Skip to content
I LPO TEA

I LPO TEA

Business is for Kids

Primary Menu
  • Commodity Investing
  • Dow Jones Industrial
  • Business News
  • Commodities
  • Invest Today
  • Financial
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Dow Jones Futures Fall After Bullish Market Action; Tesla To Buy Batteries From Top EV Rival
  • Dow Jones Industrial

Dow Jones Futures Fall After Bullish Market Action; Tesla To Buy Batteries From Top EV Rival

By Stahlman 10 months ago

Dow Jones futures fell modestly early Wednesday, along with S&P 500 futures and Nasdaq futures, with the 10-year Treasury yield moving back above 3%. The stock market rally responded bullishly Tuesday to another Target (TGT) earnings warning, rebounding from early lows to close solidly higher.




X



China EV and battery giant BYD (BYDDF) will supply batteries to Tesla (TSLA), a BYD executive said Wednesday, after months of speculation. That comes as BYD vehicle sales pass Tesla’s.

VRTX stock, Ulta Beauty (ULTA), ZIM Integrated Shipping (ZIM), Albemarle (ALB), Ashland Global Holdings (ASH), TimkenSteel (TMST) and Chevron (CVX) are stocks in or near buy zones. Vertex Pharmaceuticals (VRTX), Ulta Beauty and Albemarle are in handles. ZIM stock is flirting ASH stock is below an official buy point but arguably actionable now. TMST stock broke out on Tuesday while Chevron is holding in a buy range.

The relative strength lines for these stocks are at or near highs. The RS line, the blue line in the charts provided, tracks a stock’s performance vs. the S&P 500 index.

ALB stock is on IBD Leaderboard, while Ashland stock is on the Leaderboard watchlist. ZIM stock is on the IBD 50. CVX stock is on the IBD Big Cap 20. Vertex Pharmaceuticals was IBD Stock Of The Day. The video embedded in this article discussed Tuesday’s market action and analyzed TimkenSteel, Chevron and ULTA stock.


The Booming EV Giant Seizing Tesla’s EV Crown


BYD-Tesla Battery Deal

BYD will supply batteries to Tesla, a senior BYD executive said in an interview with state-owned TV, according to CnEVPost.com. While few details were given, the deal is a major validation for BYD as a battery supplier to third-party automakers. Tesla has relied on battery giant CATL for its China-made vehicles. There have been rumors for months that Tesla would use BYD Blade batteries, which are a specialized LFP battery.

That comes as Tesla is virtually assured of losing its EV crown in the second quarter to BYD, though that latter includes EVs and plug-in hybrids. Until most automakers in China, BYD reported record sales in April and again in May thanks to its in-house battery and chip operations.

Tesla stock rose a fraction early Wednesday after edging up 0.25% to 716.66 on Tuesday. TSLA stock is well below its 50-day and 200-day moving averages.

BYD stock is not yet active in the U.S., but rose in Hong Kong. Shares dipped 0.5% to 38.12 on Tuesday. BYD stock has rallied strongly for the past four weeks, nearing a 41.34 buy point from a deep cup base.

Dow Jones Futures Today

Dow Jones futures fell 0.4% vs. fair value. S&P 500 futures declined 0.3% and Nasdaq 100 futures lost 0.1%.

The 10-year Treasury yield rose 4 basis points to 3.01%.

U.S. crude oil prices climbed 1% to more than $120 a barrel.

Chinese internets continued to rebound overnight amid economic and regulatory optimism.

Intel (INTC) fell modestly as Citigroup said it expects the chip giant to warn on Q2, citing recent management comments.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live


Stock Market Rally

Target said early Tuesday big markdowns to address surprise inventories will hit profit margins even harder than it forecast just a few weeks ago. That heightened concerns about consumer spending and the economy. But Target stock, which fell to 147.15 soon after the open, closed down just 2.3% to 155.98.

The stock market rally, which opened sharply lower, quickly erased losses and moved solidly higher.

The Dow Jones Industrial Average rose 0.8% in Tuesday’s stock market trading. The S&P 500 index advanced 0.95%. The Nasdaq composite climbed 0.9%. The small-cap Russell 2000 jumped 1.6%.

