, after the previous month’s 1.3% rise. The CPI inflation rate is expected to decline to 8.7% from a 40-year high in June of 9.1%. These slowdowns reflect the drop in gasoline prices, which will also provide some relief in August.

But the core CPI, which excludes food and energy, should show a 0.5% gain after June’s 0.7% rise. Core inflation is expected to rise to 6.1% from 5.9%.

So, while headline inflation has likely peaked, core price pressures are likely to remain fierce.

Markets are giving a 67.5% chance of a Fed rate hike of another 75 basis points on September 21, followed by quarter point moves in November and December.

stock market rise

A stock market rally off the ground Tuesday, led by chip stocks.

Micron was a catalyst for Tuesday’s slide, as he cautioned against revenue and capital spending cuts. It came a day later nvidia (NVDA) lowered its sales forecast. MU stock fell 3.7% while chip stocks were among the big losers on Tuesday, especially memory-focused equipment makers like L research (LRCX) And the KLA Corporation. (KLAC).

Apple stock rose 5 cents to 164.92, and continued to trade tightly above the 200-day line. An apple line relative force It is already on a new level. Microsoft stock rose 0.7% to 282.30, still less than 200 days away.

The Dow Jones Industrial Average fell 0.2% on Tuesday stock market trading. The S&P 500 lost 0.4%. The Nasdaq Composite lost 1.2%. Small cap Russell 2000 fell 1.3%.

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US crude oil prices fell, closing down 0.3% to $90.50 a barrel. Natural gas prices rose 3.2%.

The 10-year Treasury yield rose 3 basis points to 2.8%. The two-year Treasury yield rose 5 basis points to 3.27%. The yield curve is inverted from 1 year to 10 years, which is a recession warning.

ETFs

between the Best ETFsThe Innovator IBD 50 ETF (fifty) is down 2%, while the Innovator IBD Breakout Opportunities ETF (fit) decreased by 0.4%. iShares Expanded Technology and Software Fund (ETF)IGV) fell 1.5%, and MSFT stock was the number one spot on the IGV rating. VanEck Vectors Semiconductor Corporation (SMH) decreased by 4.2%. MU stock is a prominent SMH property.

Shares reflect more speculative stories, the ARK Innovation ETF (see you5.45% slider and ARK Genomics ETF)ARKG) 5.4%. Tesla stock remains a major ownership across Ark Invest ETFs.

SPDR S&P Metals & Mining ETF (XME) rose 0.8% and the US Global X Infrastructure Development Fund (ETF) (cradle) decreased 0.5%. US Global Gates Foundation (ETF)Planes) down 1.7%. SPDR S&P Homebuilders ETF (XHB) fell 3.3%. SPDR Specific Energy Fund (SPDR ETF)XLE(Up 1.8% and the Financial Select SPDR ETF)XLF) rose 0.5%. SPDR Healthcare Sector Selection Fund (XLV) decreased by 0.3%.

Tesla Stock

Tesla shares slipped 2.4% to 850. On Friday, shares slipped 6.6% below the 200-day line. On Monday, TSLA stock attempted to regain its 200-day streak but trimmed its big intraday gain to just 0.8%.

Li Auto stock is down 7%, trimming the lows of the recent consolidation and approaching the 200-day streak. LI posted a profit on August 15th. Among Li’s China EV competitors, New (NIO) fell 5%, below the 50-day streak, while it was a giant BYD (BYDDF) lost 2.5%, and began to live below the 50-day high.


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Market Rise Analysis

The stock market rally eased on Tuesday, as major indexes pulled back from various resistance levels.

The Nasdaq, which erased its strong morning gains on Monday, led the decline on Tuesday. It has pulled back from a trend line dating back to January, but is still above its early June highs. Russell 2000, which shed its early June highs on Monday, is back in that resistance zone. The S&P 500 and Dow Jones, which tested those levels on Monday morning, are also retreating.

A pause in market rally around current levels may be positive. Many of the leading stocks that have gone up on the right side of the bases can use tighter handles and movement.

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Several of the previous, defeated leaders, have risen from recent lows, such as RBLX stock and Trade Desk, but they are nowhere near the highs. A few of them can continue to function, but many of them are likely to be due to a significant interruption or reversal.

The major indicators could also be ready for a steeper pullback. This does not necessarily mean underestimating bear market lows. It is also possible for the market to fall, and then fall into a difficult range for a long time.

Selling in the semi-finals is a bad sign. Chip stocks usually play an important role in any meaningful market rally. Potato chips’ recent progress has been encouraging.

On the positive side, the aerospace/defense, energy and health insurance companies have held up well or have continued to advance. Biotech companies generally fell modestly after strong gains. Some defensive combinations are doing well.

Wednesday’s inflation report will provide a short-term stimulus, but how stocks open won’t necessarily be how they close.


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What are you doing now

The rally in the market met with some resistance. This may be temporary or the beginning of a larger decline. Either way, investors may want to cut back on exposure and take some partial profit. If it’s just a pause, a number of new buying opportunities should soon present themselves.

There are some buying opportunities in natural gas plays such as Range Resources. If you’re feeding, it’s likely in the context of not increasing your net exposure. And be smart. Energy prices and market conditions can change quickly.

Keep working on watch lists. This is a confirmed rally in the market with a number of stocks trying to establish. You want to be ready.

Read The Big Picture Every day to keep up with the trend of the market, stocks and leading sectors.

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