Morning Dose: Tech Turmoil Sparks Futures Fear
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.
Good morning! It’s shaping up to be another interesting session. Futures are pointing to a weaker open across the board. S&P futures are down about thirteen points, and Nasdaq futures are off by nearly eighty.
Overnight Headlines
- Market Mood: Mega-cap and technology names facing considerable weakness, Dow flat after hitting a new high.
- Fed Focus: Attention on Fed Chair Powell’s speech at Jackson Hole, FOMC Minutes from July meeting today.
- Political News: White House pushing for Stephan Miran’s nomination to the Fed Board.
Economic Announcements
Key focus on Fed dynamics and rate cut expectations ahead of upcoming events.
Earnings Highlights
-
Lowe’s (LOW):
Up 4.5% pre-market, beat EPS expectations, announces $8.8B acquisition. -
TJX (TJX):
Strong performance, beat on top/bottom lines, raises guidance. -
Target (TGT):
Down almost 10%, C-suite shakeup impacts investor sentiment. -
Estee Lauder (EL):
Down 7%, missed EPS, lowered full-year earnings guidance.
Top Movers
Single-stock Stories: Tesla (TSLA) in the news for political focus, caution advised on market sentiment. Relative strength in defensive sectors over tech.
Quick Trade Ideas
Key levels to watch: SPY support at 638.50, 639.50 for upside breakthrough. QQQ support at 567.80, cautious approach recommended with volatility expected post-Fed minutes release.
Key Takeaway
Market sentiment cautious, pressure on tech, drama in retail earnings, Fed anticipation. Stay nimble, respect price action, and be cautious in trading decisions.
Thank you for tuning in to The Morning Dose. Wishing you a profitable trading day!