Dow Jones futures with S&P 500 futures and Nasdaq futures plummeted late on Thursday, with a vote on the bilateral infrastructure bill delayed again and Tesla knocking delivery. The stock market made another sluggish recovery attempt on Thursday, despite the Congress government avoiding the freeze and re-closing the session with a low level.
Among the technical leaders, Apple (AAPL) And Facebook (FB) Began to live below the 50-day line Amazon.com (AMZN) Is below the 200 day line. Microsoft Stock and Google Parents letters (GOOGL) Nasdaq starts comfortably in a 50 day line that looks like a mixer.
Tesla lowered stock thrust but remained strong in the buying area. Neo Stock, Xpeng and Li Auto are all close to monthly lows. Shares of BYD have retreated in the last few weeks, but are still at record highs. Shares of four Chinese EVs rose on Thursday.
The government strike was averted
President Joe Biden signed a short-term finance bill Thursday evening that would have avoided a partial government strike within hours. The Senate and House approved the funding until Dec. 3. Congress still needs to approve the credit limit increase to avoid the government’s mistakes. Treasury Secretary Janet Yellen said the last day of the week was October 18, although the congressional budget office said the deadline for an installment was late October or early November.
Infrastructure voting delay
But the fate of the bilateral $ 1 trillion infrastructure bill is in doubt. It was adjourned in the evening after Lok Sabha Speaker Nancy Pelosi said a referendum would be held publicly until Thursday. The council may try again on Friday.
Many progressives vowed to oppose the infrastructure deal. They want to make significant progress, or pass another, discriminatory tax and spending bill first. Democrats have only three seats in the Lok Sabha, while only a handful of Republicans are likely to support the infrastructure bill.
The future of Dow Jones is today
The Dow Jones futures fell 0.5%. The S&P 500 futures lost 0.5% and the Nasdaq 100 futures fell 0.45%.
The 10-year yield fell to a close of 1.5% on Thursday.
Zoom video (ZM) And For 9 (FIVNFIVN shareholders agreed to terminate their merger deal after failing to agree to a $ 14.7 billion acquisition. The regulators have reconsidered the deal, saying Zumin-China relations could pose a national security risk. The fall in Zoom’s share price since the deal was announced has left the deal a no-brainer for FIVN shareholders. ZM stock changed slightly overnight, while Five9 fell approximately.
Stock Market Thursday
The stock market rose again, but struggled to move forward, closing near the low session for the third consecutive session.
The Dow Jones Industrial Average fell 1.6% on Thursday Stock market trading. The S&P 500 index fell 1.2%. The Nasdaq compound traded down 0.4% after trading over the bulk of the session. Small cap Russell 2000 lost 0.9%.
The 10-year Treasury yield fell 1 basis point to 1.53%, keeping it close to recent highs. Crude oil prices rose, while natural gas prices rose sharply again.
Apple shares and Microsoft fell nearly 1%. Facebook lost a share, Google and Amazon a share. During the week everything fell sharply.
In the middle The best ETFsInnovation IBD 50 ETF (FFTY) Fell 0.4%, while innovation IBD breakout prospects ETF (But2.2% retreated. IShares Extended Technology Software Industry ETF (IGV) Closed below the break-even. Microsoft is a key component, while Snap Stock is a holding. WanEx Vectors Semiconductor EDF (SMH) Nvidia and AMD shares fell 0.1% to help boost SMH.
SPDR S&P Metals & Mining ETF (XMEGlobal X US Infrastructure Development EDF (0.2%) Increased (Pave2.2% retreated. US Global Jets ETF (Jets) Decreased by 1.7%. SPDR S&P Homebuilders ETF (XHBBuilders, suppliers and home-related retailers such as RH and Williams-Sonoma slipped 3.2%. Energy Select SPDR ETF (XLE1.5% and financial choice SPDR leaves ETF (XLF) 1.6%
SPDR S&P Retail ETF (XRTIt fell 4.75% on Thursday. Carmax fell 13% on its revenue loss, while automation fell 6%. Both fell below buying points. BBBY shares fell 22% to an all-time low of 52 weeks, after leading to supply chain woes. Nike (Off) And R.H. (R.H.) With a Kohlin (KSS) Downgraded in supply-chain issues and sold by many, including retailers Macy’s (M), Williams-Sonoma (WSM), Bathing and physical work (BBWI), Interval (GPS), Rotating (RVLV) Still more.
Great losers, including clothing makers Hansbrands (HBI)
EV Giant will announce its third-quarter distribution and production figures as soon as Friday, although they may come over the weekend or next Tuesday. According to a recent, up-to-date revised analyst consensus, Tesla delivery will reach approximately 232,000. Tesla sold the Model Y for the first time in Europe, boosting sales in that region. Tesla exported most of its Shanghai production in July and August, mostly to Europe, but September looks like a big figure.
The chip shortage may restrict Tesla production, but if so it slows down the growth of the output so far. Meanwhile, global auto production has fallen, with Tesla increasing demand and prices.
Shares of Tesla fell 0.75% to 775.48 on Thursday, up 764.55 from the handle buying position.
Xpeng Deliveries, Neo Looms
Xpeng announced September deliveries of 10,412 EVs, up 199% a year earlier and 44% against August. Q3 delivery reached 25,666, up 48% from Q2.
Neo usually announces monthly sales on the first day of the next month, so expect Friday statistics. Li Auto can follow suit. Neo and Li Auto have slashed quarterly delivery targets due to chip issues.
Neo and Xpeng make EVs, while Li Auto’s Li One has a small gas engine to extend the range.
BYD, which is increasing its output, should easily outperform Nio, Xpeng and Li Auto sales for September.
Also, Neo began selling its ES8 in Norway on Thursday, merging with rivals Xpeng and BYD in that major EV market.
On Thursday, Neo shares rose 1.4%. XPEV shares rose 2.9% and Li Auto 2.2%. All three are close to the recent low and major moving averages. BYD stock rose 2.8%, approaching its 50-day high.
The S&P 500 fell to its lowest level on Tuesday, after Wednesday, and the lowest on September 20. This is the worst crisis since June 30. The S&P 500 Futures benchmark index is set to hit its September 20 low on Friday.
The Dow Jones is still down September 20, but it did not regain its 50-day lineup last week. The Russell 2000 is below its 200-day lineup.
The Nasdaq compound tried to rise again but faded above the August 19 low. With technology companies such as Apple collapsing and key sectors such as chips and software retreating, the Nasdaq has lost its upward momentum.
FFTY is now 8.2% or less per week.
All major indices are below their 50-day moving average, the lowest trend over the past several weeks. Nasdaq’s 21-day lineup is set to cut its 50-day run, with the S&P 500 already suffering from that short-term unbearable shortcut.
Leading stocks, with a few exceptions such as Upstart (UPST) Or Tesla stock, attempting to hang or heavily damaged.
What to do now
There is little or no reason to increase exposure to investors. When the stock market lives between 21 days and 50 days, good things do not happen. The general trend is weak. Could Jupiter’s low be below, and will the market rally reach record highs from here? Sure, but we could be at the peak of a market correction.
Most of the money is made in strong market boom. Making a big challenge against long conflicts is a strategy for big losses.
Focus on stocks that are working or long-term winners and keep your light on. Create your watchlist and get ready for the next monetized market.
After all, an important day to study The big picture.
Please follow Ed Carson on Twitter @IBD_ECarson Stock market updates and more.
You may also like:
“Communicator. Music aficionado. Certified bacon trailblazer. Travel advocate. Subtly charming social media fanatic.”