Investors Await Powell; Apple, EV Plays Livent And Axcelis Near Buy Points | Stock Market Today | Summary and Q&A

TL;DR

The market experienced a pullback, with the Dow down 0.5% and the S&P 500 down 0.2% as investors remained cautious ahead of Powell's speech. However, some stocks, including Apple and EV suppliers like Livent and Axelus, are forming handles and showing potential strength.

Key Insights

• 🫥 The market is in a range-bound period, with resistance at the 21-day line.
• 😯 Investors are waiting for Powell's speech to make decisions and are not making significant bets.
• 🎭 Some stocks, especially EV suppliers, are performing well amidst the pullback.
• 💄 Sector rotation is still occurring, making it challenging to find stable broad uptrends.
• 📶 Apple has potential strength and is forming a handle, while EV suppliers are also showing positive signs.
• ✋ The 10-year treasury yield is higher, which is a negative factor for the stock market.
• 🤘 Steel and metal mining stocks are experiencing some comeback and showing potential leadership.

Transcript

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Questions & Answers

Q: What was the market's performance today?

The Dow was down 0.5%, the S&P 500 was down 0.2%, and the Nasdaq closed flat with a slight decrease.

Q: Why are investors cautious at the moment?

Investors are cautious due to the upcoming Powell speech and are unsure of how the market will react.

Q: Which stocks are showing potential strength amidst the pullback?

Apple is forming a handle, indicating potential strength, while EV suppliers like Livent and Axelus are also performing well.

Q: What is the overall market trend?

The market is experiencing a pullback within a rally within a long downtrend, making it difficult for investors to make predictions.

Summary & Key Takeaways

• The market saw a pullback, with the Dow down 0.5% and the S&P 500 down 0.2%, as investors awaited Powell's speech and remained cautious.

• Despite the overall pullback, some stocks, including Apple, are forming handles, which could indicate potential strength in the market.

• EV suppliers like Livent and Axelus are also showing strength amidst the pullback.