Indexes Up After Tentative Start; Airbnb, MELI, URI In Focus | Stock Market Today | Summary and Q&A

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August 7, 2023
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Investor's Business Daily
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Indexes Up After Tentative Start; Airbnb, MELI, URI In Focus | Stock Market Today

TL;DR

Stocks bounce back with the S&P 500 and NASDAQ ending a four day losing streak, while the Dow outpaces with a 1.2% gain.

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Key Insights

  • 😚 The bounce back in stocks after a four-day losing streak indicates resilience in the market.
  • 🥺 Different major indexes show varying levels of strength, with the Dow leading the gains.
  • 💐 Various ETFs in different sectors exhibit different patterns and potential support levels.
  • 🇦🇪 Specific stocks like Mercado Libre, Airbnb, and United Rentals show promising movement.
  • 😮 Caution should be exercised in the face of potential market corrections and the impact of rising treasury yields on growth stocks.

Transcript

thank you foreign good afternoon everyone and welcome to stock market today it's Ali Corbin Justin Nielsen here with a look at the action in today's session Monday August 7th where we saw the S P 500 in NASDAQ snap a four day losing streak with stocks up across the board Justin what you have on tap for us today yeah we'll take a look at a few of th... Read More

Questions & Answers

Q: How did the major indexes perform in today's session?

The NASDAQ was up 0.6%, while the S&P 500 and Dow had gains of 0.9% and 1.2% respectively.

Q: Is the NASDAQ likely to see a touch to its 50-day moving average line?

It is possible, as the NASDAQ is currently below the 50-day moving average line by a small percentage.

Q: Is the recent market action a cause for panic or concern?

While there was a decline in the NASDAQ last week, the overall market is not falling apart. Support levels and potential buying opportunities are still present.

Q: How does the rising 10-year treasury yield (tnx) affect the market?

The higher treasury yield may have an impact on future earnings and growth stocks, and investors should monitor its correlation with the market.

Q: How do different sector ETFs show resilience or potential support levels?

The semiconductor ETF (SMH) is staying above its 50-day moving average line, while the financial sector ETF (XLF) is forming a cup with handle pattern. Home builders (ITB) are finding potential support, while the transportation (IYT) sector remains strong.

Q: What insights can be gathered from the performance of specific stocks like Mercado Libre and Airbnb?

Mercado Libre (MELI) is showing impressive upward movement, potentially without much pause, while Airbnb (ABNB) is finding support around its 21-day line and 140 level.

Q: How does United Rentals (URI) stand out among other stocks?

United Rentals is showing a breakout with strong volume, and its fundamental numbers suggest positive potential.

Q: What is the early reaction to Palantir's results?

Palantir's shares initially declined by 3.5% after the release of earnings results, but the full reaction is yet to be seen.

Summary & Key Takeaways

  • The major indexes, including the NASDAQ, closed higher, with the NASDAQ still below the 14,000 level but showing potential for a rise.

  • The S&P 500 closed above 4,500, while the Dow experienced a nice bounce off its 21-day line.

  • Various sector ETFs, such as semiconductors and financials, show different patterns of resilience and potential support levels.

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