• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Dow Jones Breaks Support As President Biden Makes This Debt-Ceiling Move; Elon Musk Says Tesla Will ‘Try’ This
Finance

Dow Jones Breaks Support As President Biden Makes This Debt-Ceiling Move; Elon Musk Says Tesla Will ‘Try’ This

May 17, 2023No Comments8 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Dow Jones Breaks Support As President Biden Makes This Debt-Ceiling Move; Elon Musk Says Tesla Will 'Try' This
Share
Facebook Twitter LinkedIn Pinterest Email

Dow Jones futures rose slightly after hours, along with S&P 500 futures and Nasdaq futures. Tesla (TSLA) is holding its annual shareholder meeting, but not offering a lot of big news.




X



The stock market rally retreated Tuesday as debt-ceiling fears added to selling pressure into the close. The Nasdaq had rallied for much of the session thanks to megacap techs, including  Advanced Micro Devices (AMD), Nvidia (NVDA), Microsoft (MSFT), Amazon.com (AMZN) and Google parent Alphabet (GOOGL).

The S&P 500 and Dow Jones retreated most of the day, with the latter closing below the 50-day line. Market breadth was bleak.

Debt-Ceiling Talks

President Joe Biden and congressional leaders held fresh debt-ceiling talks at the White House Tuesday afternoon. House Speaker Kevin McCarthy said “we’ve got a lot of work to do,” saying the two sides are far apart. He added that a deal could come this week.

However, the White House announced shortly before Tuesday’s closing bell that President Biden will cut short his upcoming Asia trip due to debt-ceiling negotiations. That news, signaling no debt-limit breakthrough is imminent, pushed the major indexes to session lows.

Without a debt-ceiling hike, the U.S. could default in early June, perhaps June 1.

Meanwhile, the FTC moved to block the Amgen (AMGN) takeover of Horizon Therapeutics (HZNP). That raised concerns about M&A activity in biotechs and medicals generally.

Target (TGT), TJX Cos. (TJX) and Dynatrace (DT) report Wednesday morning. TGT stock is struggling below its moving averages. TJX stock is just below an early entry. Dynatrace stock already cleared an early entry and is pausing just below a traditional breakout.

Nvidia stock is on the IBD Leaderboard, with Dynatrace joining as an earnings options trade. DT stock is also on the IBD 50 list. MSFT stock is on the IBD Long-Term Leaders list and the IBD Big Cap 20.

The video embedded in this article discussed Tuesday’s market action and analyzed On Holding (ONON), AMD and Axcelis Technologies (ACLS).


Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?


Tesla Shareholder Meeting

The Tesla shareholders meeting took place at the Austin EV plant.

TSLA stock investors were looking for more details on a variety of issues and products, including the Cybertruck, 4680 batteries and an updated Model 3.

See also  Tesla Crushed Delivery Expectations. Here's What Wall Street Is Saying.

CEO Elon Musk said Tesla will deliver production Cybertrucks this year, but didn’t provide many more details. He said it’ll be hard to make the stainless-steel Cybertruck affordable.

Tesla did offer a dark silhouette of what could be its next-generation vehicle. But there were no details on when the EV, presumably a cheaper model, will arrive or when its specs might be.

Musk says he expects the economy to pick up 12 months from now. He also touted the Optimus humanoid robot.

In a break with long-standing policy, Musk said, “We’ll try out a little advertising and see how it goes.”

Musk also shot down rumors that he might step down as Tesla CEO.

Early Tuesday, Bloomberg reported Tesla Shanghai is close to starting trial production of a revamped Model 3.

Tesla stock climbed 1% in late trading. Shares edged up 0.1% to 166.52 in Tuesday’s regular session, just below the 21-day line. Tesla stock also faces resistance at the 50-day line, with the 200-day line above that. If Tesla stock makes some progress, it will have a 207.89 double-bottom buy point.

Dow Jones Futures Today

Dow Jones futures climbed 0.2% vs. fair value. S&P 500 futures advanced 0.2% and Nasdaq 100 futures rose 0.3%. Tesla stock is a major S&P 500 and Nasdaq 100 holding.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live


Stock Market Rally

The stock market rally was mixed for most of Tuesday’s session, but the Nasdaq turned lower on debt-ceiling concerns.

The Dow Jones Industrial Average fell 1% in Tuesday’s stock market trading. The S&P 500 index slid 0.6%. The Nasdaq composite dipped 0.2%. The small-cap Russell 2000 retreated 1.4%

Megacaps were key drivers. AMD stock spiked 4.2%, briefly topping an official buy point. Nvidia stock rose 0.9% to a new 52-week high. Google stock gained 2.6% and Amazon 2%. MSFT stock advanced 0.7%.

U.S. crude oil prices dipped 0.35% to $70.86 a barrel.

Copper prices fell 2.2%, reflecting weaker-than-expected Chinese economic data and a stronger dollar. Gold retreated 1.5% and silver 1.6%.

The 10-year Treasury yield climbed 4 basis points to 3.45%.

ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 1.1%, while the Innovator IBD Breakout Opportunities ETF (BOUT) retreated 2%. The iShares Expanded Tech-Software Sector ETF (IGV) dipped 0.3%, with Microsoft stock a top component. The VanEck Vectors Semiconductor ETF (SMH) closed just below break-even, with AMD stock and Nvidia major holdings.

See also  Rep. James Comer Sounds Like He's Losing It As He Talks About DOJ Not Seriously Charging Hunter Biden

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) retreated 2.5% and ARK Genomics ETF (ARKG) tumbled 3.3%. TSLA stock is the No. 1 holding across Ark Invest’s ETFs.

SPDR S&P Metals & Mining ETF (XME) slumped 2.8% and the Global X U.S. Infrastructure Development ETF (PAVE) gave up 1.6%. U.S. Global Jets ETF (JETS) descended 0.45%. SPDR S&P Homebuilders ETF (XHB) gave up 1.2%. The Energy Select SPDR ETF (XLE) retreated 2.5% and the Health Care Select Sector SPDR Fund (XLV) slipped 0.8%.

The Financial Select SPDR ETF (XLF) sank 0.9%. The SPDR S&P Regional Banking ETF (KRE) retreated 1.5%.


Five Best Chinese Stocks To Watch Now


Market Rally Analysis

The stock market rally had divergent action Tuesday, with megacap techs powering higher amid a general retreat.

The Nasdaq nudged higher, hitting its best levels since late August. The S&P 500 dipped just below its 21-day line. The Dow Jones fell below its 50-day line with its worst close since late March.

The breadth was unusually negative given the mixed action in the major indexes.

Losers trumped winners by more than 2-to-1 on the Nasdaq and nearly 4-to-1 on the NYSE. New lows easily outpaced new highs.

The Nasdaq 100, led by AMD, Nvidia, Microsoft, Amazon and GOOGL stock, edged up 0.1%, closing in on its August highs. But the First Trust Nasdaq 100 Equal Weighted Index ETF (QQEW) fell 0.95%, though it’s still above its 50-day.

The Invesco S&P 500 Equal Weight ETF (RSP) slumped 1.4% to its worst close since late March. It’s now fractionally closer to its October bear market lows than its 2023 highs from early February.

On a positive note, the chip sector is showing renewed strength and improving breadth. The SMH ETF gave up intraday gains Tuesday, but is still outperforming. AMD stock and Nvidia are clearly leading the way. But Lam Research (LRCX) and Applied Materials (AMAT) are chip-gear giants making bullish moves, with AMAT earnings due Thursday night. On Semiconductor (ON) and ACLS stock are EV-focused chip plays that have bounced back. Broadcom (AVGO) is close to a buy point.

See also  China’s Third Plenum Shines Light on Center-Local Fiscal Challenges

If the chip sector is ready to step up again, that’s a positive sign for the market rally. Semiconductors have a hefty market cap by themselves. Also, chips are basically in everything. So if chips are doing well, that’s a good sign for a slew of industries.

Meanwhile, software also has been improving. Yes, MSFT stock is part of that, even though much of its gains reflect cloud computing and AI. But Salesforce.com (CRM) stock, ServiceNow (NOW) and Dynatrace are all acting well, with several cloud names rebounding in recent weeks. ServiceNow announced new AI features Tuesday in an alliance with Microsoft.

On the downside, the FTC’s move to challenge the Amgen-Horizon deal could be a precedent for blocking many biotech takeovers. So that could affect biotech stocks for some time.


Time The Market With IBD’s ETF Market Strategy


What To Do Now

The stock market rally continues to move sideways, with narrow leadership. Don’t try to force your way into heavy exposure in this environment. If you’re in the right stocks, such as the megacaps, you could have decent exposure. If you haven’t had as much luck, you may be almost entirely in cash.

When taking new positions, consider small stakes and focus on early entries. You may want to take some partial profits relatively early to make sure you end up with a gain. While some stocks, such as Nvidia, have made huge gains, many others rise modestly from a buy point and then fall back.

Keep working on your watchlists. While there are reasons to be cautious in a choppy market, it also wouldn’t take much for the market rally to show renewed strength. So you want to be ready.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Catch The Next Big Winning Stock With MarketSmith

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Biden breaks DebtCeiling Dow Elon Jones move Musk President support Tesla
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Amazon Reportedly Floats Plan To Show Tariff Price Increases To Shoppers — Karoline Leavitt Calls It ‘Hostile’ Move

April 29, 2025

Corporations Pull Support From Pride Month, Leaving Groups In Lurch

April 28, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

China’s AI Shock? What DeepSeek Disrupts (and Doesn’t)

January 31, 2025

Shop an Effective Minimalist Mature Skin Routine

December 27, 2023

Uniqlo parent raises full-year outlook; sees China recovering

April 14, 2023

Google Claims Its ‘Robot Constitution’ Will Prevent AI Harm

January 7, 2024
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

What does durability do in MLB The Show 23? Tips and tricks to use attribute effectively

July 24, 2023

The Alarming Ways Extreme Heat Affects Your Brain

August 27, 2023

Biden Sanctions Relief Prompts 113% Growth of U.S-Venezuela Trade

September 17, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.