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Thursday, February 22, 2024
HomeFinance NewsMeta Leads 9 Stocks to Watch as Dow Jones Futures Gain Momentum

Meta Leads 9 Stocks to Watch as Dow Jones Futures Gain Momentum

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The Dow Jones futures, along with S&P 500 futures and Nasdaq futures, showed a slight decline in after-hours trading. However, Dow giant Nike saw a rally in its stock following positive earnings. The market rally attempt experienced modest gains on Thursday, and investors are hoping for a follow-through day next week to confirm a new uptrend. The upcoming PCE inflation report and the possibility of a government shutdown are important factors that may affect the market. Nine tech stocks, including Meta Platforms, Nvidia, and Uber Technologies, are worth watching as they showed signs of potential entry points on Thursday.

In the late trading session, Nike stock surged after the company reported higher-than-expected earnings, although its sales growth slightly trailed expectations. Other companies, such as Carnival, are set to report their earnings on Friday morning. The Commerce Department is scheduled to release the PCE price index for August, which economists anticipate will show an increase in overall inflation fueled by higher gasoline prices. However, the core PCE price index is expected to cool down slightly, which could affect the Federal Reserve’s rate hike plans. Despite weak guidance from companies like Micron Technology and Workday, the stock market rally attempt continued its upward trend.

Investors are urged to exercise caution as it is still considered a market correction. The success of the ongoing rally attempt has yet to be proven, and the PCE inflation report and the possibility of a government shutdown pose risks to the market. It is recommended to wait for more confirmation before making significant investment decisions. Energy stocks remain a strong sector to watch, along with building and construction plays, insurers, and discounters. Staying informed about market direction and leading stocks and sectors is crucial during this critical period.

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