Dow Jones futures were little changed Wednesday morning, along with S&P 500 futures and Nasdaq futures. The Fed meeting decision is front and center for investors today.
The stock market rally attempt suffered another blow Tuesday as the Nasdaq tumbled back below its 50-day line, though the indexes closed well off intraday lows.
The final growth leaders still standing are up against the wall. Tesla (TSLA) broke below recent lows intraday. Microsoft stock and Google parent Alphabet (GOOGL) showed real strain, with GOOGL stock undercutting its 50-day line intraday. Nvidia stock and Advanced Micro Devices (AMD) did manage to hold key support after skidding lower in the past few weeks.
Apple (AAPL), though still comfortably above all its moving averages, reversed lower for a second straight session.
Meanwhile, software and other growth names that had bounced back in the rally attempt — such as Adobe (ADBE), Fortinet (FTNT) and Datadog (DDOG) ¯ are tumbling lower again. Growth stocks hit new lows intraday.
There are pockets of strength in the market but, as with Apple stock, some of those areas lost ground Tuesday.
Bottom line: The stock market rally attempt is looking sickly heading into a major news event. Investors should be taking a defensive approach.
In other news, Nucor (NUE) warned on fourth-quarter profit. NUE stock fell early Wednesday after the steelmaker tried to break out Tuesday. Eli Lilly raised full-year EPS guidance, saying it now expects $2.1 billion in Covid-related revenue vs. its prior target of $1.3 billion. LLY stock popped in premarket trade.
Nvidia (NVDA), Microsoft (MSFT), Tesla, AMD and Google stock are on IBD Leaderboard. Microsoft, Adobe, Google and Fortinet stock are on IBD Long-Term Leaders. Microsoft, Google, Nvidia and AMD stock are on the IBD 50. Tesla stock was Tuesday’s IBD Stock Of The Day.
Fed Meeting
The final Fed meeting of the year concludes Wednesday, with the policy announcement due at 2 p.m. ET. Fed chief Jerome Powell and several of his colleagues have signaled their support or willingness to discuss a faster bond…
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