Today’s stock market session unfolded with a sense of monotony, marked by a transition from an explosive trading momentum to a more intricate and challenging phase as the closing bell approached. The market’s action nullified the gains made by the Fed.
QQQ:
Tech stocks, particularly those in the AI sector, faced a challenging day as Advanced Micro Devices (AMD) and Super Micro Computer (SMCI) experienced sell-offs following their earnings reports. Although Nvidia (NVDA) managed to pare down its losses somewhat, it still saw a downward trend as the session progressed.
AMD:
SMCI:
Post-closing, notable companies such as Qualcomm, DoorDash (DASH), Sprouts Farmers Market (SFM), and Carvana announced their earnings reports.
CVNA:
QCOM:
In futures trading, Dow Jones futures edged up by 0.4% above fair value, while the S&P 500 saw a 0.5% increase, and Nasdaq 100 futures rose by 0.7%.
The upcoming earnings report from AAPL after Thursday’s trading session holds potential significance for the current market sentiment.
What to do now
The market’s tumultuous behavior in the final trading hours signals adversity for investors. Patience becomes paramount as we await clearer market signals, particularly with the AAPL report looming tomorrow. Keep a close watch for further cues from stocks poised for participation in the market’s eventual rebound.
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