Finance

Markets suffer ugly reversal, Nvidia breaks key levels; jobs report due


Dow Jones futures edged higher in after-hours trading, as did S&P 500 futures and Nasdaq futures, with the March jobs report becoming a key test for stocks.




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Stocks began a strong rebound on Thursday as jobless claims came in higher than expected, but major indexes gave up strong gains in the afternoon and reversed lower on tensions in the Middle East.

Google Parent letter (Google) is reportedly considering a bid for the marketing software maker pivot point (hub). HubSpot stock breaks out of bottom while Google stock remains in buy zone. Salesforce.com (customer relationship management) reversed lower from early entries on Google-HubSpot news.

Several stocks issued buy signals Thursday morning, but then retreated along with the broader market.

Tesla (Tesla) bounced back, making up for weekly losses from disastrous delivery data. But Tesla shares are trading below key levels.

Nvidia (NVDA) fell below key levels but is still trading within its recent range.competitors Advanced Micro Devices (AMD) suffered heavy losses.

Nvidia stock is now online IBD rankings and IBD50.

work report

The Labor Department will release the March employment report at 8:30 a.m. ET on Friday. Economists expect nonfarm payrolls to increase by 200,000 jobs after rising by 275,000 jobs in February. The unemployment rate is expected to remain at 3.9%. Average hourly earnings should be up 0.3% year over year in February, with annual growth slowing to 4.1% from 4.3%.

The jobs data comes on the heels of a rise in weekly jobless claims, but overall economic trends are strong in the U.S. and improving in China and Europe. This, coupled with rising oil and commodity prices, has fueled concerns that inflation will not continue to cool.

The market predicts that the probability of the Federal Reserve cutting interest rates in June is 69%.

Dow Jones Futures Today

Dow Jones futures rose 0.1% from fair value. S&P 500 futures and Nasdaq 100 futures rose 0.1%.

The jobs report will almost certainly affect Dow Jones futures and Treasury yields.

Remember what you did that night Dow Jones Futures and other places that won’t necessarily translate into actual transactions on the next regular basis stock market Meeting.


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Stock market rebounds

Stocks pared gains in the afternoon rally for a second straight session, with Wednesday’s downward reversal becoming more pronounced.

Prime Minister Benjamin Netanyahu said Israel would take aggressive action against Iran and its allies, declaring, “Those who harm us or plan to harm us, we will harm them.” This triggered a reversal in stocks and crude oil Another rally for futures. The statement comes as President Joe Biden pushes hard for a ceasefire between Israel and Hamas.

The Dow Jones Industrial Average fell 1.35% on Thursday stock market tradingIt fell for the fourth consecutive session and fell below the 50-day line for the first time since November 2. Salesforce stock was the Dow’s biggest loser. The S&P 500 fell 1.2%, closing below its 21-day line for the first time in three months.

The Nasdaq rose 1.2% intraday and closed down 1.4%, edging slightly below its 10-week line for the first time since early November.

The small-cap Russell 2000 index fell 1.1%, back below its 21-day line.

A strong morning and a weak close does not bode well for the market. Still, the major indexes aren’t far off their highs. A slightly longer pause might be constructive.

Many leading stocks issued buy signals again, but then fell back, but good market conditions may release a large number of buying opportunities.

Friday’s jobs report could provide that boost or push the major indexes and major stocks back below support levels

U.S. crude oil prices rose 1.4% to $86.59 a barrel, rising 6.4% in the past five trading days, hitting their highest price since late October.

The 10-year Treasury yield fell nearly 5 basis points to 4.31%, retreating slightly for the second consecutive session after touching a 2024 high of 4.43% on Tuesday morning.

ETF

Among growth ETFs, iShares Expanded Tech-Software Sector ETF (IGV) fell 1.2%, reversing lower from the 50-day moving average. Salesforce is a major component of IGV, with HubSpot holding a large stake. VanEck Vectors Semiconductor ETF (SMH) fell 2.7%, with Nvidia stock dominating and AMD a major member.

The ARK Innovation ETF reflects the more speculative story stocks (alke) fell 1.4%, with the ARK Genomics ETF (arkg) fell 1.6%. Tesla stock is Ark Invest’s top holding, with Cathie Wood adding to her holdings in recent weeks.

SPDR S&P Metals & Mining ETF (XME) fell 1.6%. SPDR S&P Homebuilders ETF (Xinhong) fell 1.4%. Energy Select SPDR ETF (XLE) fell less than 0.1%, with the Healthcare Select Sector SPDR Fund (XLV) fell 1.4%.

Industrial Select Sector SPDR Fund (XLI) fell 0.9%. Financial Select SPDR ETF (XLF) fell 1.1%.


Tim the market with IBD’s ETF market strategy


Google stock

Google shares fell 2.8% to 150.53, largely due to a market reversal.The stock price fell below the 152.15 mark buy some, cleared on Monday.The search giant is considering Advanced artificial intelligence search tool chargesAccording to the Financial Times, at the same time, Google is Consider bidding for HubSpotAccording to Bloomberg.

HUBS stock price soared to 693.85 points during the session and closed at 660 points flat The digital marketing software specialist closed up 4.9% at 657.68, just shy of that point.

But buying stocks in the midst of an acquisition frenzy carries significant risks if a deal doesn’t happen.

Salesforce shares fell 3.3% to 294.76 following the Google-HubSpot report, below its 50-day moving average and recent consolidation lows. Shares tried to rebound but faded as the market moved. Shortly after the market opened, CRM stock price hit 311.30 points, breaking above the short-term trend line. Salesforce is expected to be flat after Friday’s close.

NVIDIA Stock

Nvidia shares fell 3.4% to 859.05 points, closing below the 21-day moving average for the first time in three months, the lowest closing price since March 11. Starting with the ugly downside reversal on March 8th. This comes a day after NVDA stock closed 41.9% above its 50-day line, its biggest gain in 20 years. Nvidia closed Thursday just 8.3% above its 50-day line and up 5% from its 10-week level.

But while Nvidia and most AI chip stocks suffered modest losses, AMD suffered a severe sell-off. Shares encountered resistance at the 50-day line before plunging 8.3% to 165.83. AMD stock has lagged Nvidia, especially since its March 8 reversal day.

Tesla Stock

Tesla shares rose 1.7% to 171.18, sharply paring intraday gains driven by a market reversal. The stock is down 2.7% for the week, but that’s impressive considering the electric vehicle giant’s extremely weak first-quarter delivery report on Tuesday. Tesla is already cutting prices and offering new incentives in key markets at the start of the second quarter.

TSLA stock remains below its 10-week line, which has been a key resistance level into 2024.

By 2024, Tesla’s stock price will fall by 31.1%, but judging from the forward price-to-earnings ratio, Tesla’s stock price is not much cheaper.

what to do now

Stocks were once again strong in the morning before falling in the afternoon.

So far, the market’s rally has only been paused for a few weeks, showing normal trends. Sideways markets can be positive in the long run, but can be tricky at the time.

But investors who took advantage of buying opportunities on Wednesday and Thursday morning could suffer losses if they don’t cut their positions.

If the market reacts favorably to Friday’s jobs data, then recent buying will look shrewd and investors will be presented with many new buying opportunities. A market selloff triggered by the jobs report could trigger a sell signal, especially for new positions.

So, have your watch list and exit strategy ready.

read overall view Stay up to date with market direction and leading stocks and industries every day.

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