The Tesla Shock Nobody Sees Coming

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as July 23rd.

Wall Street Stares At Weaker Open On Rate Anxiety, Hopes For Better Earnings: Analyst Pencils Key S&P 500 Support Level

Shanthi Rexaline
May 09, 2024

Trading in U.S. index futures suggests stocks may be off to a lackluster start again on Thursday. Much of the negativity in the recent session was triggered by the lack of clarity on the Federal Reserve’s rate trajectory. The spotlight is likely to be on another slew of earnings reports and a Fed speech scheduled for the day. While bullish analysts would like to focus on the resilience shown by the market amid the uncertainty, others warn of a challenging outlook following the breakdown of the broader uptrend in early April.

FuturesPerformance (+/-)
Nasdaq 100-0.21%
S&P 500-0.16%
Dow-0.16%
R2K-0.54%

In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved down 0.12% to $516.58, while the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.18% to $439.27, according to Benzinga Pro data.

Cues From Previous Session:

Rate worries amid a lack of clarity from Fed speeches and some negative earnings reports weighed down on the major indices on Wednesday. After starting the day lower, the averages cut their losses substantially by late-morning trading.

Aided by a rally in the shares of Amgen, Inc. (NASDAQ:AMGN) and Boeing Co. (NYSE:BA) and some healthcare and financial stocks, the Dow Jones Industrial Average hovered mostly above the unchanged line thereafter. The 30-stock blue-chip average ended higher for a sixth straight session.

The Nasdaq Composite and the S&P 500 Index spent a better part of the session below the unchanged line, closing modestly lower for the day.


Index

Performance (+/-)

Value
Nasdaq Composite-0.18%16,302.76
S&P 500 Index-0.00%5,187.67
Dow Industrials+0.44%39,056.39
Russell 2000-0.46%2,055.14

Insights From Analysts:

An economist said there would likely be risks from the drying up of personal savings. LPL Chief Economist Jeffrey Roach said consumers have been drawing down excess savings since mid-2021, with the excess savings drying up as of March. “Throughout the more recent spending splurge, households drew down their savings by roughly $85 billion over the past year,” he said. But the economist sees a way out. Healthy household balance sheets and low mortgage debt servicing will soften the blow, he said.

“Given the decline in excess savings, investors will consider labor market trends even more closely for any leading indicators of future consumer spending,” Roach said.

Morgan Stanley Chief US Equity Strategist Mike Wilson in a recent podcast recommended a barbell of quality cyclicals that should outperform in a “no landing” scenario and quality growth, the relative winner in a “soft landing.” He also suggested a bit of exposure to defensive sectors like Utilities and Staples if growth slowed further.  

The market strategist also weighed in on the trajectory of the broader market. The breakdown in the S&P 500 from its well-defined uptrend in early April was an important early warning sign that performance could become more challenged, he said. 

“Based on our analysis, this headwind to valuation is likely to remain with us through the end of June unless yields fall significantly in the near term,” Wilson said. “Assuming interest rates stay around current levels, stronger valuation support lies closer to 19 times earnings, which would also imply price support closer to the 200-day moving average or 4,800.”

Upcoming Economic Data:

  • The Labor Department is scheduled to release its weekly jobless claims report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment benefits to come in at 214,000 in the week ended May 4, up from 208,000 in the previous reporting week.
  • The U.S. Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and 30-year bonds at 1 p.m. EDT.
  • San Francisco Fed President Mary Daly is scheduled to speak at 2 p.m. EDT.

See Also: How To Trade Futures

Stocks In Focus:

  • Airbnb, Inc. (NASDAQ:ABNB) fell over 8.5% in premarket trading following the company’s quarterly results.
  • Other stocks moving on earnings catalyst are AppLovin Corporation (NASDAQ:APP) (up about 15%), Beyond Meat, Inc. (NASDAQ:BYND) (down over 13.50%), Bumble Inc. (NASDAQ:BMBL) (up about 11.5%), Exact Sciences Corporation (NASDAQ:EXAS) (down over 16.50%), HubSpot, Inc. (NYSE:HUBS) (down about 4.50%), Robinhood Markets, Inc. (NASDAQ:HOOD) (up over 5%), AMC Entertainment Holdings, Inc. (NYSE:AMC) (down about 3%), Equinix, Inc. (NASDAQ:EQIX) (up over 10.50%)and SolarEdge Technologies, Inc. (NASDAQ:SEDG) (down about 9%).
  • Canadian Solar Inc. (NASDAQ:CSIQ), Cars.com Inc. (NYSE:CARS), Constellation Energy Corporation (NASDAQ:CEG), Ferrari N.V. (NYSE:RACE), Hanesbrands Inc. (NYSE:HBI), Krispy Kreme, Inc. (NASDAQ:DNUT), Papa John’s International, Inc. (NASDAQ:PZZA), Roblox Corporation (NYSE:RBLX), Six Flags Entertainment Corporation (NYSE:SIX), Warner Bros. Discovery, Inc. (NASDAQ:WBD) and US Foods Holding Corp. (NYSE:USFD) are among the notable companies reporting ahead of the market open.
  • Those reporting after the close include Akamai Technologies, Inc. (NASDAQ:AKAM), Blink Charging Co. (NASDAQ:BLNK), Dropbox, Inc. (NASDAQ:DBX), Lions Gate Entertainment Corp. (NYSE:LGF), Marathon Digital Holdings, Inc. (NASDAQ:MARA), Navitas Semiconductor Corporation (NASDAQ:NVTS), Rackspace Technology, Inc. (NASDAQ:RXT), Synaptics Incorporated (NASDAQ:SYNA) and Yelp Inc. (NYSE:YELP).

Commodities, Bonds, and Global Equity Markets:

Crude oil futures rose for a second straight session and they were up about a percent at just under $80 a barrel. Meanwhile, gold futures fell for a third straight session, although prices held above the $2,300 mark. The 10-year bond yield, which breached the 4.5% handle intraday on Wednesday before settling shy off the mark, has pushed higher past the level.

The Bitcoin (CRYPTO: BTC) sell-off continues as the king crypto was just under $61,000.

Among global equity markets, Asian stocks fell mostly, barring the ones in Hong Kong, China, and Singapore, amid worries about the U.S. Fed rates. China and Hong Kong received a lift from strong Chinese trade balance data, as exports and imports rebounded in April following negative growth in the previous month.

Major European markets started on a lackluster note on Thursday, with the Euro STOXX 50 slipping 0.29%.

Read Next: Will Earnings Cheer Continue This Week? All Eyes On Disney, Palantir, Robinhood While Reddit Gears Up For Debut Quarterly Report

Image created via photos on Shutterstock

Continue Reading...

Popular

Trump keeps saying the GOP mega bill will eliminate taxes on Social Security. It does not

WASHINGTON (AP) — President keeps saying that Republicans' mega legislation will eliminate taxes on federal benefits.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after July 23rd, it may be too late.

Bernie Sanders Shares First Thing He Would Do As President — And It Could Be A Jab At Elon Musk

Bernie Sanders lost the 2016 and 2020 presidential races. In a recent interview, Sanders shared what he would do first if he were president.

These are the celebs who are attending Jeff Bezos’ Venice wedding

VENICE, Italy (AP) — arrived in Venice on Thursday, leading a star-studded guest list of celebrities descending on the lagoon city for the weekend wedding of Amazon founder Jeff Bezos and Lauren Sánchez.

Make This Move Before Nvidia's Critical Update (Unique Play) - Ad

Nvidia's CEO is about to say five simple words that could ignite the next explosive phase of the AI boom. It's not about tariffs or China--but it could change everything. This moment could define the biggest profit wave yet.

FDA requires updated warning about rare heart risk with COVID shots

WASHINGTON (AP) — said Wednesday it has expanded existing warnings on the two leading COVID-19 vaccines about a rare heart side effect mainly seen in young men.

A Historic Gold Announcement Is About to Rock Wall Street - Ad

The greatest investor of all time is about to validate what Garrett Goggin has been saying for months: Gold is entering a once-in-a-generation mania. Front-running Buffett has never been more urgent - and four tiny miners could be your ticket to 100X gains.

VC Insists Only '996' Culture Can Propel Toward Billion-Dollar Startups, But Reveals 'There Is Nuance'

Venture capitalist Harry Stebbings argues that founders who work 5 days a week won't lead a $10B company. He says 7-day weeks are necessary for AI dominance. Critics called it toxic, but others like Shark Tank's Kevin O'Leary and Google's Sergey Brin agree.

Occidental Petroleum, Exxon Mobil, Chevron Surge In Monday Pre-Market: What's Going On?

Occidental Petroleum Corp (NYSE: OXY), Exxon Mobil Corp (NYSE: XOM) and Chevron Corp (NYSE: CVX) climbed 1.95%, 1.53% and 1.31% during Monday pre-market trading session after oil prices have skyrocketed to their highest point since January, sparking concerns about potential supply disruptions.

What It's Really Like To Work With Elon... - Ad

A business partner of mine recently told me how one morning, Elon's "DOGE Agents" simply showed up. The whole departments were merged. Dozens of tasks and contracts were reassigned. Several projects were permanently shut down and replaced. That's when he called me, and I realized what was happening.

Iran’s president orders country to suspend cooperation with UN nuclear watchdog IAEA

DUBAI, United Arab Emirates (AP) — Iran’s president on Wednesday ordered the country to suspend its cooperation with after American and Israeli airstrikes hit its most-important nuclear facilities, likely further limiting inspectors' ability to track Tehran's program that had been enriching uranium to near weapons-grade levels.

Netflix's Squid Game Finale Takes Over Seoul With Massive Parade, Star-Studded Fan Event

Netflix celebrated the finale of Squid Game with a parade and fan event in Seoul, featuring characters and emotional reflections from cast.

Buffett's Favorite Chart Just Hit 209% - Here's What That Means For Gold - Ad

Buffett's favorite market signal just hit its highest level in history-stocks are more overvalued than 1929. He's sitting on $325B in cash... and may be about to buy one overlooked gold miner. I've identified it-plus 4 others with up to 100X potential.

Japan launches a climate change monitoring satellite on mainstay H2A rocket's last flight

TOKYO (AP) — Japan on Sunday launched a satellite to monitor greenhouse gas emissions using its mainstay rocket, which made its final flight before it is replaced by a new flagship designed to be more cost competitive in the global space market.

Warren Buffett Skips Big Banks Like JPMorgan and Wells Fargo, Bets $459 Million On This One Asset

Warren Buffett has shifted his investment strategy, investing $459 million in Sirius XM after selling his stakes in Bank of America, JPMorgan Chase, and Wells Fargo.

How to Hack a $1.3T Market - Ad

Forget concrete. The new foundation for real estate success is digital, and Pacaso leads the way. Their tech unlocks a $1.3T real estate market. They've already earned $110M+ in gross profits in their operating history and reserved the Nasdaq ticker PCSO.

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Canadian Prime Minister Carney says trade talks with US resume after Canada rescinded tech tax

TORONTO (AP) — Canadian Prime Minister Mark Carney said late Sunday trade talks with U.S. have resumed after Canada rescinded its plan to tax U.S. technology firms.

Ivy League MBA Was A 'Waste Of Time,' Says Veteran Banker, Lists Two Key Traits Far More Relevant In The AI Age

Standard Chartered CEO Bill Winters says his MBA was a waste of time, and today's leaders need curiosity and empathy, not just technical skills.

Copper's Spiking - And This Junior Has the Grades to Match - Ad

Copper is climbing again - and this time, it looks tariff-proof. A $31M junior just posted nearly 1B lbs of copper equivalent. With insiders and institutions piling in, this could be the next breakout.

Trump's Crypto Ventures, Draper And Cathie Wood's Bitcoin Predictions, MSTR Estimates, And More: This Week In Crypto

The past week in the world of cryptocurrency was nothing short of eventful. From legislative moves aimed at curbing alleged corruption in cryptocurrency ventures to bold predictions about Bitcoin’s dominance, the week was filled with intriguing developments. Here’s a quick recap of the top stories that made headlines.

Over 400 Space Companies Plead Congress To Maintain Office Of Space Commerce Funding: Report

Space industry companies have made a plea to Congress, seeking to safeguard the funding for the Office of Space Commerce (OSC).

Have You Seen this Strange Elon Musk Device? - Ad

Tech legend Jeff Brown predicts this "space technology" will be Elon Musk's next trillion-dollar business, and it will make a lot of people rich. This could be the biggest internet innovation since the first web browser Netscape kicked off the internet boom in the late 1990s.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as July 23rd.

Apple Has the Potential To Crush Meta's Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been 'Surprisingly Slow'

Analyst Ming-Chi Kuo believes Apple has the potential to surpass Meta's Ray-Ban smart glasses, but notes the company's slow progress in this market could delay its dominance.

Polymarket Bettors See 50% Chance Of Fed September Rate Cuts As Trump Turns Up Heat On Powell

Cryptocurrency bettors now estimate a 50% possibility that the Federal Reserve will cut interest rates for the first time in 2025 during its September meeting.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after July 23rd, it may be too late.

Musk Third-Party Odds Hit 47% — Can The Tesla Chief Do What No One Has Since 1853?

A promise to create a third party from billionaire Elon Musk comes with historical difficulties of challenging the current two-party system.

FDA vaccine official restricted COVID vaccine approvals against the advice of agency staff

WASHINGTON (AP) — The working under Health Secretary recently of two COVID-19 vaccines, disregarding recommendations from government scientists, according to federal documents released Wednesday.

Make This Move Before Nvidia's Critical Update (Unique Play) - Ad

Nvidia's CEO is about to say five simple words that could ignite the next explosive phase of the AI boom. It's not about tariffs or China--but it could change everything. This moment could define the biggest profit wave yet.

What to Stream: Ryan Coogler’s 'Sinners,' a Kesha album, 'SharkFest' and John Cena with Idris Elba

Kesha enjoying her freedom on her first new album since she left her old label and Ryan Coogler’s guts-spilling vampire film “Sinners,” are some of the new television, films, music and games near you.

Embed-chart-July Fourth-Pool Party Prices, ADVISORY

JULY FOURTH-POOL PARTY PRICES — chart. A market research company’s preliminary data shows that getting all the gear needed to host a pool party costs less than it has in years. This chart is current as of 07, 03, 2025 and will not update. Source: Numerator

A Historic Gold Announcement Is About to Rock Wall Street - Ad

The greatest investor of all time is about to validate what Garrett Goggin has been saying for months: Gold is entering a once-in-a-generation mania. Front-running Buffett has never been more urgent - and four tiny miners could be your ticket to 100X gains.

CoreWeave Stock Rallied On Thursday: What Happened?

Shares of CoreWeave Inc. (NASDAQ: CRWV) traded higher on Thursday with gains accelerating into the close. The company announced it became the first AI cloud provider to deploy NVIDIA Corp's (NASDAQ:NVDA) new GB300 NVL72 platform.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service