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Marvell Technology
-- 72.280 Wall Street Today | Dow Industrials Erase 2023 Gain as Stocks Extend Selloff
MACRO
Dow Industrials Erase 2023 Gain as Stocks Extend Selloff
The Dow Jones Industrial Average wiped out its 2023 gains on Tuesday as stocks extended a selloff in the face of a continued rise in Treasury yields.
Stock-market gains this year have been led largely by megacap tech stocks, boosting the tech-heavy Nasdaq and buoying the large-cap benchmark S&P 500. However, an equal-weight measure of the S&P 500 is negative on the year, underlining the outsize role of a handful of market leaders in overall index gains.
US Job Openings Top All Forecasts as White-Collar Positions Jump
US job openings unexpectedly increased in August, fueled by a surge in white-collar postings, highlighting the durability of labor demand. The number of available positions increased to 9.61 million from a revised 8.92 million in July, the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday.
Hiring edged up, while layoffs remained low. The level of openings topped all estimates in a Bloomberg survey of economists. Treasury yields rose and the S&P 500 declined after the report.
SECTORS
Oil Swings as Rising Rate Angst Vies With Tight Physical Market
West Texas Intermediate traded below $89 a barrel in a volatile session, tracking equity markets. Traders are digesting messaging that the Federal Reserve will need to leave borrowing costs higher for longer, strengthening the dollar in the last few sessions.
“Oil’s downward move has very little to do with fundamentals and all to do with rising Treasury yields and the stronger US dollar,” said Warren Patterson, head of commodities strategy at ING Groep NV. “I still think oil has some room to move higher. Fundamentally, it is looking constructive.”
Stocks, Bonds Sell Off as Volatility Makes Return
Markets tumbled across nearly every single sector of the S&P, after the number of available positions rose to 9.61 million from less than 9 million in July, according to the Bureau of Labor Statistics JOLTS report drove swaps traders to increase wagers on the Federal Reserve raising rates in December to better than a 50-50 odds.
Investors have yet to embrace the Fed’s higher-for-longer narrative and are instead following “fickle market momentum,” according to Luke Templeman, an analyst at Deutsche Bank.
COMPANIES
McCormick's Stock Suffers Worst Day in More Than 3 Years
$McCormick & Co (MKC.US)$ dropped after its third-quarter earnings. While profits met expectations, the spice and flavor market came up short in sales.
VinFast's Stock Falls Below Listing Price Just Seven Weeks After EV Maker's IPO
Shares of electric-vehicle startup $VinFast Auto (VFS.US)$ fell Tuesday, taking the stock well below the $22 listing price when the company made its Nasdaq debut just seven weeks ago.
Krispy Kreme is Considering a Cash Sale of Insomnia Cookies
$Krispy Kreme (DNUT.US)$ rose on Tuesday after the company said it’s exploring its strategic options for Insomnia Cookies, including a potential all-cash sale.
WeWork Shares Fall More Than 20% After Interest-Payment Miss
$WeWork (WE.US)$ fell more than 20% Tuesday after the office-sharing company disclosed in a regulatory filing that it's withholding interest payments of about $95.2 million on certain notes due 2027.
Getty Images Stock Tumbles 15.5% Intraday on Analyst Downgrade
Photo-library firm $Getty Images (GETY.US)$ sank as much as 15.5% intraday after Redburn Atlantic downgraded the stock from "Buy" to "Neutral" and announced a $6 price target.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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散戶跟班 : We should be really careful for the market performance it’s seeing a little tricky to me
Rashaard Caruth : interesting
Sherrychee 散戶跟班 : me too![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
nyseoption : Don’t short this shit unless you want to go broke.
rawrrrbucks nyseoption : Provide technical analysis and your opinion please :-)
nyseoption rawrrrbucks : Well the TA is clearly bullish, no 9 count, no sign of reversal, riding top bollinger, and opening a short play with no clear sign of reversal would be silly. Don’t fight the Tesla bulls, wallstreetbets gets off to cashing in on the bears. My money isn’t going anywhere until it breaks ema60
Edit: while RSI and KDJ are clearly oversold, like the article says, that doesn’t mean it’s the end of the rally. Don’t be fooled, Tesla is one of the most unpredictable stocks on the market, and generally does the opposite of what makes sense.
KINGSALMON : hoo