The Dow is up while the S&P 500 is down and the Nasdaq is under pressure as bond yields push higher — and more in Tuesday’s stock market recap.
I’ve been saying that tech is going to start selling off, and now we’re seeing it. Not only has tech been grossly overbought, but the put/call ratio keeps falling, indicating that the market is overbought.
Elsewhere, the U.S. plans on tapping into its Strategic Petroleum Reserve in an effort to rein in rapidly rising fuel prices.
The Biden administration also announced that, unlike Austria, there are no plans to attempt to curb any surges in COVID-19 using lockdowns, relying instead on vaccines and therapeutics.
In this stock market recap video, you’ll discover what market action is pointing to right now… whether tech will rise or fall over the near term… whether momentum levels are stable or overstretched… the biggest threat to the market right now… the biggest report of the week and what to expect… an update on the bond market and Federal Reserve policy… an update on the energy markets… the top sector with the top stock… and the bottom sector with the weakest stock.
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 35,619.25.
- Futures: 35,604.
- Change: +33.
S&P 500 (mini)
- Close: 4,682.94.
- Futures: 4,678.25.
- Change: -1.5.
- Close: 16,380.98.
- Futures: 16,348.
- Change: -34.
- Close: 2,331.35.
- Futures: 2,329.8.
- Change: -1.6.
Note: Updated as of 9:12 a.m. EST
Roger’s Radar: Slowing Online Sales Growth
On my radar this morning is a slowing of online sales growth from a year ago. Best Buy Co. Inc. (NYSE: BBY) reported forecast fourth-quarter sales below analyst estimates on Tuesday. Electronics retailers are bracing for a hit from product shortages during the biggest shopping season of the year.
Shares of BBY were down as much as 15% in premarket trading Tuesday.
Retailers are under tremendous pressure to keep shelves stocked for the holiday season as shipping logjams, shuttered factories in Asia and a scarcity of raw materials rip through global supply chains.
A shortage of semiconductor chips used in electronic items has dented availability of some high-demand products, including the latest gaming consoles from Sony Group Corp. (NYSE: SONY) and Microsoft Corp. (Nasdaq: MSFT).
Some analysts have also warned that supplies of Apple Inc.’s (Nasdaq: AAPL) latest iPhones could take a hit during the holiday season.
IPhones and new gaming consoles are hugely important for Best Buy as they not only sell in large numbers, but also act as magnets for customers who often spend on other products.
We’re reaching the end of the year and volatility has picked up… With pending Federal Reserve action, ongoing supply chain issues and inflation dominating the headlines… it doesn’t seem likely to calm down.
That’s why Joy of the Trade Head Trader Jeff Zananiri has found a way to trade this volatility…
It’s not based on tracking a complicated list of stocks or using complex research methods… And it doesn’t involve trying to guess when volatility could show up in a single stock.
It’s based on a ticker built to bottle up all of the volatility in the markets in one place!
Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.