U.S. crude oil prices rose 0.8% to $119.41 a barrel.

The 10-year Treasury yield fell 7 basis points to 2.97%.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) popped 2.9%, while the Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.65%. The iShares Expanded Tech-Software Sector ETF (IGV) advanced 1.6%. The VanEck Vectors Semiconductor ETF (SMH) was up 0.8%.

SPDR S&P Metals & Mining ETF (XME) jumped 3.5%, with TimkenSteel stock a small component. The Global X U.S. Infrastructure Development ETF (PAVE) gained 1.65%. U.S. Global Jets ETF (JETS) ascended 1.3%. SPDR S&P Homebuilders ETF (XHB) edged up 0.4%. The Energy Select SPDR ETF (XLE) popped 3%, with CVX stock a major holding. The Financial Select SPDR ETF (XLF) rose 0.8%. The Health Care Select Sector SPDR Fund (XLV) closed 1.3% higher.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rallied 3% and ARK Genomics ETF (ARKG) 3.6%. Tesla stock is still the No. 1 holding across Ark Invest’s ETFs.


Five Best Chinese Stocks To Watch Now


Stocks To Watch

ULTA stock rose 1.8% to 421.02, advancing despite the latest Target warning. Ulta Beauty stock has a cup-with-handle buy point of 426.93. Last month, shares of the beauty supplies retailer plunged in the wake of Target’s initial warning, but they bounced back powerfully on Ulta earnings.

ZIM stock climbed 1.9% to 68.52, flirting with clearing some short-term levels that one could treat as a quasi-handle. On a weekly chart, ZIM stock does have a tiny handle, offering a 68.63 buy point. But on a daily chart, the container-based shipping firm has a cup base with an official 75.81 buy point.

ALB stock edged up 10 cents to 257.89 on Wednesday. Shares of the lithium giant has a 273.78 handle buy point in a large cup base. In late May, ALB stock surged past a 248 early entry in the wake a second big earnings upgrade in a month, but then briefly tumbled below those levels a few days later.

ASH stock closed up 0.3% to 110.51, closing well off intraday lows. On Monday, the chemical additives firm got above a 111.15 flat-base buy point intraday, but closed below that level. An investor could use 108.95 as an early entry for Ashland stock.

TimkenSteel stock leapt 8.8% to 26.18, clearing a 24.90 cup-with-handle buy point, MarketSmith said. TMST stock is slightly extended. Specialty steel firms are standing out, with Howmet Aerospace (HWM) showing strong action. Other steelmakers are starting to bounce back.

Chevron stock advanced 1.9% to 180.21, a new closing high and moving up in a buy range from a 174.86 flat-base entry. CVX stock is less volatile than many energy names, and even now is just 5.9% above its 10-week line.

VRTX stock climbed 1.4% to 271.86. Vertex stock has a 276.10 cup-with-handle buy point, finding support at the 50-day line.

Market Rally Analysis

Key economic, business and political news are important for the stock market, but what really matters is the market reaction to that news.

Target’s previous warning on May 18 triggered a massive market sell-off, signaling the just-confirmed uptrend was in serious trouble. Two days later, the major indexes undercut their mid-May lows.

But on Tuesday, the current confirmed market rally responded well to the latest Target warning, rebounding after initially selling off. Even Target came off morning lows — above its late May lows after its initial profit warning. Other retailers slashed losses or even turned positive.

The major indexes, which undercut their 21-day moving averages Tuesday morning, rallied for solid gains.

The 10-year Treasury yield, falling back below 3% after big gains Monday, was quietly a key contributor to Tuesday’s upside reversal.

Still, the stock market rally hasn’t quite figured out if it wants to move higher or test May’s lows.

Extended sideways action could be positive. A number of handles have formed in the past few days. A longer pause would allow more handles and bases to develop, as well as let moving averages catch up.

If the major indexes move above their recent ranges, they’ll soon run up to the 50-day moving average. The S&P 500 is just below its 10-week line, with the Dow Jones just closing above that key level. The small-cap Russell 2000 is above its 50-day and 10-week averages.

