In overnight trade, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were relatively unchanged. This comes ahead of Wednesday’s Federal Reserve interest rate decision, which is highly anticipated by Wall Street. The Fed meeting will be followed by Chairman Jerome Powell’s news conference. Investors predict that there is a slim chance of a rate hike in December, and the markets expect the Labor Department’s October jobs report to show a net gain of 172,000 jobs and a steady 3.8% unemployment rate. Additionally, this week’s earnings reports will be highlighted by Apple’s quarterly report on Thursday.
On Monday, the Dow Jones Industrial Average surged over 500 points, the S&P 500 moved up 1.2%, and the Nasdaq composite advanced 1.2%. However, Tesla stock experienced a significant drop and fell below the 200 price level. Other major tech stocks, such as Nvidia, Apple, and Microsoft, traded higher on Monday. As for stocks to watch during the ongoing market correction, some notable companies include Walmart and UnitedHealth. Furthermore, analysts suggest that investors remain cautious in taking on new positions and closely monitor stock charts for any signs of emerging market leadership.
In terms of the market outlook, Dow Jones futures and other indices experienced little change in overnight trading. The 10-year U.S. Treasury yield remains near its long-term highs, while oil prices dropped by almost 4%. Such market developments indicate the ongoing market correction, and investors are advised to exercise caution in making new investments. Notable stocks to watch include retailers like Walmart and growth stocks like Lululemon and Tradeweb Markets, which have shown interesting patterns in their stock charts. Tesla stock experienced a notable drop, while tech giants Apple and Microsoft traded higher. Overall, market watchers suggest that investors pay close attention to market indicators and emerging market trends.