Morning Dose: Stock Shock Gold Soars, Intel Downgraded
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. Equity futures are pointing to a slightly higher start, indicating a tentative mood in the market as it shrugs off concerns like the government shutdown and navigates through mixed signals.
Overnight Headlines
- Gold surpasses $4,000/oz as investors seek safe havens amid U.S. financial stability concerns.
- Reports on Oracle’s gross margins renting NVIDIA chips impact semiconductor sector, with Intel facing downgrade.
- Apple and Meta nearing settlements with the EU on antitrust cases, removing uncertainties for the stocks.
Economic Announcements
Today’s key event is the FOMC minutes release, with market keen on interpreting signals post last month’s 25-basis point cut.
Earnings Highlights
- Penguin Solutions (PENG): Down 20% on revenue miss and in-line guidance, despite EPS beat.
- Esperion Therapeutics (ESPR) & Joby Aviation (JOBY): Experience drops post-stock offerings.
- AMD: Up with ‘Buy’ ratings from DBS Bank and DZ Bank amid sector uncertainties.
Top Movers
Rotation into cyclicals noted with Tech (XLK) and Industrials (XLI) performing well, while Energy (XLE) stands out with bets on economic recovery as compared to lagging Utilities (XLU).
Quick Trade Ideas
Watch SPY support at 665 and resistance at 672; QQQ support at 602 and resistance near 610 for potential trading cues post-market open.
Key Takeaway
Today’s theme is balancing cautious optimism with underlying fears, reflected in market rotations and record-high gold prices. Monitor SPY’s 665 support level closely for potential market direction clues.