NEXT PODCAST – THURSDAY EVENING
https://www.howestreet.com/2024/07/are-the-latest-stock-market-bumps-manipulation-mark-leibovit
U.S. Stocks Move Sharply Lower On Disappointing Earnings News
After ending yesterday’s choppy trading session modestly lower, stocks showed a more substantial move to the downside during trading on Wednesday. The tech-heavy Nasdaq showed a particularly steep drop on the day, tumbling to its lowest closing level in over a month.
The major averages saw further downside late in the session, closing near their worst levels of the day. The Nasdaq plunged 654.94 points or 3.6 percent to 17,342.41, the S&P 500 dove 128.61 points or 2.3 percent to 5,427.13 and the Dow slumped 504.22 points or 1.3 percent to 39,853.87
The sell-off on Wall Street came amid a negative reaction to corporate earnings news from companies like Tesla (TSLA) and Alphabet (GOOGL).
Shares of Tesla plummeted by 12.3 percent after the electric vehicle maker reported weaker than expected second quarter earnings.
Google parent Alphabet also plunged 5.0 percent after reporting second quarter earnings that beat analyst estimates but missing expectations for YouTube advertising revenue.
Shares of Meta Platforms (META) also tumbled by 5.6 percent after the Facebook parent announced a free version of its Llama artificial intelligence model.
On the other hand, telecom giant AT&T (T) jumped by 5.2 percent after reporting second quarter earnings in line with estimates and stronger than expected phone subscriber growth.
In U.S. economic news, the Commerce Department released a report unexpectedly showing a continued decrease by new home sales in the U.S. in the month of June.
The report said new home sales fell by 0.6 percent to an annual rate of 617,000 in June after plummeting by 14.9 percent to a revised rate of 621,000 in May.
Economists had expected new home sales to surge by 3.4 percent to a rate of 640,000 from the 619,000 originally reported for the previous month.
With the unexpected decline, new home sales slumped to their lowest level since hitting an annual rate of 611,000 in November 2023.
Sector News
Semiconductor stocks showed a substantial move to the downside on the day, with the Philadelphia Semiconductor Index plunging by 5.4 percent to its lowest closing level in two months.
Software, networking and computer hardware stocks also saw significant weakness, contributing to the steep drop by the Nasdaq.
Considerable weakness was also visible among airline stocks, as reflected by the 3.4 percent nosedive by the NYSE Arca Airline Index.
Housing, oil service and retail stocks also showed notable moves to the downside, while utility stocks bucked the downtrend, driving the Dow Jones Utility Average up by 1.7 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan’s Nikkei 225 Index slumped by 1.1 percent, while China’s Shanghai Composite Index fell by 0.5 percent.
The major European markets also moved to the downside on the day. While the French CAC 40 Index tumbled by 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.’s FTSE 100 Index dipped by 0.2 percent.
In the bond market, treasuries came under pressure over the course of the session after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.7 basis points to 4.286 percent after hitting a low of 4.210 percent.
Looking Ahead
Trading on Thursday may be impacted by reaction to reports on durable goods orders, jobless claims and second quarter GDP.
On the earnings front, Ford (F) and IBM Corp (IBM) are among the companies releasing their quarterly results after the close of today’s trading.
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
Yes, that’s a cartoon of me. Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week. I’ve dated myself. That occurred for me between 1988-1996. Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.
WHO am I?
MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.
Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.
In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.
He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.
Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.
His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.
Elon Musk attends Netanyahu’s speech to Congress as his guest, but dozens of lawmakers skip it
- Elon Musk attended Israeli Prime Minister Benjamin Netanyahu’s address to Congress as his guest, the billionaire told reporters.
- Musk previously announced that his satellite internet company Starlink had been activated in a Gaza hospital.
- Vice President Kamala Harris and more than 30 members of Congress did not attend Netanyahu’s fourth address to a joint meeting of Congress.
Another Bull Trap in progress!
DANGER DANGER WILL ROBINSON
WHO HAS BEEN CORRECTLY PREDICTING BLACK SWAN TYPE EVENTS?
CAN YOU COUNT THEM ALL? HOW MANY ARE AHEAD?
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s. The film producer of the film (an old friend) makes a cameo appearance in the film.
https://www.disclose.tv/roswel
Why am I highlighting the Michael Savage book? Unfortunately, it tells the story of the mental illness of the Democratic party and followers of their insane beliefs of our society, our laws and communist underpinnings.
I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT’S TIME TO EAT
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