Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures.
The stock market rally showed divergent action Tuesday, with the Dow rallying, the Nasdaq slumping and S&P 500 somewhere between.
Tesla (TSLA), Moderna (MRNA), Nvidia (NVDA) and Enphase Energy (ENPH) were notable losers, with Apple (AAPL) setting a new bear market low.
On the positive side, Dow Jones giant Caterpillar (CAT), Deere (DE), ATI (ATI), Freeport-McMoRan (FCX) and Schlumberger (SLB) are industrial, metal, mining and energy plays in or near buy points. Underlying commodity prices rose solidly Tuesday, helped by China continuing to roll back Covid restrictions.
Dow Jones Futures Today
Dow Jones futures advanced 0.1% vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures rose 0.2%, with TSLA stock extending losses overnight.
The 10-year Treasury yield fell 2 basis points to 3.84%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Stock Market Rally
The stock market rally had a mixed session, with industrial and metal stocks holding up or rising while growth plays struggled.
The Dow Jones Industrial Average inched up 0.1% in Tuesday’s stock market trading. The S&P 500 index fell 0.4%, with Tesla stock the day’s worst performer, followed by Moderna and Nvidia. The Nasdaq composite declined 1.4%. The small-cap Russell 2000 gave up 0.7%.
Apple stock sank 1.4% to 130.03. Intraday, AAPL hit 128.76, just undercutting its bear market low.
Tesla stock plunged 11.4% to 109.01, its worst one-day loss in 11 months, amid a Shanghai plant shutdown, weak China sales data and other news. TSLA stock has now crashed 44% just this month to the lowest levels since August 2020. Volume has been very high all month, signaling institutional selling.
TSLA stock fell 2% in extended trade.
Nvidia stock slumped 7.1% to 141.21, breaking below its 50-day line. NVDA stock has…