The beginning of the trading session on Wednesday saw a slight drop in the Dow Jones Industrial Average due to weaker job market data. On the other hand, Tesla stocks continued to outperform and showed gains in the stock market.
Following the opening bell, the Dow Jones Industrial Average showed a 0.1% decrease, while the S&P 500 and Nasdaq composite both made marginal gains in the morning trades. The 10-year Treasury yield showed a slight decrease to 4.4%, while oil prices continued to rise with WTI futures trading at around $83 per barrel.
Market ETFs like the QQQ Trust and SPDR S&P 500 ETF also showed slight gains after the opening session. Tesla stocks continued their winning streak by rallying another 3.1% on Wednesday, extending their gains to seven consecutive sessions.
The ADP employment report released on Wednesday showed unexpected growth of 150,000 jobs in June, which was below expectations. Additionally, weekly unemployment claims rose slightly. The Federal Reserve’s meeting minutes are also set to be released, offering insights into the future path of interest rates.
As a reminder, trading sessions on Wednesday will end early and the market will remain closed on Thursday for the Independence Day holiday.
In the previous trading session, major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq composite showed gains. Market analysis suggests that the stock market is in a state of flux, with some pruning of investments and a cautious approach to adding new stocks.
Stocks worth watching in the current market include companies like Burlington Stores, Carvana, and Meta Platforms, as well as major players like Amazon, Apple, JPMorgan Chase, and Microsoft. Technical analysis indicates potential breakouts for these stocks.
Overall, staying informed about changing market conditions and learning how to time the market with the help of tools like IBD’s ETF Market Strategy can be beneficial for investors. Monitoring stock performance, analyzing buy points, and following market trends are key strategies for successful investing.
