Dow Jones futures were slightly lower overnight, as were S&P 500 futures and Nasdaq futures. Palo Alto Networks (Pan Wei) and Cisco Systems (China Association for Science and Technology) dived late with guidance Walmart (WMT) and Alibaba (Babe) click.
A rebound in stocks fueled strong gains across the board on Tuesday, but ended well below Wednesday’s intraday highs. U.S. Treasury yields rebounded after plunging on Tuesday.
U.S. President Joe Biden met with Chinese President Xi Jinping near San Francisco on Wednesday.
Microsoft (Microsoft Corporation) Launched self-developed artificial intelligence chip Wednesday, there’s another one by Arm Holdings (arm)design.Microsoft’s artificial intelligence chip will help reduce Dow Jones giant’s Nvidia (NVDA). Advanced Micro Devices (AMD), super microcomputer (SMCI), ARM stock price also fluctuated due to Microsoft news.
Microsoft, Nvidia stocks rise IBD rankingsMSFT stock is located at IBD Long-Term Leader In the list, LI stock, AMD, NVIDIA and Microsoft are all on the list. IBD50.PANW stock and Microsoft are both in IBD Large Cap 20.
PANW stock fell sharply in intraday trading, but is off its initial lows. Palo Alto’s P/E ratio tops list The company announced first-quarter earnings but lowered its full-year revenue target. On Wednesday, the company’s shares fell 1.9% to 256.18 points, falling below the 258.88 buy point.
CSCO shares plunged overnight. Cisco first-quarter profit beats forecast But the Dow Jones dot-com giant lowered its full-year guidance. On Wednesday, the stock edged up 0.2% to 53.28, just below its 50-day line.
Arista Networks is down slightly in long-term action.
Walmart edged higher in buy zone on Wednesday as rivals Target (TGT) strong performance, Alibaba shares rose 3.8% Jingdong (JD) has outperformed views, even though shares of both Chinese e-commerce giants are well off their highs.
Dow Jones Futures Today
Dow Jones futures fell 0.1% relative to fair value. S&P 500 futures fell 0.2%. Nasdaq 100 futures fell 0.25%. Cisco stock is a component of the Dow Jones Industrial Average, S&P 500 Index and Nasdaq 100 Index. Cisco stock is a component of the Dow Jones Industrial Average, S&P 500 Index and Nasdaq 100 Index. PANW stock is a component of the S&P 500 Index and the Nasdaq 100 Index.
The 10-year Treasury yield fell a few basis points to 4.5%.
Crude oil futures fell slightly.
Stock market rebounds
Stocks extended gains on Wednesday but pared gains on a rebound in Treasury yields and Microsoft’s artificial intelligence announcement.
The Dow Jones Industrial Average rose 0.5% on Wednesday stock market tradingThe S&P 500 rose nearly 0.2% and the Nasdaq gained 0.1%.
The Nasdaq rose above September highs during the session, but then fell back. The Nasdaq 100 is just shy of July’s 52-week high.
The small-cap Russell 2000 index rose 0.2%, sharply paring intraday gains after hitting resistance near its 200-day line. Invesco S&P 500 Equal Weight ETF (RSP) recovered 0.5%, just below the 200-day line. On Tuesday, both regained their 50-day line.
While market breadth improves, a pause in gains for growth stocks appears constructive. Both factors could create new buying opportunities.
U.S. crude oil prices fell 2% to $76.66 a barrel.
The 10-year Treasury yield rose 9.5 basis points to 4.535% after plunging 19 basis points on Tuesday.
Among growth ETFs, iShares Expanded Tech-Software Sector ETF (IGV) fell 0.6%, with MSFT stock a major holding and Palo Alto stock also an important component. VanEck Vectors Semiconductor ETF (SMH) rose slightly by 0.1%. Nvidia stock is the largest component, and AMD is also one to watch.
SPDR S&P Metals & Mining ETF (XME) Advanced 0.2% SPDR S&P Homebuilders ETF (Xin Hong) fell 0.2%. Energy Select SPDR ETF (XLE) fell 0.2%, with the Healthcare Select Sector SPDR Fund (XLV) rose slightly by 0.1%.
Microsoft artificial intelligence chip
Microsoft launched Azure Maia AI chips and Arm-based Azure Cobalt CPU at the Ignite 2023 conference, aiming to reduce dependence on Nvidia AI chips. There were rumors earlier this year that Microsoft was working with AMD to develop AI chips.
Microsoft plans to launch Maia AI chips in its data centers early next year. It will provide support for Microsoft Copilot and Azure OpenAI services. Azure Cobalt is a general-purpose data center chip that will also be launched in 2024.
MSFT shares edged up 13 cents to 369.65 cents, within a range of 366.78 cents bottom of cup Buy some.
Nvidia shares fell 1.55% to 488.88 points, down from Tuesday’s record closing price, but narrowing their losses.The stock price is still above 476.09 points double bottom Buy some. Nvidia’s earnings will be released on November 21st.
AMD shares fell 1.6% to 118. After the financial report was released, the stock price has been rising to the right of the bottom of the cup. The buy point is 132.83, but a handle would be useful.
ARM shares rose 3.7% to $55.43. The British wireless chip designer went public at $51 a share, hitting $69 on its second day of trading on Sept. 15. But shares plummeted to $46.50 last month. Investors can use resistance just above $56 as a breakout. Get in early.
SMCI stock fell back to 287.78. AMD has been a big winner in AI, with its servers running Nvidia chips, although it should be able to work with a variety of AI chips. SMCI stock is currently trading around some early entry points after surging 14.9% on Tuesday. According to data, the official buy point for the stock is 317.50, coming from an awkward double bottom base Market Smith Analysis.
Tesla shares rose 2.3% to 242.84, returning to their 50-day moving average for the first time in weeks. Shares have risen for four consecutive days on above-average trading volume. Tesla stock is establishing a double bottom with a buy point on the right side of the bottom at 278.98. The downward sloping trendline is currently above 255 and may provide early entry opportunities.
Li Auto’s share price rose 1.7% to 40.53, breaking through 40.14 in early trading buy some The maker of extended-range electric vehicles will begin pre-orders on Friday for its first all-electric vehicle, the MEGA minivan.
Shares of Chinese electric vehicle and battery giant BYD rose 1.1% to 32.30. Shares rebounded from the 50-day line on Tuesday, clearing an aggressive entry point. A safer but still earlier entry would be at 32.76 or 32.80. BYD will also have several key events on Friday, when the auto show begins.
at the same time, Xiaopeng (electric car) reversed higher after mixed third-quarter results, rising 2.3% to 17.39. The price is close to the short-term high of 17.91 and could provide an aggressive entry opportunity.
what to do now
Since the market has risen so much over the past few weeks, many of the leaders are extending from buy points and moving averages. Investors could have made some new purchases or additions, but it would have been okay to stand pat. That’s why it’s a good idea to start building exposure from day two.
Don’t buy stocks for the long term. Keep updating your watch list. There should have been a lot of volume over the past week or two. Be sure to cast a wide net so you don’t miss out on industrials, housing, travel stocks and other stocks or move outs.
read overall view Stay up to date with market direction and leading stocks and industries every day.
You might also like: