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Chevron has been hindered by falling crude oil prices as the stock comes in to test support at the 200-day line. Get Started Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content. Celebrate financial freedom with 1 month of IBD Digital for just $1! MarketWatch Money Festival Hear from insiders zoom stock and experts at the Best New Ideas in Money Festival. It’s possible that the market will trend sideways for some time. That would allow a lot of bases to form and for clarity to develop on the economy and Fed policy. But even that occurs, there could be head fakes and shakeouts along the way for individual stocks and the overall market.
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Tesla continues to lead in all-electric "BEV" sales, though that gap has narrowed considerably over the past year. BYD stock rose modestly within a buy zone while Li Auto fell DotBig back into range. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.
- The stock market rally rose slightly Wednesday in an up-and-down session as hawkish Fed minutes held few surprises.
- Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia.
- Policymakers saw a late July hike of 50 or 75 basis points as likely, according to the Fed meeting minutes.
- With his government crumbling around him, his days are numbered.
- Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
- Gasoline futures, which topped $4 a gallon just a few weeks ago, sank 4% to $3.20.
Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. The stock zoom stock price today market rally rose slightly Wednesday in an up-and-down session as hawkish Fed minutes held few surprises.
This Is No Market For Commitment
BYD stock rose 1.1% to 40.55, after briefly testing its 39.81 buy point from a deep cup-with-handle base for a fifth straight session intraday. On Sunday, BYD reported June sales of 134,036 EVs and plug-in hybrids, up 224% vs. a year earlier. For the second quarter, BYD sales topped Tesla deliveries by more than 100,000 vehicles.
Reflecting more-speculative story stocks, ARK Innovation ETF fell 2.25% and ARK Genomics ETF dipped 0.2% after both surged above their 50-day lines on Tuesday. Tesla stock is a major holding across Ark Invest’s ETFs. Cathie Wood’s Ark Invest also owns some BYD stock. The 10-year Treasury yield rebounded https://dotbig.com/ 10 basis points to 2.9% after plunging 30 basis points in the prior three sessions. The two-year Treasury yield jumped 15 basis points to 2.97%. The Treasury yield curve is now slightly more inverted, reflecting rising recession risks. With his government crumbling around him, his days are numbered.
Fed Minutes Show Appetite For More Rate Hikes To Fight ‘entrenched’ Inflation
The stock market rally is under pressure, with the major indexes still facing a lot of key resistance levels. While a number of medicals and a handful of other stocks are acting well, even they can be prone to notable shakeouts. The Nasdaq composite moved above its 21-day moving average on Wednesday, but the S&P 500 and Dow Jones hit resistance at https://dotbig.com/markets/stocks/ZM/ that short-term average. All three major indexes are now back above the lows of their June 24 follow-through days. Tumbling below their FTDs last week pushed the market rally to "under pressure," where it remains. The stock market rally added to Tuesday’s rebound from intraday lows, but the major indexes still seemed to searching for direction.
Treasury yields rebounded, still flashing a recession warning. Good news on inflation and Fed rate hikes, including tumbling commodity prices and easing job markets, are bad news for a possible recession. So markets don’t https://dotbig.com/markets/stocks/ZM/ quite know how to handle economic data. The stock market rally moved between slim gains or losses for most of Wednesday’s trading. ET release of Fed meeting minutes, but then pared the advance in the closing minutes.
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The iShares Expanded Tech-Software Sector ETF edged up 0.1%, with MSFT stock a top holding. The June ISM nonmanufacturing index dipped to a two-year low but topped views and still pointed to solid DotBig growth. The jobs subindex fell to 47.4 from 50.2, below the break-even 50 level. Policymakers saw a late July hike of 50 or 75 basis points as likely, according to the Fed meeting minutes.
But Fed chief Jerome Powell already said as much after the meeting. Get exclusive IBD analysis and actionable news daily. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. KELLEY BLUE BOOK New car owners are experiencing more problems in the first 90 days of ownership than ever before. Power Initial Quality Study, but the headline isn’t the winner this year.
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Bloomberg Daybreak Asia Bloomberg Daybreak Asia. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. IBD Videos Get market updates, educational videos, webinars, and stock analysis. More generally, the Fed minutes offered no real surprises DotBig and underscored the big shift in economic conditions in the past three weeks. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
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The Fed minutes slightly reinforced market expectations for a rate hike of 75 basis points later this month, with 50 basis points in September. December still marks the likely end of Fed rate hikes. The Fed minutes mentioned "inflation" 90 times but not "recession" even once. Since the mid-June Fed meeting, recession fears have swelled while commodity prices have fallen sharply. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
