Morning Dose: Market Alert Tariffs Spike, TikTok Deal Done
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood:
Good morning traders! Welcome to The Morning Dose for Friday, September twenty-sixth. Futures are indicating a modest gain today amidst cautious market sentiment.
Overnight Headlines:
- New Tariffs: President announced a new round of tariffs on various imports, impacting sectors like pharmaceuticals, heavy trucks, kitchen cabinets, and upholstered furniture.
- TikTok Deal: ByteDance officially sold TikTok with U.S. investors taking majority ownership, reducing uncertainty in the market.
Economic Announcements:
All eyes on the release of the Personal Income and Outlays report at 8:30 AM Eastern for insights into inflation trends and potential impacts on rate cut expectations.
Earnings Highlights:
- Costco (COST): Beat earnings expectations, showing continued strength.
- Concentrix (CNXC): Missed earnings and gave weak guidance, leading to a significant pre-market drop of about twenty percent.
Top Movers:
Crinetics Pharmaceuticals (CRNX): Surged over nine percent following FDA approval for their acromegaly treatment.
Quick Trade Ideas:
Consider focusing on leading tech names for potential entries, particularly after the PCE data release, with a watchful eye on sectors like semiconductors.
Key Takeaway:
While the market sentiment is cautiously optimistic, be selective and nimble in your trades. Watch for key support and resistance levels, especially in the SPY and QQQ, and consider growth sectors for potential opportunities.