Energy stocks continue to lead the market. A number of other sectors are trying to bounce back, including metals and mining plays such as TimkenSteel. Lithium plays such as Albemarle can be viewed as a metal mining play but also an energy stock. Drugmakers and big biotechs are generally holding up, such as Vertex stock. Even some retailers like Ulta Beauty are looking interesting.

But all of these non-energy sectors clearly need the market rally to at least hold up, and may struggle to make much headway without a broad advance.


Time The Market With IBD’s ETF Market Strategy


What To Do Now

After Monday’s fade, Tuesday’s action was more positive. But with the market rally still in flux, investors should still keep overall exposure slim to modest. They also should keep individual positions small, at least to start. Consider taking partial profits relatively quickly, given the current market conditions.

If the market rally breaks above recent levels and the major indexes run past their 50-day lines, investors can take advantage of buying opportunities. But continue to gradually increase exposure.

Investors should keep their watchlists fresh. Some fertilizer names might be shoveled off to the side, with more attention paid to retail and steel names. Make sure you’re ready and aware when the market builds momentum.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Tags: "Georgia Business Search, American Express Business Cards, At&T Business Login, Att Business Customer Service, Att Business Internet, Bad Business Codes, Bank Of America Small Business, Buffalo Business First, Business Administration Jobs, Business Administration Salary, Business Analyst Jobs, Business Card Dimensions, Business Casual Female, Business Casual For Women, Business Casual Women Outfits, Business Ideas 2021, Business Letter Example, Business License California, Business Name Search, Business Process Reengineering, Business Proposal Template, Buy A Business, Card For Business, Chase For Business, Chase Ink Business Card, Columbia Business School, Costco Business Center San Jose, Emirates Business Class, Facebook Business Account, Fictitious Business Name, Florida Business Entity Search, Ga Sos Business Search, Google Business Email", Houston Business Journal, Illinois Business Search, Instagram Business Account, Is Lularoe Still In Business, London Business School, Master Of Business Administration, Men'S Business Casual, Pittsburgh Business Times, Qualified Business Income Deduction, Sacramento Business Journal, Secured Business Credit Card, Standard Business Card Size, T Mobile Business, Texas Business Search, Tië³´o The Business, Top Business Schools In Us, Types Of Business

Continue Reading

Previous Dow Jones Futures: 10-Year Treasury Yield Tops 3%; 7 Best Stocks To Buy And Watch Now
Next Europe buckles up for ECB ‘liftoff’ signal By Reuters
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018

Recent Posts

  • Looking for a Better Investment Strategey? Consider Assett Allocation
  • Boost Your Business With a Joint Venture Broker
  • Log In
  • 6 Ways in Which IoT Is Revolutionizing Supply Chain Management and Logistics
  • How Loan Against Gold Can Be Your Savior When Personal Loan is Rejected

BL

Intellifluence Trusted Blogger

tramadol overnight shipping

seophee.com

gudang beras malang

Tags

"Business Insurance Cover Coronavirus 5e Business Profit Ahron Levy Columbia Business School business Business Consultant Certification Austin Business Letter With Logo Example Business Located Easy Location Business Platform Stocks Business Positions Seattle Business Regulation Legal Services Daystarr For Business Dimagi Business Development Toolkit Do Business Schools Accept Entreprenuers Enironmentall Friendly Business Ideas Eric Early Republican Business Owner Essec Business School Dean Essential Business To Remain Open Example Small Business Fall Winter Business Hours Template Fdot Woman Owned Business Certification First Business Women United States First Com Business Fixing A Damaged Reputation Business Florida Business Enforcement Free Small Business Communication Tool Law School Business Entity Outlines Mapping A Business Location Medical Business Trends Economics Mix Business And Personal Money Mlm Nit Small Business Legally New Business Agency Sales Questions Patricia Saiki Women'S Business 1990 Safety Business Proposal Sample Business Plan Entrepreneur School Business Administration Positions S Corp Business Deductions Search Tx Business Llc Sentextsolutions Business Cards Signs For Business On Roads Small Business Forums .Net Small Business Insurancr Tech Monkey Business Ttu Business Cards Template Turbotax Business Nys Forms Uf Business School General Studies

Visit Now

Best Health Insurance

seo.buybacklinks.online 

scorpion pest control las vegas

ilpotea.info | Magazine 7 by AF themes.