Dow futures were flat early Wednesday morning, along with S&P 500 futures and Nasdaq futures. Tesla CEO Elon Musk tweeted Tuesday night that he was going to buy Manchester United Football Club, later explaining that he was joking.
The stock market rally was mixed on Tuesday, with major indexes retreating from their afternoon highs as the S&P 500 came within one point of its 200-day moving average.
BBBY Stock Leads Meme Mania
while, bed bath behind (BBBY) on the rise amid renewed interest in this meme stock. BBBY stock rose 29% to 20.65 in record volume, though after jumping to 28.60 on the day. Bed Bath & Beyond, which in the real world is a money-losing home appliances retailer with a rapid sales drop, is up 355% from its July 27 low of 4.54.
BBBY stock is up 9% overnight.
Ryan Cohen, CEO of Original Meme Inventory GameStop (GME), revealed on Tuesday that he still owns Bed Bath & Beyond shares and huge call options for betting BBBY shares on prices 60 to 80.
GME stock rose 6.3% on Tuesday.
Wednesday’s main earnings
early wednesday, targeting (TGT), Louie (a little) And the Cos TJX. (TJX) Continue to run retail profits. chip maker Analog devices (ADI) and sea container shipper ZIM Integrated Shipping (ZIM) report also.
Target, Lowe’s and TJX stocks advanced Tuesday along with other retailers, but their schemes need work. The ADI stock moves up the right side of the base. ZIM stock is finding support at the major moving averages.
The Commerce Department releases retail sales data for July at 8:30 a.m. ET. At 1 PM ET, the Federal Reserve will release minutes from the late-July Fed meeting.
The video included in this article discusses market actions and analyzes AR, Costco, and . stocks Insulet (PODD).
Dow jones futures contracts today
Dow futures rose 0.1% against fair value. S&P 500 futures rose. Nasdaq 100 futures were flat.
Tuesday’s stock market rally
The stock market rally was mixed for most of the morning and turned broadly higher in the afternoon before fading out again.
Giants Dow Jones Walmart and Home Depot beat second-quarter viewers early Tuesday. In great relief to the markets, Walmart did not interrupt the directive for the rest of the year.
The Dow Jones Industrial Average rose 0.7% on Tuesday stock market trading, with WMT shares up 5.1%, and Home Depot shares up 4.1%. The S&P 500 rose 0.2%. The Nasdaq Composite was down 0.2%. Small cap Russell 2000 closed at less than the break-even point.
US crude oil prices fell, falling 3.2% to $86.53 a barrel, the lowest close since late January. US natural gas futures jumped 6.9% to their highest close in 14 years. Energy prices continued to rise in Europe, increasing demand for LNG exports.
The 10-year Treasury yield rose 3 basis points to 2.82%.
between the Best ETFsThe Innovator IBD 50 ETF (fifty) is down 1.3%, while the Innovator IBD Breakout Opportunities ETF is downfit) rose 0.4%. iShares Expanded Technology and Software Fund (ETF)IGV) down 0.6%. VanEck Vectors Semiconductor Corporation (SMH) down 1.1%.
SPDR S&P Metals & Mining ETF (XME) by 0.9% and the US Global X Fund for Infrastructure Development (cradle) advance 0.6%. US Global Gates Foundation (ETF)Planes) went up 0.9. SPDR S&P Homebuilders ETF (XHB) increased by 1%. SPDR Specific Energy Fund (SPDR ETF)XLE) is down 0.2% and the Financial Select SPDR ETF (XLF) rose 0.7%. SPDR Healthcare Sector Selection Fund (XLV) decreased by 0.3%.
TSLA stock fell 0.9% to 919.69 Tuesday. On the day, stocks hit 944, beating the strong entry at 940.92 from the very low road handle. Tesla stock quickly reversed lower as the Nasdaq grew in value, but maintained support at the 200-day line.
Musk Score Special LOL
On Tuesday evening, Tesla CEO Elon Musk tweeted, “I’m buying Manchester United You’re welcome.” world famous Manchester United (manuThe soccer team is publicly traded on the New York Stock Exchange. The general consensus was that Musk was probably joking, but you never know with the richest troll in the world.
As it turns out, Musk explained that it was a “longstanding joke,” noting that he doesn’t buy sports teams.
Joking about buying a publicly traded company might upset the SEC, but it all happened outside of extended trading.
Manchester U’s tweets came as Musk tries to exit a deal to buy Twitter (TWTR) for $44 billion, or $54.20 per share.
Stocks in buying areas
Costco stock rose 1.3% to 553.02, eliminating only 552.81 cup with handle point purchase. COST stock surged thanks to Walmart’s strong earnings and reaffirmed second-half guidance. But profits from Target on Wednesday and a smaller competitor BJ’s sentence (BJ) On Thursday the stock could swing COST.
AutoNation stock jumped 7.3% to 132.49, topping resistance from the past few months in above-average volume. During the day, the stock topped the official buy point of 133.58 of the nine-month booster. The line relative force It hit a new high, reflecting AutoNation’s outperformance against the S&P 500. The stock appears to be on the edge of an extension from the 125-126 most actionable area especially the moving averages.
Penske Automotive stock jumped 5.6% to 124.16, topping the handle cup buy point at 121.55. Trading volume was above average for PAG stock.
EQT stock rose 4.3% to close at 47.19, removing 46.81 cups with a buy point handle, according to MarketSmith Analysis. Stocks rose after hours.
Antero Resources stock rose 4.2% to 40.55, but closed in the lower half of its range on Tuesday. AR stock hit 42.16 on the day, briefly topping the 41.05 buy point from a handle too low to be valid.
Market Rise Analysis
The stock market rally ignored some mixed early weakness to close higher. The Dow, which just crossed the 200 line on Monday, led the way with a fifth straight gain. Russell tested 2000, which exceeded that long-term average on Friday, and held it on Tuesday.
The S&P 500 almost reached the 200-day line before pulling back. But it was certainly not an outright rejection.
Nasdaq has a short distance to reach 200 days.
Arguably, growth stocks are worth a breather.
There may also be some rotation in “real economy” sectors such as energy, commodities, retail and even some names for transportation.
But growth reluctantly gave up the land. The Nasdaq, down more than 1% in the morning, rose to modestly positive before slipping to finish slightly in the red. ARKK names and speculative growth have subsided somewhat.
Meanwhile, BBBY’s stock shows meme-mania is escalating once again.
What are you doing now
The stock market rally is hovering around a major resistance area, with some rotation, at least in the short term, towards natgas, retail and other real economic names.
Investors should continue to be cautious about adding exposure. If you add, say, EQT or Costco stock, that’s fine, but don’t bundle your wallet with natgas and retailers.
Perhaps this week’s winners will continue to run and lead for a while. Or the Nasdaq could quickly take over again. Or the market rally could see a significant pullback to the 21-day line.
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