Morning Dose: Market Nerves Spike Tech Giants Under Fire
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Futures are pointing to a lower open this morning, and the big mega-cap names are under pressure. The market seems to be taking a breather after failing to hit new highs.
Overnight Headlines
- Weekly jobless claims and August durable goods orders at 8:30 AM Eastern.
- August Existing Home Sales at 10 AM.
Economic Announcements
Several FOMC members speaking today ahead of the big PCE inflation report tomorrow, putting the Fed in focus.
Earnings Highlights
- Accenture (ACN), Jabil (JBL), and TD Synnex (SNX) beat expectations.
- CarMax and KB Home showed mixed results with misses and guidance updates.
Top Movers
- PepGen (P-EP-G) up over 130%, Transocean (R-I-G) down 15%, and Stitch Fix (S-F-I-X) down 5% despite beating expectations.
Quick Trade Ideas
- Rotation out of tech (X-L-K) into Health Care (X-L-V) and Communication Services (X-L-C), with Financials (X-L-F) weak.
- S&P 500 (S-P-Y) support at 658, Nasdaq (Q-Q-Q) at 592.
Key Takeaway
Market sentiment is cautious awaiting key data releases. Jobless claims and durable goods numbers will be crucial for setting the day’s tone. Stay nimble and watch the 658 support level on the S-P-Y closely.