Morning Dose: Tech Titans Tumble Nasdaq Signals Trouble
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. It’s Friday, November seventh, and the market mood feels heavy. Traders are cautious with a lower open expected across the board.
Overnight Headlines
- The S&P 500 futures are down about half a percent.
- The Dow futures are off by four-tenths.
- The Nasdaq futures are tracking down seven-tenths of a percent, indicating weakness in growth stocks.
Earnings Highlights
Strong earnings winners include:
- JFrog (F-R-O-G) gapping up almost thirty percent.
- Expedia (E-X-P-E) soaring over fifteen percent.
- Affirm (A-F-R-M) popping over ten percent.
On the flip side, earnings losers such as Sweetgreen (S-G), Block (X-Y-Z), and DraftKings (D-K-N-G) are facing significant declines.
Top Movers
Tesla stock is down despite positive news of Elon Musk’s pay package approval. Market sentiment remains bearish amid global growth concerns and tech tensions with China.
Quick Trade Ideas
Focus on defensive sectors and avoid high-beta growth names facing selling pressure. Watch stocks like MTSI for a potential move and IDXX for a setup.
Key Takeaway
Exercise extreme caution in today’s market. Monitor key support levels for SPY and QQQ. Be mindful of divergences in earnings performances and overall market sentiment. Protect capital and approach trading with care.