Markets gave up some of their recent gains on Wednesday. Each of the major indexes ended the day deep in the red…
- Dow Jones -0.6%
- Nasdaq 1.7%
- S&P 500 -1.1%
- Russell 2000 -1.5%
Markets appear to be entering a consolidation phase, moving sideways more than up or down. It’s not uncommon…
Sector Round Up
Bears ruled across the board, with all 11 sectors ending lower.
The smallest losers…
- Real estate (XLRE) -0.3%
- Healthcare (XLV) -0.3%
- Industrials (XLI) -0.6%
At the bottom…
- Communications (XLC) -3.1%
- Utilities (XLU) -1.7%
- Technology (XLK) -1.2%
The communications sector was hit hardest by Alphabet (GOOG, GOOGL), which fell -7% & 8%, respectively.
- Bard, Google’s answer to Microsoft (MSFT) & ChatGPT, struggled during rollout
- The AI wars are heating up…
Disney (DIS) is up more than 6% in premarket trading.
- The company reported earnings & layoffs after the closing bell yesterday
- 7,000 workers, 3% of the company will get the boot
- The restructuring plan will cut $5.5 billion in expense
Tesla (TSLA^) passed the $200 mark yesterday and closed at its highest level since early November.
- The stock has nearly doubled over the past month
- Cuts to the price of its cars have greatly increased demand
Shares of The New York Times (NYT) rose 12% yesterday. On its earnings call, it revealed…
- 12% annual sales growth
- A 22% increase in its shareholder dividend
- $250 million will go towards stock buybacks
The VIX is still pointing lower.
The market is showing little signs of fear despite The Fed’s hawkish stance and lingering recession concerns.
We’ll continue to monitor for a change in the trend.
Little else to note this morning…
- RSI levels are all neutral
- The Put-to-Call Ratio is neutral
On this day in 2011, Bitcoin^ traded above $1 for the first time.
- This morning it’s trading near $22,750
- That’s 227,500% increase in 12 years
- For comparison, the S&P 500 is rose about 220% over the same period
*BBAI support at $4
*^VRAR resistance at $6.50
*IVDA support at $2
^AEHR resistance at $37
CABA support at $12
^VERI support at $9
DSKE support at $8, resistance at $9
AVRO on watch
MANU resistance at $24
CBAY support at $8
CDTX support at $1.60
WFRD support at $57
AI support at $22 or $23, resistance at $27
SOUN support at $4
TGTX support at $18
OI support at $20
NYT on watch
KD on watch
AMRN support at $2