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Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, were higher on Wednesday morning following the Evergrande news and ahead of the Fed’s policy move. Apple and Tesla shares continued to rebound with modest gains. But Adobe and FedEx have slipped on their profits.
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Among the leaders of the Dow Jones, Apple (AAPL) rose 0.4% before market on Wednesday, while Microsoft (MSFT) rose 0.3% in today’s stock market. Nike (NKE) forms a new base ahead of Thursday’s results. Disney (DIS) appeared to rebound after falling more than 4% on Tuesday, rising 0.8% in pre-market trading.
You’re here (TSLA) gained 0.4% before market on Wednesday, as it comes on top of Tuesday’s 1.3% rise. The stock is just above its last buy point.
Adobe (ADBE) and FedEx (FDX) posted earnings after the close on Tuesday.
Among the best stocks to buy and watch, Mexican Grill Chipotle (CMG) and Outdoor Deckers (DECK) are holding up well to market volatility this week.
Deckers, Microsoft and Tesla are stocks in the IBD rankings. Chipotle was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Evergrande, Fed Policy Decision
Before the stock market opened on Wednesday, Dow Jones futures were up 0.6% from fair value, while S&P 500 futures were up 0.65%. Futures contracts on the Nasdaq 100 increased 0.5% from fair value. Keep in mind that trading futures contracts on Dow Jones and elsewhere does not necessarily translate into actual trading in the next regular trading session.
Real estate developer China Evergrande Group has said it will pay interest on an onshore bond, allaying fears of default. The company is still expected to miss a separate payment due on its dollar bonds, which are largely held by international investors.
The two-day Federal Reserve meeting will conclude on Wednesday with a policy announcement at 2 p.m. ET, followed by comments from Fed Chairman Jerome Powell. Investors will be looking for an overview of the Fed’s plans for its bond purchases and interest rates.
Among the exchange-traded funds, the Innovator IBD 50 (FFTY) had yet to start trading before marketing on Wednesday. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 0.3%. And the SPDR S&P 500 ETF (SPY) rose 0.5%.
Market rally fades, but 3 stocks are approaching buy points; China, the Fed in the spotlight
Stock market breaks key support
The Nasdaq fell sharply below its 50-day line on Monday, adding further selling pressure to major stock indexes. The S&P 500 broke support at that level on Friday, while the Dow Jones Industrial Average hit its lowest level since June 21.
The Big Picture on Tuesday commented: “The stock market has broken through significant chart levels this week, and the change in character increases risk for investors. For now, it is difficult to trade. growth needs a good market to thrive, and that element is lacking right now. “
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Dow Jones Stocks to Buy and Watch: Nike
Dow Jones leader Nike is charting a flat base with a buy point of 174.48, according to IBD MarketSmith’s chart analysis. But stocks are below their key 50-day moving average line and a six-day losing streak following Monday’s 1.4% loss. Shares were up 0.4% before market on Wednesday.
Nike’s results are due on Thursday.
Media giant Dow Jones bounces back
Media giant Dow Jones, Disney, rebounded nearly 1% before market on Wednesday, recouping a small portion of Tuesday’s 4.2% drop. On Tuesday, CEO Bob Chapek said the company’s Disney + streaming service was facing headwinds in the current quarter and investors should expect subscribers to grow into the “millions to. a number “for Disney +. The comments were delivered at an investor conference hosted by Goldman Sachs.
Disney stock hit its key 50-day support level this week and is around 15% of its 52-week high.
Stock market benefits: Adobe, FedEx
After the close on Tuesday, Adobe and FedEx released their quarterly results.
Adobe has exceeded Wall Street targets for its fiscal third quarter and has increased slightly for the current period. The company earned adjusted $ 3.11 per share on sales of $ 3.94 billion in the quarter ended Sept. 3. Analysts expected Adobe to earn $ 3.01 per share on sales of $ 3.89 billion, according to FactSet. Adobe shares slipped 3.7% in early morning trading.
FedEx has lowered its profit outlook for full year 2022 after missing fiscal first quarter results as costs of dealing with pandemic disruptions to work and supply chains rose. FedEx shares plunged more than 6% before the open, deepening the decline.
Stocks to buy and watch: Chipotle, Deckers
Friday’s IBD action of the day, Chipotle Mexican Grill, rebounds from its key 50-day moving average, despite being a two-day losing streak. The shares were unchanged before marketing on Wednesday. The burrito chain traded closely after surging after profits. Look for continued support around its 10 week line which would be bullish for the stock’s outlook during the current market weakness. Positively, the RS line of action is reaching new heights.
According to IBD Stock Checkup, CMG stock enjoys a Perfect IBD Composite Rating of 99. The IBD Composite Rating identifies stocks with a mix of strong fundamental and technical characteristics.
IBD Leaderboard Deckers Outdoor stock is trying to break above an entry of 444.58 on a flat basis, according to IBD MarketSmith, but is about 5% below the entry after three consecutive days of losses. Shares were flat before market on Wednesday. According to the rankings commentary, the largest retail stock is below a mini-trendline entry near 433 which provided an early buy point. Its relative strength line is also near new highs.
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Tesla shares
Tesla stock was up 0.4% before market on Wednesday, which should add to Tuesday’s moderate gain. Stocks hold just above the last buy point of the stock at 730. Stocks also remain above their aggressive buy point of 700.10 at the deepest of a correction. Meanwhile, a wide and deep base continues to take shape.
On January 25, Tesla stock hit a record 900.40, after climbing 93% from a buy point of 466 in a handle mug.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple rose 0.4% before market on Wednesday, seeking to add to Tuesday’s 0.3% rise. The stock is well below key support at the 50 day line. On Monday, Apple stock hit its lowest level since early July.
Software giant Microsoft was up 0.3% before market on Wednesday, as the stock continues to trade just above its 50-day line. On Monday, stocks briefly traded below their 50-day line for the first time since a June 21 break above a buy point of 263.29 before closing just above.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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