Dow Jones futures were little changed early Wednesday, along with S&P 500 futures and Nasdaq futures. Nike (NKE) and GameStop (GME) reported after the close. Investors are already turning to Wednesday’s Federal Reserve rate hike decision.
The stock market rally saw strong gains Tuesday as Treasury Secretary Janet Yellen signaled more support for banks. First Republic Bank (FRC) led a rebound Tuesday.
Swiss athletic shoe maker On Holding (ONON), EV chip play Aehr Test Systems (AEHR) and Google parent Alphabet (GOOGL) offered buying opportunities on news. ONON gapped on earnings, Aehr rallied on new orders and Google cleared a key level on its AI chatbot.
Tesla stock made a bullish move Tuesday within an emerging bottoming base, as Tesla (TSLA) China sales continue to pick up and Moody’s upgraded its credit rating.
This remains a market rally attempt within a correction, not a confirmed uptrend. The Fed rate hike decision Wednesday looms large, while banking concerns remain high.
Nvidia stock is on Leaderboard. ONON stock is as a Leaderboard earnings options play. Microsoft and GOOGL stock are on IBD Long-Term Leaders.
The video embedded in this article discussed Tuesday’s market action and analyzed On Holding, AEHR stock and Google.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures climbed about 0.1%. Nasdaq 100 futures fell 0.1%.
The 10-year Treasury yield edged up 1 basis point to 3.61%.
Crude oil futures fell slightly. Copper rose 1%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The Fed meeting announcement is due at 2 p.m. ET Wednesday. The odds of a quarter-point rate hike rose to 87% on Tuesday.
Markets also expect a quarter-point Fed rate hike in May, but then see rate cuts starting over the summer.
Along with the Fed rate decision, the central bank will release interest rate hike guidance and economic projections. Fed chief Jerome Powell will speak at 2:30 p.m. ET. His comments about…