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

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 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

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    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
  • 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 Snaps Win Streak In Market Reversal; Tesla Forges New Buy Point; Roku, Intel Jump Late
Finance

Dow Jones Snaps Win Streak In Market Reversal; Tesla Forges New Buy Point; Roku, Intel Jump Late

July 28, 2023No Comments7 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Dow Jones Snaps Win Streak In Market Reversal; Tesla Forges New Buy Point; Roku, Intel Jump Late
Share
Facebook Twitter LinkedIn Pinterest Email

Dow Jones futures rose slightly after hours, along with S&P 500 futures and Nasdaq futures after the stock market rally staged a downside reversal. Intel, Roku and First Solar were big earnings movers overnight.




X



The major indexes had a strong open Thursday, especially the Nasdaq, as Meta Platforms (META) and chip stocks roared higher. But the indexes reversed lower amid surging Treasury yields. The Dow Jones snapped a 13-day win streak, the longest since 1987. Better-than-expected GDP growth and other economic data buoyed stocks initially, but they also fueled yields.

META stock and chipmakers came well off early highs.

Meanwhile, ServiceNow (NOW) quickly reversed lower despite strong earnings and guidance. Microsoft (MSFT) added to Wednesday’s post-earnings losses, breaking key support. Some more-speculative AI plays, including C3.ai (AI) and Upstart Holdings (UPST) had big outside days to the downside.

Tesla (TSLA) retreated Thursday, though the move was potentially constructive.

Chip-gear makers and cruise lines were winners Thursday, with Lam Research (LRCX) and Royal Caribbean (RCL) leading the charge on their earnings reports. But they also came off highs.

Solar IPO Nextracker (NXT) gapped out of a base on strong volume following earnings, soaring 12.4% to 44.19, hitting a new high. NXT stock came public in February at $24 a share.

Overnight Earnings

Industry giant First Solar (FSLR) reported after the close, along with Enphase Energy (ENPH). FSLR stock soared to a big beat, signaling early entries. ENPH stock dived on mixed results and weak guidance.

Intel (INTC), KLA (KLAC),  DexCom (DXCM), Roku (ROKU), Ford Motor (F), Deckers (DECK) and Skechers (SKX) were also notable earnings reports late.

Intel reported a surprise Q2 profit and generally bullish guidance. INTC stock jumped. KLAC stock was a late winner, building on Thursday’s 5.3% jump on Lam Research’s results.

Roku easily beat views. ROKU stock jumped late after falling back hard over the prior few sessions. Skechers and DXCM stock also were overnight earnings winners, while Ford and DECK stock edged lower.

Exxon Mobil (XOM) and Chevron (CVX) report Q2 results Friday morning, after Chevron released strong preliminary figures on Sunday. While Exxon and CVX stock are well off highs, their capital spending outlooks could be key for oil services, machinery and other leading names.

See also  Dana White admits he bent UFC contract eligibility thumb rule to sign 35-year-old kickboxing veteran with win over Alex Pereira

META stock, Tesla and Royal Caribbean are on IBD Leaderboard. Microsoft stock is on the IBD Long-Term Leaders list. Royal Caribbean, Norwegian Cruise and CCL stock are on the IBD 50 list, along with ServiceNow. TSLA stock is on the IBD Big Cap 20. Carnival was Thursday’s IBD Stock Of The Day.

Dow Jones Futures Today

Dow Jones futures were up a fraction vs. fair value. S&P 500 futures rose 0.1% and Nasdaq 100 futures climbed 0.2%. Intel stock is a Dow Jones, S&P 500 and Nasdaq component.

The 10-year Treasury yield fell 2 basis points to 3.99%.

The Commerce Department will release June’s PCE price index, the Fed’s favorite inflation gauge, as part of the income and spending report at 8:30 a.m. ET. The PCE inflation rate is expected to cool to 3% from May’s 3.8%. The core PCE inflation rate should slow to 4.2% from May’s 4.6%.

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 had modest losses Thursday, but it was an ugly session given the session’s strong start, especially for the Nasdaq.

META stock, up as much as 9%, closed with a 4.4% gain. ServiceNow opened 4% higher but ended down 3%. MSFT stock fell 2.1%, closing below its 50-day line for the first time since March 1 after sliding 3.8% on Wednesday.

The 10-year Treasury yield spiked 16 basis points to 4.01%, moving back toward 2023 highs.  The U.S. dollar also continued its two-week rebound.

U.S. crude oil prices climbed 1.7% to $80.09 a barrel, topping the $80 level for the first time since April.

See also  Stock futures slip amid China headwinds, with Fed minutes ahead: Stock market news today

The Dow Jones Industrial Average fell 0.7% in Thursday’s stock market trading. The S&P 500 index closed down 0.6% after touching its best level since March 2022. The Nasdaq composite retreated 0.55%. The small-cap Russell 2000 slumped 1.3%.

