The stock market showed resilience on Wednesday as Dow Jones futures, S&P 500 futures, and Nasdaq futures all rose slightly. This rebound comes after Tuesday’s tech-led sell-off, with major indexes closing off intraday highs.
Federal Reserve chief Jerome Powell reiterated that there is no rush to cut interest rates, and labor market data did not raise any alarms. CrowdStrike gapped up on earnings but came off highs, while Nvidia, AMD, and Super Micro Computer hit new highs.
Palantir Technologies and Dexcom cleared buy points on news, and Qorvo regained a buy point. Square-parent Block is also setting up for potential gains. However, Tesla briefly fell below 2024 lows, showing significant underperformance compared to the S&P 500.
Novo Nordisk saw a jump in its stock price after announcing positive results for its experimental weight loss drug. Overall, investors are urged to be cautious as bullish sentiment reaches near-euphoric levels.
ETFs related to growth, technology, and other sectors saw gains following Tuesday’s losses. Stocks to watch include Palantir, Dexcom, Qorvo, and Square-parent Block, which showed positive movements. On the other hand, Tesla continued to struggle.
The market rally has shown its resilience in bouncing back from brief pullbacks, but caution is warranted as excessive bullishness is observed among investors. As always, it is important to carefully monitor the market and make informed decisions when it comes to investments.
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