Dow Jones futures fell modestly overnight, along with S&P 500 futures and Nasdaq futures. First Solar headlined Tuesday night earnings, with Nio and other China EV makers releasing key figures early Wednesday. TSLA stock is setting up with Tesla’s investor day due Wednesday night.
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The stock market rally remains rangebound, with the major indexes down and fading into the close once again. A few leading stocks flashed buy signals, while others are setting up. But the uptrend remains under pressure with key near-term resistance.
First Solar (FSLR), Axon Enterprise (AXON), Monster Beverage (MNST), Duolingo (DUOL) and Tesla rival Rivian (RIVN) reported late Tuesday. FSLR stock, Axon and Duolingo could be actionable Wednesday, while Monster Beverage and RIVN stock retreated in extended trade
Early Wednesday, Nio (NIO) will release Q4 earnings, with Nio, Li Auto and XPeng (XPEV) reporting February deliveries as well. Li Auto topped Q4 views early Monday and gave a bullish Q1 delivery forecast. China EV and battery giant BYD (BYDDF) should release February sales by Friday.
China EV registrations for the week ended Feb. 26 showed BYD registrations picking up, but still well below the late-2022 pace. Nio, Li Auto and XPeng also showed an increase.
Tesla (TSLA) China’s EV registrations rebounded in the latest week but missed forecasts, suggesting that local sales may fall below Q4 levels despite big price cuts.
All eyes will turn to the Tesla investor day event, with the big news set to kick off at Wednesday’s market close. Expect a new Tesla EV platform and confirmation of a planned Mexico factory. Elon Musk plans to lay out his “Master Plan 3” and may offer up other news.
Tesla stock edged lower Tuesday but is setting up a possible aggressive entry.
Dow Jones Futures Today
Dow Jones futures lost 0.3% vs. fair value. S&P 500 futures retreated 0.5%. Nasdaq 100 futures fell 0.6%.
Nvidia (NVDA) filed for a $10 billion mixed securities shelf offering. NVDA stock fell slightly in extended trade.
The 10-year Treasury yield rose 3 basis points to 3.94%.
Crude oil…
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