Dow Jones futures began the day on a positive note, ticking higher, while S&P 500 and Nasdaq futures slipped. Overnight earnings reports from Dell Technologies and software makers were also in focus. However, Tesla stock continued its decline following the Cybertruck delivery event.
Despite this, the Dow Jones reached a 52-week high, driven by gains in Salesforce and UnitedHealth Group. The Nasdaq, on the other hand, faced a retreat but managed to close well off its lows after a downside reversal. Several growth stocks, including Super Micro Computer, took a hit.
During the Cybertruck event, Tesla revealed prices and battery range, which led to a further decline in its stock price. Additionally, Dell Technologies and Marvell Technology reported weak earnings, while Elastic, UiPath, and Samsara saw a surge after strong earnings.
Meanwhile, Tesla’s China EV rivals reported their November deliveries, adding further pressure to the company’s stock. Elon Musk handed over Cybertrucks during the event, revealing pricing and battery range details. However, Tesla’s stock fell even more after the event and approached a 50-day test.
In other news, Nvidia and Meta Platforms undercut buy points, causing some concerns in the market rally. The Dow Jones, however, led most indexes higher, with Salesforce stock gaining 9.4%.
The S&P 500 saw modest gains, while the Nasdaq composite experienced some losses. The Russell 2000 hit resistance at its 200-day line. Bitcoin rebounded after a heavy sell-off, and the crypto market overall hit a new record in terms of value.
The U.S. dollar strengthened against major currencies, and Arabica coffee prices surged to their highest level in seven years. OPEC+ decided to leave production quotas steady, adding uncertainty to output cuts. Despite cooling inflation figures, the 10-year Treasury yield rebounded.
U.S. crude oil prices fell as Saudi Arabia extended voluntary production cuts. The ARK Innovation ETF and ARK Genomics ETF faced a decline.
Investors are advised to stay cautious as the market rally could potentially reverse course. Key earnings reports are expected later in the day, and Federal Reserve Chief Jerome Powell is set to speak on Friday. Manufacturing and construction data releases are also scheduled for Friday morning.
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