On Thursday, stock market futures were mixed. The rebound in technology stocks drove the Nasdaq index to rise, and weekly unemployment data showed an improvement. Chinese stocks were the early leaders, and the IBD ranking name ServiceNow rebounded after analysts were upgraded. Today, Boeing and Nike provided early resistance to Dow Jones.
X
Dow Jones futures fell 0.8%, while S&P 500 futures traded at 0.3% below fair value.Nasdaq 100 futures edged up 0.2% due to Jingdong (JD) and Zoom video (ZM) Lead.
Although the losses were modest, cruise lines, airlines and oil producers squeezed the low end of the S&P 500 index. Current service Morgan Stanley (NOW) led the stock, up 3.3% after Morgan Stanley (Morgan Stanley) upgraded its stock rating from “559” to “overweight” with a target price of 652.
The Chinese stock market is generally bullish, and has improved after several days of struggling. Pinduoduo (PDD) and Xpeng (XPEV) posted a significant increase in profit after the announcement, and JD.com (JD.com) climbed. Prior to this, the company announced that the total amount of “Singles’ Day” shopping initiated by “Singles’ Day” was US$43.17 billion Alibaba Group (Baba). The GMV reported by Alibaba is US$75.28 billion. This brought the performance of the two companies to 116 billion US dollars, an increase of 71% over last year. Jingdong (JD.com) is also on the IBD ranking list.
Read the following article to prepare for market action on Thursday IBD Investment Action Plan.
The number of unemployment benefits declined, and price growth stabilized
The Department of Labor reported that in the week ending November 7, the number of unemployed people fell to 709,000 for the first time. This is 48,000 fewer claims than the revised claims in the previous week. Economists had expected a more modest decline to 737,000 new applications.
Monthly consumer price growth was flat in October, while a steady increase of 0.2% is expected. The same goes for core prices minus food and energy. The consumer price index rose 1.2% from the same period last year.
A busy day in Fed comments may also affect trade. Fed Chairman Powell is scheduled to deliver a speech at 11:45 am EDT. Vice Chairman Randal Quarles attended the Senate Banking, Housing and Urban Affairs Committee at 2:30 pm Eastern Time. Chicago Fed President Charles Evans (Charles Evans) delivered a speech at 3 pm Eastern Time. After the close, New York Fed President John Williams is scheduled to deliver a speech at 4 pm Eastern time.
Earnings News: Pinduoduo, GrowGeneration, Celsius
In terms of earnings, Pinduoduo and Xiaopeng grabbed large early gains. room (VRM) and around (RVLV) was hit hard, falling 10.2% and 11% respectively.
Pinduoduo soared by nearly 24% to reach amazing profits, revenue increased by 99%, and monthly active users increased by 50% to 643.4 million. Volatile stocks have entered and exceeded the buying range of 99.06 buying points above the cup base. At the close on Wednesday, the stock expanded.
Growing generation The share price of the Denver-based organic garden supplies distributor (GRWG) rose by more than 8%, which means that the stock may return to the 21.43 buying point at the opening. The company reports that its earnings have improved and it has achieved triple-digit sales growth for the ninth consecutive quarter. As of Wednesday’s close, the stock is up 327% from the December 2019 initial public offering.
Celsius Holdings (CELH) stock rose by 14%, and the company announced a narrow growth for the quarter with revenue growth of 86%. The fitness drink maker closed on Wednesday on a 13-week basis, 8% below its 26.86 point of purchase. Since the beginning of the year, the stock has risen 359%.
The rally in Tokyo continues
In overseas markets, Chinese stocks closed slightly lower on Thursday, and Tokyo’s Nikkei 225 index rose 0.7%. The Nikkei Index has now risen by 11.1% in the past two weeks, breaking through its October 2018 peak and reaching a new high.
IBD stocks on the day are approaching the buying point on a “particularly encouraging” outlook
In the afternoon trading, the European market fell slightly as concerns about the rise in coronavirus cases in the region weakened optimism about the possibility of a vaccine. CAC-40 in Paris fell 1.6%. Frankfurt’s DAX fell 1.3%. Nevertheless, so far this week, the Stoxx Europe 600 Index is still up 5.7%, up 13.4% from the October 29 low.
Coronavirus: new cases, deaths, accelerated positive tests
A week ago, the daily record of new coronavirus cases in the United States exceeded 100,000 for the first time. On Wednesday, the number of new cases per day exceeded 145,000. Worldometer data shows that the current seven-day average of new cases is 127,745, which is 85% higher than the previous peak at the end of July and more than 250% higher than the September low.
The test also climbed to the highest level, with an average of 1.35 million on Wednesday during the 10-day test. This is 68% higher than the test level at the end of July and 232% higher than the low point in mid-September.
The death rate is picking up, and since Monday, the seven-day average death toll reported in the United States has risen to more than 1,000. This is more than 50% higher than the death rate in mid-October. It has been close to the average level of 1,200 since the beginning of August, but still far below the high of 2,200 in April.
The positive rate (that is, the percentage of positive results for each test performed) is attracting increasing attention. According to data from Johns Hopkins University, the national positive tax rate has risen to 8.5% from 4% in mid-October this month. Interest rates in many states have jumped to double digits. The incidence rates in Iowa, Kansas, and Missouri have soared to 40% to 50%, while the current positive rate in South Dakota is 54.7%.
Dow Jones today: two weeks old
As Dow Jones tends to soft open today, Dow Jones stocks showed some amazing gains three days ago. American Express (AXP) closed up 14.9% on Wednesday. visa (V) rose 14.2%. Boeing (BA) rose 15.5%. Chevron (CVX) soared 15.9%. All the gains occurred on Monday, and in the next two trading days, the stock fell from its high.
This move marks a clear breakthrough Traveler (TRV) ended on Wednesday, and its buying range expanded to 134.64. Walmart (WMT) moved 1.5% on a 10-week flat basis, approaching the 151.43 buying point. apple (AAPL) rose slightly by 0.7%, found support at its 10-week moving average, and was well below the 138.08 buying point on an 11-week basis.
Nike (NO) fell 1% as of Wednesday. Salesforce.com (CRM) and The Home Depot (HD) both fell 2.3%. Microsoft (MSFT) fell 3.2%.
IBD’s William O’Neil wins the Benzinga Global Fintech Awards
Overall, today the Dow Jones Index rose 3.8% in the week ending Wednesday. The index rose 10.9% in November and is expected to achieve the best post-presidential election gain since 1988. The index has risen only 3% since December 31, which is still slightly lower than the previous bear market in February. The market is high.
The state of the market is “confirming an upward trend.” But despite the big gains on Monday, many top stocks suffered some chart losses on Monday and Tuesday. The Senate’s continued uncertainty about the results of the election, as well as the increase in the number of coronavirus cases and the prospects for possible vaccines, have raised a lot of vigilance. IBD market analysis pointed out on Wednesday: “Be cautious and don’t bet big on a single stock.” “If you have been raising cash, you can look for stocks to buy, but keep a small position.”
Find Alan R. Elliott on Twitter @IBD_Aelliott
You might also like:
Want to make quick profits and avoid huge losses? Try SwingTrader
The best growth stocks to buy and watch
IBD Digital: Unlock IBD’s advanced inventory, tools and analysis today
#Dow #Jones #Index #today #Powells #speech #mixed #early #stage #ServiceNow #upgraded
More from Source