Dow Jones futures were little changed Thursday night, along with S&P 500 futures and Nasdaq futures, with the Tesla shareholder meeting about to get underway and the September jobs report on tap. The stock market rally attempt had a strong session, but the major indexes backed off key levels while volume was below average.
X
Bottom line: It remains a stock market correction. Friday could be a pivotal, with the September jobs report before the open.
Sea Limited (SE), Ford Motor (F), Advanced Micro Devices (AMD) and Zscaler (ZS) were among a slew of stocks flashing buy signals. SE stock, AMD stock and ZS stock broke trend lines as they rebounded from their 50-day lines. Ford stock cleared a handle that was fractionally too low to be considered an official buy point.
Investors also should keep a close eye on Microsoft stock, Nvidia (NVDA) and Google parent Alphabet (GOOGL). These three institutional-quality stocks all moved back to their 50-day lines as they work on bases. If they can push higher, that would offer early entries. If they get turned away, they could be possible shorts.
Meanwhile, Tesla (TSLA) is holding its annual shareholder meeting Thursday evening at its new factory near Austin, Texas. Investors will be hoping for news or hints on a wide range of topics, including on when the Austin site will begin rolling Model Y crossovers off the assembly line.
Tesla stock rose slightly on Thursday, hitting its best close in nearly eight months.
The Tesla shareholder meeting comes as recent news from General Motors (GM), Lucid Motors (LCID), Rivian Automotive suggest they could erode Tesla’s enviable status, while Ford also is stepping up in electric vehicles. In addition to Ford, GM flashed an early entry from its 200-day line. LCID stock is working on a handle in a bottoming base.
Tesla stock is on IBD Leaderboard, along with Microsoft (MSFT), Google, AMD and Nvidia stock. AMD stock is on SwingTrader. Microsoft and Google stock are on IBD Long-Term Leaders. Google and ZS stock are on the IBD 50, which has a number of actionable names right now.
The video embedded in this article analyzed AMD stock, Zscaler and eBay (EBAY), as well as reviewed an interesting session.
Best Growth Stocks To Buy And Watch
Jobs Report
Economists expect the September jobs report to show a nonfarm payrolls gain of 475,000, with the jobless rate dipping to 5.1%.
Investors will want to see a pickup in hiring from August’s 235,000 jobs to show that the economic recovery is on track. But too-fast hiring could send Treasury yields sharply higher and raise expectations for a faster Fed bond taper.
Dow Jones Futures Today
Dow Jones futures were about even with fair value. S&P 500 futures and Nasdaq 100 futures were steady.
The jobs report will be out at 8:30 a.m. ET. That will be sure to swing Dow futures and Treasury yields, and it could take a while before the market decides if the jobs report was bullish or bearish.
Remember that overnight action in Dow…
Read More: Dow Jones Futures: Jobs Report Pivotal For Market Rally; Tesla In