Dow Jones futures saw a slight rise after hours, together with S&P 500 futures and Nasdaq futures, with chip-equipment giant ASML reporting before Wednesday’s open. Market indexes held their ground despite comments from Fed chief Jerome Powell, remaining below their 50-day moving averages. Leading stocks like Sea Limited, DraftKings, and Datadog showed promising action despite the instability in the market.
The stock market rally maintained a relatively quiet Tuesday where major indexes closed mixed. Fed chief Powell’s remarks about inflation and rates did not heavily impact the market, although the indexes continue to be below their key moving averages. While some stocks like Nvidia, Super Micro Computer, and ASML are showing positive signs, Tesla stock faced a decline due to ongoing uncertainties surrounding the EV giant’s strategy amidst significant job cuts.
ASML earnings for the first quarter are expected to experience a significant decline, with analysts anticipating a rebound later in 2024. Various tech stocks such as Applied Materials, Lam Research, and KLA Corp. are positioning near entries while awaiting results from ASML to determine market trends. The stock market’s current state remains under pressure with the major indexes struggling to stay above their moving averages, signaling a cautious approach for investors in the midst of ongoing uncertainties.