S&P 500, Nasdaq Hold After Fed Rally; United Rentals, COP, Medpace In Focus | Stock Market Today

TL;DR

Despite declines in the Dow, S&P 500, and Russell 2000, the NASDAQ showed strength and gained 0.1% after a recent rally. Stocks to watch include United Rentals (URI), Conoco Phillips (COP), and Med Pace (MEDP).

Transcript

foreign good afternoon everyone and welcome to stock market today it's Ali Corman Ken treve here with a breakdown of the action in today's session where we saw the NASDAQ stand firm after Wednesday's fed infused rally Ken what stocks are we going to be focusing in on today well let's take a look at United Rentals URI which is uh setting up and coul... Read More

Key Insights

• 🫰 The NASDAQ's strength after recent gains from all three major stock indexes demonstrates market support and suggests increasing exposure.
• ❓ The jobs report and inflation data are important catalysts that can impact market sentiment and the performance of stocks.
• 💦 The drop in the 10-year treasury yield and weakening of the US dollar are positive factors for stock market bulls.

Questions & Answers

Q: What led to the NASDAQ's gain despite declines in other major indexes?

The NASDAQ showed strength due to the support it received after the bullish gains seen on Wednesday.

Q: What should investors consider when increasing their exposure in the market?

Investors should take a measured and methodical approach, avoiding chasing extended stocks. It's important to be aware of key resistance and support levels, such as 11,500 for the NASDAQ and the 200-day line for the S&P 500.

Q: What upcoming catalysts should investors be aware of?

The upcoming jobs report will be released, and the market would welcome some softness or increase in the labor participation rate. Additionally, the 10-year treasury yield has dropped significantly, which has buoyed stocks.

Q: What should investors look for when considering stocks like United Rentals, Conoco Phillips, and Med Pace?

For United Rentals (URI), a breakout from a cup with handle base and a bounce off the 21-day line with strong volume would make the stock actionable. Conoco Phillips (COP) should ideally show good signs of accumulation and a bounce off the 50-day moving average. Med Pace (MEDP) needs more consolidation before a potential new entry point, but its strong earnings report and position as a leader in clinical development services make it worth watching.

Summary & Key Takeaways

• The NASDAQ closed positive with a 0.1% gain, while the Dow, S&P 500, and Russell 2000 saw declines.

• United Rentals (URI) is setting up for potential action and has a strong track record of earnings and sales.

• Conoco Phillips (COP) pulled back to its 50-day moving average, offering an opportunity for investors in the strong oil and gas sector.

• Med Pace (MEDP) is consolidating above its 10-week moving average, showing potential to be a market leader in the medical sector.