Market Mixed Heading Into Jobs Report; Amazon, Meta Platforms, GE In Focus | Stock Market Today | Summary and Q&A

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August 31, 2023
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Investor's Business Daily
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Market Mixed Heading Into Jobs Report; Amazon, Meta Platforms, GE In Focus | Stock Market Today

TL;DR

Mixed results in the market today, with the NASDAQ holding onto gains, while the S&P 500, Dow, and Russell 2000 experienced slight declines. The upcoming jobs report is highly anticipated, as it is considered the "gold standard" for market performance. The market reaction to the report will depend on whether the data is strong or falls in line with expectations.

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Questions & Answers

Q: What were the results of the major indexes in today's session?

The NASDAQ finished in the green, while the S&P 500, Dow, and Russell 2000 experienced slight declines.

Q: How important is the upcoming jobs report for market performance?

The jobs report is considered the "gold standard" and its significance outweighs the impact of earlier economic data. A strong report could lead to a rebound in treasury yields, while in-line or tame data may cause yields to hold steady or fall further.

Q: What were the key takeaways from today's market action?

The market action was considered constructive, with the NASDAQ gaining and more stocks breaking out. However, the Russell 2000 hitting resistance at the 50-day line is a discouraging sign for breadth improvement.

Q: How did major ETFs perform, particularly in the software and chip sectors?

The software sector, tracked by IDV, showed strength and outpaced the broad market, fueled by positive earnings reports. The chip sector, represented by SMH, also showed signs of setting up for potential gains, backed by strong participation.

Q: What contributed to the positive performance of Amazon in today's session?

Amazon participated with a 2.2 percent gain, showing a bounce from the 21-day line and breaking a little trend line. The positive news of deeper integration with Shopify also contributed to the stock's performance.

Q: How does Meta (formerly Facebook) look in terms of opportunity?

Meta is setting up and has the potential to be actionable if it bounces above the 300 level. It has shown support days at the bottom of recent sell-offs and has been one of the big winners of 2021.

Q: How has General Electric (GE) performed recently?

GE has shown a strong and steady uptrend, currently up about 2.3 percent for the week. It has formed a flat base with a shallow depth of only seven percent, making it an interesting stock to watch.

Q: What factors should investors consider for an actionable opportunity in GE?

Investors can consider setting a stop around the 50-day line or a two percent close below the 10-week line to manage their risk. GE's growth is accelerating, and it is becoming more focused on aerospace, making it an attractive option.

Summary & Key Takeaways

  • The major indexes had mixed results, with the NASDAQ finishing in the green, the S&P 500 and Dow slightly down, and the Russell 2000 edging lower.

  • The importance of the upcoming jobs report is highlighted, as it is seen as a key indicator for market performance. Strong data could lead to a rebound in treasury yields, while tame or in-line data may cause yields to hold steady or even fall further.

  • Overall, the market action was considered healthy, with some stocks breaking out and more setting up for potential gains.

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