Morning Dose: Tech Titans Propel Nasdaq Futures to Surge
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 market briefing. Futures are indicating a strong green open today, driven by impressive earnings from tech giants Microsoft and Meta.
Overnight Headlines
- Microsoft (MSFT) and Meta Platforms (META) reported blockbuster earnings, propelling the market with positive momentum.
- Meta exceeded expectations by $1.26 per share, leading to a 12% surge in pre-market trading.
- Microsoft showcased strength in Azure cloud services with a remarkable 39% revenue growth.
Economic Announcements
Key economic data releases at 8:30 AM include the P-C-E Price Index and the Employment Cost Index, crucial indicators that may influence market direction amidst ongoing inflation concerns.
Earnings Highlights
- Carvana (CVNA) up over 16% on solid Q3 outlook.
- eBay (EBAY) soared 13% on earnings beat and upgrade to ‘Outperform’ rating.
- Align Technology (ALGN) plunged nearly 35% due to a significant miss and guidance cut.
- Ford (F) cautious outlook on tariffs led to a stock decline despite beating expectations.
Top Movers
Watch for continued movement in defensive sectors like utilities and monitor large-cap ETFs for potential market direction cues.
Quick Trade Ideas
For SPY, support at $635 and QQQ resistance at $578 are key levels to watch for potential shifts in market sentiment.
Key Takeaway
Amidst the tech rally driven by strong earnings, remain alert to the impacts of upcoming economic data at 8:30 AM. Stay nimble and adapt to market dynamics for profitable opportunities.