In Tuesday’s early trading, Wall Street saw Dow Jones futures rise as investors eagerly await the outcome of the Federal Reserve’s two-day meeting. The market is not expecting a rate hike this time around, but there’s a slight possibility of an increase at the subsequent meeting on December 13.
In the stock market, Tesla (NASDAQ:TSLA) shares continue their downward spiral, falling below the 200 price level on Monday, marking a more than 30% drop from their 52-week high. On the other hand, Amazon (NASDAQ:AMZN) made a bullish move back above its 50-day line Monday, while Nvidia (NASDAQ:NVDA) rose for a second consecutive day last week after shares fell below the 400 price level for the first time since mid-June.
Shares of several companies including Amgen (NASDAQ:AMGN), Arista Networks (NYSE:ANET), Monolithic Power (NASDAQ:MPWR), Pinterest (NYSE:PINS), Pfizer (NYSE:PFE), Walmart (NYSE:WMT), and UnitedHealth (NYSE:UNH) rose in early trade today. Pinterest shares notably raced 16% higher. Walmart is tracing a cup base with a 165.85 buy point, while UnitedHealth is showing a new buy point at 546.78.
The Dow Jones Industrial Average rallied by 1.6%, or 510 points, on Monday, while the S&P 500 and the tech-heavy Nasdaq composite both moved up by 1.2%. The yield on the U.S. Treasury bond fell to 4.83%, and West Texas Intermediate futures rose almost 1%.
Among the “Magnificent Seven” stocks, Tesla skidded 1.5% early Tuesday, while Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) traded mixed ahead of today’s stock market open. Apple is set to deliver its fiscal fourth-quarter report late Thursday, while Microsoft shares are moving closer to an early buy trigger at 346.20.
In other market news, Lululemon Athletica (NASDAQ:LULU) is still below a flat base’s 406.94 buy point, while Light & Wonder continues to trace a flat base with a 79.97 buy point. Tradeweb broke out of a flat base’s 87.53 buy point following the company’s third-quarter earnings report.
