Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally retreated again Wednesday as hot labor data raised the prospect of bigger rate hikes, while JPMorgan’s Jamie Dimon warned of an economic “hurricane.” The major indexes pared losses somewhat as the Federal Reserve saw slower growth in much of the U.S.
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Lithium producers Albemarle (ALB) and Livent (LTHM) plunged while agricultural plays such ADM (ADM) and Bunge (BG) fell solidly following bullish moves Tuesday.
On the upside, energy stocks continued to do well, with LNG plays Golar LNG (LNG) and Excelerate Energy (EE), a recent IPO, flashing buy signals. Callon Petroleum (CPE) shot up to near a buy point, continuing to race from the bottom of a V-shaped cup base. All three are volatile, though.
Printer and PC giant HP Inc. (HP) rose 3.9% to 40.34, a record close, following better-than-expected earnings late Tuesday. HP stock cleared a draw-the-line 39.81 early entry that also aligns with the top of a prior base.
Meanwhile, megacaps aren’t leading the market rally. Microsoft stock is the only one getting close to its 50-day line, though Apple (AAPL) and Google parent Alphabet (GOOGL) are moving near their declining 50-day lines. Tesla (TSLA) fell 2.4% on Wednesday. TSLA stock, after last week’s big bounce, is hitting resistance at its 21-day exponential moving average.
Data storage plays NetApp (NTAP) and Pure Storage (PSTG) reported earnings late Wednesday, along with Hewlett Packard Enterprise (HPE) and software makers MongoDB (MDB) and Veeva Systems (VEEV). NetApp, Pure Storage, MongoDB and Veeva rose in extended trade on strong results, while HPE fell after slightly missing. All are considerably off highs.
Albemarle stock is on IBD Leaderboard. Microsoft (MSFT) and Google stock are IBD Long-Term Leaders. Callon Petroleum and BG stock are on the IBD 50, with CPE selected as Wednesday’s IBD 50 Stock To Watch.
Dow Jones Futures Today
Dow Jones futures dipped 0.2% vs. fair value. S&P 500 futures and Nasdaq 100 futures fell 0.2%.
Crude oil prices fell 1%.
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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Economic Data
The April JOLTS survey showed job openings came in at 11.4 million, in line with views. That’s not quite at a record high, but very close. March job openings were revised up to 11.855 million from 11.549 million. People quit at near-record levels, while layoffs hit new lows. The Federal Reserve clearly wants to see labor markets softening. Perhaps that started to happen in May. But it wasn’t in the April JOLTS report.
The May employment report is due Friday.
Meanwhile, the ISM manufacturing index rose to 56.1 in May from 55.4 defying views for a slim decline to 54.5.
The Fed’s Beige Book report, released at 2 p.m. ET,…
Read More: Dow Jones Futures: Market Rally Retreats On Economic Data, ‘Hurricane