Dow Jones futures were slightly higher in after-hours trading, with S&P 500 futures and Nasdaq futures also rising. Microsoft (Microsoft Corporation) Artificial Intelligence news will air on Wednesday as US President Joe Biden meets with Chinese President Xi Jinping.
Tuesday’s gains follow broad-based, strong gains October CPI inflation report The cooling was sharper than expected, causing bond yields to plummet.
free market (Melly), Yunyao (net), amazon.com (Amazon), super microcomputer (SMCI) and toll brothers (Thor) is one of many stocks that has broken out or given a buy signal.They join the ranks of Microsoft and Nvidia stocks that have buying area Tuesday.
Microsoft AI News and Biden-Xi
Microsoft will announce its The latest advances in artificial intelligence At the Ignite 2023 event on Wednesday, there were rumors that the company may launch its own artificial intelligence chip to reduce its reliance on artificial intelligence Nvidia (NVDA). Nvidia launched a new AI chip earlier this week.
Meanwhile, Biden and Xi will meet on the sidelines of the annual Asia-Pacific Economic Cooperation meeting in San Francisco. It is unclear whether the meeting will send a clear signal to ease tensions between China and the United States.China expected to lift ban on China boeing company (Bachelor) sells 737 Max to Chinese airlines.
Amazon, Microsoft and Nvidia stocks are all rising IBD rankings. Amazon Stock and MercadoLibre Go Live swing traderMSFT stock is located at IBD Long-Term Leader MELI stock, Nvidia and Microsoft all made the list IBD50.
Cloudflare is the IBD Stock of the Day on Tuesday. Nvidia and MELI stocks were last week’s picks.
Video embedded in article highlights Tuesday’s big market rally and analyzes Draft king (East Ken NG), AMD and TOL stocks.
Dow Jones Futures Today
Dow futures were up 0.2% from fair value, S&P 500 futures were up 0.1% and Nasdaq 100 futures were up 0.15%.
At 8:30 a.m. ET, investors will receive data on the October producer price index and October retail sales.
On Tuesday afternoon, the House passed a short-term funding bill to avert a government shutdown until at least early 2024. The bill passed with broad bipartisan support. The Senate is expected to pass the bill soon.
After the close, Brazilian fintech Nu Holdings (NU), backed by Warren Buffett, reported third-quarter earnings and revenue that were in line with expectations and slightly ahead of expectations. NU shares were down slightly in late trading. On Tuesday, the stock rose 4.5% to 8.83, hitting a 20-month high and moving out of buy territory.
Berkshire Hathaway (bank of korea) will soon release Q3 stock holdings, including any new positions.
early Wednesday, Target (TGT), TJX Ltd. (Tian Jiaxing) and Xiaopeng (electric car)Report. TJX Stock Nears Buy Point, Controversial Actionability. XPEV stock is close to an aggressive entry. TGT stock is in a long-term downtrend, but rivals Walmart (WMT), reported Thursday, is in buy territory.
Stock market rebounds
Stocks rose sharply on Tuesday on a tame consumer price index (CPI) report for October.
The Dow Jones Industrial Average rose 1.4% on Tuesday stock market tradingThe S&P 500 rose 1.9% and the Nasdaq rose 2.4%, surpassing the 14,000-point mark.
The small-cap Russell 2000 index rose 5.4%, and the Invesco S&P 500 Equal Weight ETF (RSP) 2.85%. Both jumped above the 50-day moving average but remain below the 200-day moving average.
First Trust Nasdaq 100 Equal Weight Index ETF (QQ) rose 2.9% and has now clearly exceeded the 50-day moving average and also exceeded the October high. The Nasdaq 100 rose 2.15% to close at July’s 52-week high.
The Nasdaq overall broke above 14,000 points and is close to the short-term high on September 1, which is roughly consistent with the trend line back to the historical high in November 2021.
Leading stocks had a great day, with multiple sectors showing breakouts or buy signals.
