Dow Jones futures were little changed after hours, along with S&P 500 futures and Nasdaq futures. The stock market suffered further losses Wednesday as rising Treasury yields, Apple iPhone woes and soaring China Covid cases added to selling pressure on the major indexes.
X
The Nasdaq is near its bear market low, setting its worst close in over two years. The Dow Jones undercut a key level.
Apple (AAPL) fell again, setting a fresh bear low. AAPL stock is in danger of falling below a $2 trillion valuation. Tesla (TSLA), which also set another bear market low, rose modestly. But that only trimmed a steep weekly loss.
Energy stocks fell as crude and natural gas prices skidded, with natgas and coal producers hardest hit.
But several energy stocks are showing resilience. Exxon Mobil (XOM), Chevron (CVX), Schlumberger (SLB), Valaris (VAL) and, to some extent, First Solar (FSLR) are holding up reasonably well.
But whether these stocks make real progress from here depends greatly on whether unstable energy prices move higher.
CALM Earnings
After the close, egg producer Cal-Maine (CALM) reported surging earnings that slightly missed fiscal Q2 views. CALM stock fell 5% in extended trade, even with revenue soaring 110% and the egg producer announcing a $1.35-a-share dividend. Shares fell 2.5% to 62.19 in Wednesday’s regular session. That pulled CALM stock back within the 5% chase zone of a 60.11 handle buy point. But Cal-Maine could open Thursday below that entry.
Dow Jones Futures Today
Dow Jones futures were little changed vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures rose 0.4%.
The 10-year Treasury yield fell 2 basis points to 3.87%.
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 Wednesday
The stock market continued to decline, with all the major indexes down more than 1%.
The Dow Jones Industrial Average fell 1.1% in Wednesday’s stock market trading. The S&P 500 index slumped 1.2%. The Nasdaq composite gave up 1.35%. The small-cap Russell 2000 gave up 1.6%.
Apple stock sank 3.1% to 126.04, an 18-month low. TrendForce cut its 2022 iPhone shipments forecasts due to recent lockdowns at Foxconn’s Zhengzhou base. And it also its trimmed its forecast for early 2023 shipments, citing Foxconn’s labor shortages.
The Dow Jones tech titan is on track for its sixth straight weekly loss and its worst monthly loss in four years. AAPL stock’s valuation closed at $2.005 trillion.
Tesla rose 3.3% to 112.71 after plunging 11.4% on Tuesday, ending a seven-day losing streak. The EV giant is still down nearly 15% for the month. Late Wednesday, Morgan Stanley analyst Adam Jonas cut his TSLA stock price target to a still-hefty 250, but also slashed his Q4 delivery target to just 399,000 EVs. Tesla climbed 1% overnight.
U.S. crude oil…
Read More: Dow Jones, Nasdaq Break Key Levels As Apple Skids, Tesla Ends Dive;