The Invesco S&P 500 Equal Weight ETF (RSP) fell 0.9% after fractionally hitting 2023 highs.

The First Trust Nasdaq 100 Equal Weighted Index ETF (QQEW) briefly hit a 52-week high, unlike the Nasdaq or Nasdaq 100, but closed off 0.4%.

The market enjoys broad leadership. Megacaps, chips and software are at the forefront, but travel, housing, industrials, some medicals and even some financials are among leaders.

The Nasdaq is now 4.2% above its 50-day line, the first time it’s been less than 5% since May 25. It still hasn’t touched the 21-day line since May 5.

Cooling some speculative frenzy may be positive. AI stock jumped 6% early and reversed for a 7% loss, possibly facing a 10-week line test. UPST stock reversed lower for an 8% decline. Both are up huge in 2023.


Generative AI Boom: Get Ready For A New Roaring ’20s


ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 0.6%. The iShares Expanded Tech-Software Sector ETF (IGV) was down 0.8%, with Microsoft a massive holding and NOW stock also a key component. The VanEck Vectors Semiconductor ETF (SMH) was up 1.8%. Lam Research is a notable SMH holding, along with Intel and KLAC stock.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) slid 2.9% and ARK Genomics ETF (ARKG) 2.6%. Tesla stock is the No. 1 holding across Ark Invest’s ETFs. ROKU stock is a top-five holding for Cathie Wood’s Ark funds.

SPDR S&P Metals & Mining ETF (XME) retreated 1.9%. U.S. Global Jets ETF (JETS) descended 2.1% as mixed results and higher fuel costs ahead hit carriers. SPDR S&P Homebuilders ETF (XHB) dipped 0.1%. The Energy Select SPDR ETF (XLE) sank 0.6%, with XOM stock and Chevron dominant components. The Health Care Select Sector SPDR Fund (XLV) retreated 0.7%, with DXCM stock part of the ETF.

See also  Costco Q4 earnings top estimates as high gas prices fuel foot traffic

The Industrial Select Sector SPDR Fund (XLI) sank 0.9%.

The Financial Select SPDR ETF (XLF) slid 1.3%. The SPDR S&P Regional Banking ETF (KRE) declined 1.7%.


Five Best Chinese Stocks To Watch Now


Tesla Stock

Tesla stock fell 3.3% to 255.71, but in below-average volume. Shares are working on a possible handle to a consolidation going back to September. The handle buy point is 299.29. TSLA stock also is close to testing its 10-week line for the first time since the June 1 breakout, according to MarketSmith.

What To Do Now

The start of a market rally is when investors should be planting their seeds. Sometimes the market climate will turn, and those early sprouts won’t take hold, but when there’s a follow-through day to confirm a new uptrend, you want to be starting to build up your portfolio.

Now, months into a market rally, it’s a time to be making adjustments, making some incremental buys, adding to winning positions and pruning some laggards. With the Nasdaq trending higher but with ups and downs, it’s not a great time to be making big new bets, especially in one fell swoop.

A pullback or pause over a few weeks could set the stage for a more consistent advance, like early May to mid-June.

Earnings season remains in full force, so pay close attention to upcoming results that could affect your portfolio.

Keep working on your watchlists. More stocks are rounding out bases or handles or pulling back to key levels in recent days.

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

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

Time The Market With IBD’s ETF Market Strategy

buy Dow Forges Intel Jones jump late market point Reversal Roku Snaps streak Tesla Win
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Where Can I Buy Inclusive Commercial Playground Equipment For Schools?

May 2, 2025

Where Can I Buy Durable And Safe Playground Equipment For Parks? (And Why It Matters)

April 25, 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

Tom Brady Pushes Back on Rumors He’s Returning to the NFL, Says He’s Busy Raising a Kitten

March 16, 2023

‘Pirates Of The Caribbean’ Actor Sergio Calderón Dead At 77

June 2, 2023

108 Haters Quotes to Help You Deal with Negativity and Keep Moving Towards Your Dreams

February 14, 2023

Honda and GM Halt Joint Venture to Develop Affordable Electric Cars

October 27, 2023
Don't Miss

How Smart Mattresses Improve Sleep Quality For Couples

Lifestyle May 9, 2025

Sharing a bed with your partner can be romantic… until it’s not. One of you…

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

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 (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

“IT DOESN’T EVEN MAKE SENSE”

August 6, 2023

Thompson Twins Are Ready for the NBA, but Not to Split Up

June 28, 2023

O’Keefe Media Group: Whistleblower Releases Screenshots Revealing Best Buy Training Program is Not Open to White Applicants | The Gateway Pundit

August 11, 2023
Popular Posts

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

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