Market Rebound Led by Tech While VIX Pulls Back | Moovin' Stonks
Good morning, traders. Happy Tuesday, August 6th the market is trying to claw its way back after a starting red Monday. My name is Kevin Travers, $NVIDIA (NVDA.US)$ and its semifriends are climbing back again: hear are stories the herd is chasing on Wall St, here are moovin' stonks.
Shares of $Uber Technologies (UBER.US)$ were rising 5% after the ride-hailing company beat quarterly earnings estimates and delivered upbeat guidance posting earnings of 47 cents a share, beating Wall Street's call for 31 cents.
Henry Schein Inc $Henry Schein (HSIC.US)$ fell 7% after the firm reported a second-quarter adjusted EPS of $1.23, down 6.1% year-over-year, beating estimates by a sent. Sales were $3.10 billion vs estimates of $3.27 billion. It was the lowest decliner on the S&P 500.
Palantir Technologies $Palantir (PLTR.US)$ shares climbed 9% Tuesday after the company reported better-than-expected financial results for the second quarter and raised its guidance. It showed Q2 Revenue of $678.13 million, versus estimates of $652.1 million, and an EPS of 9 cents, versus estimates of 8 cents.
Investors are watching for a lighter earnings week, with $Super Micro Computer (SMCI.US)$ after the bell today, Tuesday, $Disney (DIS.US)$ and $Novo-Nordisk A/S (NVO.US)$ come out on Wednesday, and $Eli Lilly and Co (LLY.US)$ comes out on Thursday, alongside dozens of other +$10B MK giants.
$Lumen Technologies (LUMN.US)$ Lumen Technologies jumped 77% after the firm reported $5B in new order bookings the day before its expected earnigns release Tuesday after market close.
$Crude Oil Futures(FEB5) (CLmain.US)$ recovered after a three-day drop after the heavy market sell-off yesterday ended and the dollar recovered some ground. "The exhausted bearish momentum yesterday met a greater-than-expected reading for the ISM Services PMI, which was previously retesting 2020 levels," Razan Hilal, a market analyst at Forex.com, said in a note WSJ reported.
"Escalating tensions in the Middle East could revive the role of the dollar as a safe haven asset and boost its positive trends again alongside that of oil," she adds. WTI is off 0.7% at $72.40 a barrel, and Brent is 0.7% lower at $75.75 a barrel.
$Bitcoin (BTC.CC)$ climbed 2.85% back to $56k, Gold and silver pulled back again. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed but stayed just below 4% for the first time since spring 2023, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed. Every sector in the market climbed Tuesday.
The VIX fell 27%, or 10 points today, as the market simmered down from fear and fright mode. Just past 11 am ET the $S&P 500 Index (.SPX.US)$ climbed back 1.64% , the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.63%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.32%, after falling 4% Monday.
The turbulence began last week after multiple earnings reports from the largest companies did not meet estimates. Japan's head Bank considered raising rates Friday, sending the $Nikkei 225 (.N225.JP)$ down 12%, the worst since the 1980s. The Nikkei climbed back 10% Tuesday morning.
Monday, this weeks macro data came in the form of S&P PMI at 54.3 vs 55 estimated, and ISM PMI at 51.4.
Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed non-farm payrolls dropped from the month before, the economy only added 114k jobs vs 175k forecast and 179k in June, according to the Bureau of Labor Statistics. The unemployment rate in July rose to 4.3%, compared to 4.1% last month.
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Yesterday, user Salvador Ginori said the Fed is not giving in, brokerages are charging too much, and the economy won't feel sage again until after the election and end-of-year macro decisions.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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White_Shadow : Def. beat
Grgboss : The Federal Reserve doesnt get it. Their old policies are affecting US and global economy. Changes are needed in the Fed board with younger members and aligned with the new technologies and the changing world. The Fed is using policies from the past century.
kelvin88gan : OK
I Am 102927471 : Thanks Kevin.
Alen Kok : Oh!
willing Kiwi_2840 : hi
104668340 : hi
104247826 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Bab485 Grgboss : That’s a great take on the Fed - 100% agree.
102785606 : Strong fundamentals
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