Dow futures: S&P 500 flirts with bear market as Apple crashes, Tesla tested; These stocks are going up

Dow futures rose overnight, along with S&P 500 futures and Nasdaq futures. The stock market saw big volatility during the day Thursday, with the S&P 500 almost entering a bear market before major indices rebounded to close narrow, while small-cap stocks and story stocks rebounded.


apple (AAPL) and Tesla stock, the two big giants that have held reasonably well until the past week or so, have continued to come under pressure. Apple’s stock fell to a seven-month low. Tesla (TSLA) broke below its February low at 700 to its worst since late August, although it pared losses significantly.

Northrop Grumman (No objection certificate), Penske Motors (PAG), dollar tree (DLTR) And Cigna (CI) They are all worth seeing. Everyone has Lines of relative force At 52-week or record highs, reflecting their outperformance against the S&P 500.

NOC stock is just below the 50-day moving average, but within a shallow range cup with handle stationed. The PAG forms a handle at the top of the long uniform. DLTR stock is fighting around the 50 day line, with a potential trend line entry. Cigna stock trades tightly in the base of a tall cup with a handle, according to MarketSmith Analysis.

Penske Automotive late Thursday raised its quarterly dividend by 3 cents to 50 cents a share. It also increased its PAG share buyback plan, which had $46.3 million remaining, to $250 million.

DLTR inventory is in a file IBD Leaderboard Watch list.

Dow jones futures contracts today

Dow futures are up 0.55% against fair value. S&P 500 futures rose 0.7% and Nasdaq 100 futures jumped 0.95%.

The 10-year Treasury yield rose 7 basis points to 2.89%.

Crude oil prices rose 1%.

Remember to work overnight in Dow Jones futures contracts and anywhere else that does not necessarily translate into actual circulation in the next regular session Stock market session.

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Thursday stock market

The stock market witnessed a wild trading session. Major indices hit new lows in 2022 and also traded solidly higher at various points, before finally closing narrowly mixed.

The Dow Jones Industrial Average fell 0.3% on Thursday stock market trading. The S&P 500 was down 0.1%. The Nasdaq Composite is up less than 0.1%. Small cap Russell 2000 rose 1.25%.

US crude oil prices erased early declines to close 0.4% higher at $106.13 per barrel.

Gold, copper and palladium suffered great losses. Growing concern about global economic growth is weighing on oil and industrial goods.

The 10-year Treasury yield fell 10 basis points to 2.82%, the fourth consecutive decline after bouncing back from a 3-year high of 3.17% on Monday.

between the Best ETFsThe Innovator IBD 50 ETF (fifty(flat closed, while the Innovator IBD Breakout Opportunities ETF)fit) rose 0.1%. iShares Expanded Technology and Software Fund (ETF)IGV) by 0.9%. VanEck Vectors Semiconductor Corporation (SMH) offer 0.5%.

SPDR S&P Metals & Mining ETF (XME) slipped 2.15% and the US Global X Infrastructure Development Fund (ETF) )cradle) by 0.8%. US Global Gates Foundation (ETF)Planes) down 2.1%. SPDR S&P Homebuilders ETF (XHB) popped 3.4%. SPDR Specific Energy Fund (SPDR ETF)XLE(Up 0.4% and the Financial Select SPDR ETF)XLF) down 0.75%. SPDR Healthcare Sector Selection Fund (XLV) gained 1%

Shares reflect more speculative stories, the ARK Innovation ETF (see you) jumped 5.6% and the ETF ARK Genomics (ARKG) 5.1%. Many of the defeated tech rebounded on Thursday after heavy losses in recent days and weeks. TSLA stock remains the No. 1 holding across Ark Invest .’s ETF

Apple stock

Apple shares, the heavyweight Dow Jones, S&P 500 and Nasdaq, weighed heavily on the major indexes, falling 2.7% to 142.56. That’s after falling 5.2% on Wednesday. Most recently, on Tuesday, the RS line was close to record highs, even as AAPL stock fell below the 200-day line. Now the RS line drops sharply.

On Thursday, Apple’s iPhone maker Foxconn warned Slowing consumer electronics demand, including smartphones. Last month , Taiwan Semiconductor (TSM), which makes chips for Apple and several other companies, also indicated slowing consumer electronics demand.

Tesla Stock

Tesla stock fell 0.8% to 728. During the day, shares tumbled to 680, trailing the February 24th low of 700, and back to levels not seen since August. TSLA stock hit 1,092.22 on the day on April 21 after earnings, but it has since fallen. The RS line for Tesla stock is just above its recent lows.

It’s worth noting that Tesla stock was unable to rebound Thursday, given gains in several other battered EV stocks and ARK’s story plays, but the sell-off in recent weeks isn’t unusual.

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market analysis

The stock market looked for direction on Thursday. With Apple’s stock erasing significant losses and Tesla moving higher by mid-morning after lower prices plunged, it looked like the major indicators were finally on their way to rebounding.

But soon Apple and Tesla fizzled out while the major indices quickly sold out, hitting new lows. The S&P 500 came within a few points of a 20% drop to reach a bear market. The Nasdaq is down more than 30% from its all-time high in November.

Major indices rallied in the last 40 minutes, with the Nasdaq slipping into the green as the closing bell rang. Tesla stock pared its losses, while Apple pared only its last big drop.

While major indices slipped, small stocks and high-value growth saw a strong rally. But these stocks suffered heavy losses in recent weeks.

Investors narrowly beat the losing stocks in the Thursday session, but the trend has been very negative in recent days and weeks. New lows blurred new highs.

With investor fears turning from inflation to growth fears – in part due to higher Fed rates to rein in inflation – even the games on commodities have faltered. Oil and gas stocks are an area of ​​strength, but some have faltered as many leaders battle for support in the 50-day lines.

Time to Market with IBD’s ETF Market Strategy

What are you doing now

The market needs more than an hour to recover, or a good day or two. It takes several vigorous sessions to indicate some kind of sustained rally. Even this could only end up being a bear market rally to the 21 or 50 day lines before reversing lower again.

There is no reason to participate in this market, except for the long-term winners.

Work on your watch lists. Focus on stocks with strong relative strength, such as Northrop, Dollar Tree and Cigna. Note the ones that are set up near buy pointsBut don’t bother with that now. If this correction in the bear market/bear market continues for some time, the resilient stocks will have time to form better patterns over time.

Read The Big Picture Every day to stay in sync with the trend of the market, stocks and leading sectors.

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