Major U.S. stock indexes were slightly higher Wednesday morning as investors watch developments in the Middle East and the U.S. port strike, while awaiting important labor market data in the coming days.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were each up less than 0.1% in mid-morning trading, recovering from losses to start the session. The major indexes fell sharply on Tuesday, retreating from record high levels that had been reached in late September amid optimism about the U.S. economy and expectations that the Federal Reserve will continue cutting interest rates.
Large-cap tech stocks, which led the broader market decline on Tuesday, were mixed Wednesday morning. AI chipmaker Nvidia (NVDA), Apple (AAPL) and Amazon (AMZN) were gaining ground, while Microsoft (MSFT), Meta Platforms (META) and Alphabet (GOOGL) were down slightly. Chip stocks were higher broadly, after a sharp downturn Tuesday.
Among the big movers Wednesday, Tesla (TSLA) was down nearly 5% after the electric vehicle maker reported quarterly delivery numbers. Nike (NKE) shares were down more than 6% after the company late Tuesday withdrew its full-year outlook and said it plans to postpone its upcoming investor day ahead of the company’s transition to a new CEO later this month.
Crude oil futures were up 2%, extending a rally that started Tuesday following news that Iran had launched a barrage of missiles into Israel. Several energy company stocks were moving higher in tandem with the rise in oil prices, though they came off earlier highs.
The economic data calendar is light on Wednesday, ahead of a handful of indicators tomorrow and the highly anticipated release on Friday of the September jobs report. Investors are keeping a close eye on the data releases, as well as comments from Fed officials who are scheduled to speak, for indications of how aggressive the central bank will be in cutting interest rates. The Fed cut its benchmark lending rate last month for the first time in four years.
One big new variable that could affect the outlook for inflation and the labor market—the two areas the Fed monitors most closely—is the port strike that kicked off on Tuesday. The work stoppage affects 14 ports stretching from Maine to Texas that handle about two-thirds of U.S. imports, and could have a wide-ranging and damaging impact on the economy.
Gold futures were down about 0.8% to around $2,670 after rising in the previous session to near-record-high levels. Bitcoin was up about 1% to trade just above $61,000.
Tesla Tumbles as Deliveries Fail to Impress
1 hr 10 min ago
Tesla (TSLA) shares fell Wednesday morning after the electric vehicle maker reported quarterly delivery numbers that came in slightly higher than analysts had expected.
Tesla delivered 462,890 vehicles in the third quarter and said it produced 469,796 vehicles in the quarter. Those figures are up from 435,059 deliveries and production of 430,488 vehicles in the third quarter a year ago.
Analysts had expected roughly 461,000 deliveries and production of just under 450,000 vehicles, according to estimates compiled by Visible Alpha. Wedbush analysts said the figures were “a step in the right direction,” but added the stock could be pressured as investors may have expected more.
Deliveries fell year-over-year in the first two quarters of the year, leading Tesla stock to sink over the first half of the year, before recovering in recent months. Analysts from Deutsche Bank and Wedbush said in the week leading up to Wednesday’s announcement that investors’ focus will likely be more on next week’s planned “robotaxi” unveiling rather than the delivery data.
The EV maker also announced Wednesday that its full third-quarter results will be released after the market closes Oct. 23.
Tesla shares were down nearly 5% in recent trading, slipping back into negative territory for the year to date.
Nike Tumbles as Company Withdraws Outlook
3 hr 22 min ago
Nike (NKE) shares moved sharply lower in premarket trading Wednesday after the apparel and equipment giant withdrew its full-year outlook and said it plans to postpone its upcoming investor day ahead of the company’s transition to a new CEO later this month.
The stock has rallied more than 25% from the lower trendline of a falling wedge, though Wednesday’s projected earnings-driven selling threatens to derail the recent bullish price momentum.
Shares were down 7.3% at $82.67 about half an hour before the opening bell Wednesday.
Investors should monitor key lower price levels on Nike’s weekly chart around $85 and $79, while watching important higher price levels near $96 and $104.
Read the full technical analysis piece here.
Futures Point to Lower Open for Major Indexes
3 hr 56 min ago
Futures tied to the Dow Jones Industrial Average were down 0.2%.
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S&P 500 futures were down 0.3%.
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Nasdaq 100 futures were also off 0.3%.
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