Dow Jones Today: Stock Futures Point to Lower Open; Boeing Shares Down After South Korea Crash

Dec 30, 2024
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Major U.S. stock indexes are poised to open lower on Monday, adding to the previous session’s steep losses.

Futures tied to the Dow Jones Industrial Average were down 0.8% in recent trading, while those linked to the S&P 500 and Nasdaq fell 1% and 1.1%, respectively. The S&P 500 and Nasdaq Composite both dropped more than 1% on Friday, erasing most of the gains posted earlier during the holiday-shortened trading week.

Boeing (BA) shares were down more than 3% in premarket trading after a 737-800 operated by South Korea’s Jeju Air crashed, killing 179 people. Boeing shares have lost one-third of their value this year as the company has faced a series of aircraft quality problems and a cash drain following a nearly two-month strike by its union machinists.

Large-cap technology stocks were down across the board this morning, led by a 3% decline for shares of EV maker Tesla (TSLA). Apple (AAPL), which is on the verge of becoming the first company to ever have a market value of $4 trillion, was down 1% ahead of the bell, while Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also lost ground. 

The yield on 10-year Treasurys, which correlates with market expectations about where interest rates are headed, was at 4.57% in recent trading, down from 4.62% on Friday.

Bitcoin was at $93,000, down from its Friday highs around $97,000 but little changed from the levels it traded at on Sunday.

Gold futures were holding steady at around $2,630 an ounce, while crude oil futures rose about 0.5%.

Tesla Levels to Watch as Investors Await Q4 Deliveries Report

33 minutes ago

Tesla (TSLA) shares are down in premarket trading after logging two consecutive days of losses, as investors reassess the stock’s extended post-election rally and look ahead to the EV maker’s fourth-quarter deliveries report.

Analysts predict the deliveries number, which is expected to be released on Thursday, to come in around 510,000 units, which would represent 10% growth from the prior quarter and a 5% improvement from a year earlier.

Since the presidential election, Tesla shares have surged more than 70% on expectations that CEO Elon Musk’s ties with President-elect Donald Trump and growing influence in Washington will benefit the automaker’s autonomous driving ambitions.

Tesla shares were down 3% at around $419 in recent premarket trading, after falling nearly 7% over the previous two sessions.

The stock has consolidated within a pennant, a chart pattern that signals a continuation of the current uptrend.

Source: TradingView.com.

A measured move, which calculates the distance in points of the impulsive move higher that preceded the pennant and adds that amount to the pattern’s top trendline, forecasts a price target of $615.

During pullbacks, investors should watch key support levels on Tesla’s chart around $360 and $300.

Read the full technical analysis piece here.

Timothy Smith

Major Index Stock Futures Lose Ground

1 hr 21 min ago

Futures tied to the Dow Jones Industrial Average were down 0.6% in recent trading.

TradingView

S&P 500 futures were down 0.8%.

TradingView

Nasdaq 100 futures were also off 0.8%.

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