A real pause in the major indexes and leading stocks is not surprising after the big gains in late October, but the overall picture is quite bullish.
The 10-year government bond yield plummeted 19 basis points to 4.44%, the lowest level since late September. The market believes that the Federal Reserve has basically no chance of further raising interest rates, and currently believes that a rate cut in May is more likely.
U.S. crude oil prices ended flat at $78.26 a barrel.
Among growth ETFs, iShares Expanded Tech-Software Sector ETF (IGV) rose 2.7%. MSFT stock is IGV’s top holding. VanEck Vectors Semiconductor ETF (SMH) was up just over 3%, with NVDA stock being the largest component.
The ARK Innovation ETF reflects the more speculative story stocks (alke) soared 5.1%, ARK Genomics ETF (arkg) soared 8.85%. Tesla stock is a big holding in Ark Invest’s ETF. MELI stock, Cloudflare and BYD are also holdings of Cathie Wood.
SPDR S&P Metals & Mining ETF (XME) rose 5.1%. SPDR S&P Homebuilders ETF (Xinhong) rose 5.9%, of which TOL stock is a member. Energy Select SPDR ETF (XLE) rose 0.9%, with the Healthcare Select Sector SPDR Fund (XLV) exceeds 0.7%.
Stocks in buy zone
MELI shares rose 3.8% to 1,430.51, clearing the 1,398.59 buy point Cup with handle But shares closed well below their early morning high of 1,466.92 points.
NET shares rose 10.5% to 70.61.The stock price is still far from consolidating at 76.07 buy someBut Cloudflare stock cleared resistance near 66 and a downward-sloping trendline. Investors can use 66.24 as an early entry point.
Amazon shares rose 2.25% to 145.80, testing the 145.86 buy point. The stock has exceeded 134.48 in early trading on November 1, and investors can regard it as a short-term double bottom.
TOL shares rose 8% to 85.98, surging from a cup with handle of 82.39 buy someaccording to Market Smith AnalysisToll Brothers and other real estate stocks rebounded sharply as U.S. Treasury yields plummeted.
SMCI shares surge 14.9% to 293.87, quickly breaks through the 50-day line, and clears or flirts with various early entry points around 287-295. Super Micro stock’s double bottom buy point is 317.50.
MSFT shares rose 1% to $370.27, within a range of $366.78 bottom of cup Buy some. But the stock price has extended from the 50-day line. Microsoft stock offered an early entry opportunity earlier this month.
Nvidia shares rose 2.1% to 496.56, marking its 10th consecutive gain and closing at a record high. Shares are trading higher within a buy zone on a double bottom basis. In addition to Microsoft’s artificial intelligence news on Wednesday, Nvidia’s earnings will be released on November 21.
Tesla’s stock price rose 6.1% to 237.41 on Tuesday. It rose 4.2% on Monday and moved toward the 50-day line after returning to the 200-day line. Tesla stock may be starting to establish the right side of a double bottom with a bid of 278.98 and a downward sloping trendline currently above 255, which may provide an early entry opportunity.
Tesla has outperformed the market after it slightly raised prices in China for its most popular models, the Model 3 and Y. This may drive some demand. Despite the start of Highland, weekly registrations in China still lag the pace of third-quarter Model 3 deliveries so far.
Meanwhile, BYD shares rose 2.7% to 31.96, rebounding from the 50-day line and breaking above the trendline entry and recent highs. The Chinese electric vehicle and battery giant faces further short-term resistance at 32.76 and has an official buy point at 36.27.
what to do now
The market rebound continued to give the green light to add positions, the major stock indexes moved strongly higher, the breadth continued to increase, and a large number of leading stocks flashed buying signals.
If you gradually increase your exposure starting on November 1 Follow-up dayyou should make a substantial investment and in many cases reap some substantial gains.
This could give investors a cushion if the market pulls back or pauses for more than a day.
Continue to focus on your watch list and analyze your portfolio. Look for additional entries among strong performers and consider scaling up laggards.
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