Dow Jones futures fell Wednesday morning ahead of minutes from the Federal Reserve’s latest policy meeting. Meanwhile, market leaders Coin Office (PIECE OF MONEY) And Nvidia (NVDA), as well as Tesla shares, fell sharply early in the morning.
X
Before the open, Dow Jones futures fell 0.25% from fair value, while S&P 500 futures fell 0.35%. Tech-heavy futures on the Nasdaq 100 were down 0.5% in morning action.
Among us exchange traded fundsthe Nasdaq 100 Invesco QQQ Trust tracker (QQQ) was down 0.6%, while the SPDR S&P 500 ETF (TO SPY) fell by 0.4%.
Oil prices appeared to be rebounding from a four-day losing streak, as West Texas Intermediate futures climbed nearly 1% Wednesday morning. WTI futures, however, remained below $71 per barrel.
Coindesk, Nvidia, Tesla Slide
Seven magnificent actions NVIDIA and You’re here (TSLA) lost 1.8% and 1.7% respectively on Wednesday morning.
Nvidia ended Tuesday’s session down 2.7%, holding just above the double bottom of 476.09. Nvidia, a MII classification the stock is also now forming a flat base that has a buy point of 505.48. A test of the 50-day line appears likely after recent weakness.
Electric vehicle giant Tesla fell slightly on Tuesday after the company’s deliveries were stronger than expected in the fourth quarter. Tesla Stock has a large double bottom setup with a conventional buy point of 278.98.
As of Wednesday morning, data from the China Passenger Car Association showed that Tesla sold 94,139 Chinese-made electric vehicles in December, an increase of 68% from the previous year. according to Reuters.
Meanwhile, Coindesk plunged another 6.5% in pre-market trading on Wednesday, threatening to extend its losing streak to three sessions.
Economic data, Fed minutes
On Wednesday morning, the Institute of Supply Management’s manufacturing index is due at 10 a.m. ET. The index is expected to increase slightly to 47.2 in December, from 46.7 in November.
Additionally, the Labor Department’s Job Openings and Labor Turnover Survey report is expected to show 8.75 million job openings in November, up from 8.733 million in October. This data is also expected at 10 a.m.
Later today, Fed minutes are due at 2 p.m. These minutes should provide insight into the Federal Reserve’s thinking on future interest rate developments.
Stock Market Forecast 2024: A Soft Landing May Not Bring the Gains You Expect
Dow Jones at record highs
The Nasdaq Composite Index fell 1.6% but maintained support at its level 21-day exponential moving average. At one point Tuesday, the Nasdaq Composite Index was down 2.2%, matching its worst first trading day of the year since 2001, when it fell 7.2%.
Meanwhile, the Dow rose slightly on Tuesday, holding at recent highs.
Tuesday’s Big Picture Column commented: “If you haven’t already, now is the time to raise money by taking partial or full profits on some of your big winners.”
Now is an important time to read Chronicle The Big Picture by MII amid the continuing stock market rally. Be sure to read how to invest during the ongoing uptrend.
Learn to Time the Stock Market with IBD’s ETF Market Strategy
Best Stocks to Buy and Watch
Magnificent seven player Alphabet (GOOGLE), Celsius (CELH), Netflix (NFLX) And Snowflake (SNOW) — with Dow Jones components Amgen (AMGN), caterpillar (CAT) And Visa (V) – are among the best stocks to buy and watch in the current market rally.
Caterpillar and Nvidia are featured in this Column Stocks close to a buying zone.
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Dow Jones: Amgen breaks out
Pharmaceutical leader Amgen surpassed an official buy point of 288.46 on a flat base, with a 3.25% breakout on Tuesday. AMGN stock rose another 0.4% early Wednesday.
Heavy machinery giant Caterpillar gave up its buy trigger of 293.88, amid a 1% decline on Tuesday. CAT stock was down 1% Wednesday morning.
Payments leader Visa remains in a buy range above a 250.06 entry into a cup base, according to IBD MarketSmith Pattern Recognition. V stock was down 0.2% on Wednesday.
4 Most Important Growth Stocks to Watch in the Stock market rally
Alphabet and Netflix abandon their points of purchase
Alphabet gave up its 139.42 buy point in a cup with handle after falling 1.1% on Tuesday, according to IBD Market. GOOGL stock fell 0.8% early Wednesday.
Netflix fell 3.8% on Tuesday, finishing significantly below a 482.70 buy point for a mug with handle. NFLX stock lost 0.75% Wednesday morning.
Celsius, leader in fitness drinks rose on Tuesday, rebounding bullishly from the 50-day line. Investors could view the recent strength as an aggressive entry. The official buy point is 68.95. Investors could use 62.99 or a downtrend line as other early entries. CELH stock fell 0.8% Wednesday morning.
AI leader Snowflake fell nearly 5% on Tuesday, falling below the 192.66 buy point for a mug with handle. SNOW stock was down 1.3% early Wednesday.
Best Bets in Today’s Action
These are the four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Celsius | (CELH) | 68.95 | Consolidation |
| caterpillar | (CAT) | 293.88 | Cup base |
| Netflix | (NFLX) | 482.70 | Cup with handle |
| Snowflake | (SNOW) | 192.66 | Cup with handle |
Source: MII data as of January 2, 2024
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Dow Jones Leaders: Microsoft
From Dow Jones Stocks in the Magnificent Seven, Apple (AAPL) And Microsoft (MSFT), traded down before the stock market opens on Wednesday.
Apple fell 3.6% on Tuesday after Barclays downgraded the stock from equal weight to underweight. AAPL stock fell 0.4% early Wednesday, still below a 192.93 buy point.
Microsoft stock was down 1.4% on Tuesday, still slightly above a 366.78 cup buy point. And the software giant was down 0.9% Wednesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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