Dow Jones futures will open on Monday evening, along with S&P 500 futures and Nasdaq futures. Tesla (TSLA) and China EV makers such as Nio, Li Auto and BYD will report year-end and 2022 deliveries over the New Year’s holiday weekend.
Investors will be looking for a brighter stock market in 2023 after a “stay away” year, especially for growth. The Dow, S&P 500 and Nasdaq all had their biggest annual declines in 14 years. A stock market rally attempt is underway, but has a long way to go to prove itself.
The Dow Jones dipped below its 50-day moving average on Friday. The S&P 500 and especially the Nasdaq have some distance to go to their 50-day lines, with several other key resistance areas along the way.
Celsius Holdings (CELH), Deere (DE), BioMarin Pharmaceutical (BMRN), Exxon Mobil (XOM) and Medpace (MEDP) are five stocks near buy points. It’s a diverse list, reflecting possible areas of market leadership in the new year.
DE stock and Medpace are on IBD Leaderboard. Celsius stock, MEDP stock are on the IBD 50. Deere and BMRN stock are on the IBD Big Cap 20.
Deere was Friday’s IBD Stock Of The Day.
But whether these stocks work or not depends on the market trending higher. Right now it is not. Investors should remain very cautious.
The video embedded in the article discussed the recent market action in depth and discussed what investors should be doing as stock market 2023 gets going. The video also analyzed CELH stock, Deere and BioMarin.
China’s Economy Struggling
China’s economic activity is tumbling as the abrupt end of strict Covid rules spur massive waves of infections. The official manufacturing index fell 1 point in December in 47, the government said Saturday. The nonmanufacturing PMI, which covers service-sector and construction activity, dived 6.1 points to 41.6. Both are the lowest since February 2020, when Covid-19 first hit the country. Readings below 50 signal contraction.
China EV Deliveries
Nio (NIO), Li Auto (LI) and XPeng (XPEV) are on tap to report December, fourth quarter and full year EV deliveries on Sunday, Jan. 1. Li Auto…