S&P 500 Undercuts Key Level; Meta Platforms, Uber, Shopify In Focus | Stock Market Today

TL;DR

Stocks fell as treasury yields continued to rise, putting the NASDAQ and S&P 500 at risk of closing below key technical levels.

Transcript

thank you foreign good afternoon everyone and welcome to stock market today it's Ali Corman Ed Carson here with a look at the action in today's session Wednesday September 6 where we saw stocks fall as treasury yields continue to pressure the market and the NASDAQ and S P 500 now at risk of closing below a key technical level Ed testing that 50-day... Read More

Key Insights

• 🤩 The market is at a key crossroads, with the potential for a bounce and buying opportunities or further downward pressure.
• 😮 Treasury yields are a major factor weighing on equities, with yields rising significantly in the last three sessions.
• 💪 Energy stocks and the price of oil have been strong, providing resistance to market pressures.
• 🐵 Industrials and the home construction group are facing potential downward pressure if key levels are undercut.
• 🛀 The chips and software sector is showing mixed signals, with the potential for both bullish and bearish scenarios.
• 🧑‍🏭 The software sector, in particular, is acting well and may present buying opportunities.
• 🤘 Meta, Uber, and Shopify are stocks worth monitoring, as they are either tightening up or forming potential bases for entry.

Questions & Answers

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

The NASDAQ was down almost 1.1 percent, the S&P 500 down seven tenths of a percent, and the Dow off six tenths of a percent.

Q: What is the significance of closing above or below the 50-day line?

Closing above the 50-day line is a bullish sign, while closing below it can indicate downward pressure. The NASDAQ closed above the 50-day line, but the S&P 500 closed below it.

Q: What is the potential impact of the Dow closing below the low of its follow-through day?

The Dow closing below the low of its follow-through day is a bearish sign and could indicate a potential failure of the rally. However, it is more relevant to the S&P 500 and NASDAQ.

Q: What caused the market to fall further after 10 o'clock Eastern?

Rising Fed rate hike fears were triggered by a stronger than expected service sector index, causing yields to rise and resulting in more losses in the market.

Summary & Key Takeaways

• Stocks fell in today's session as treasury yields weighed on the market. The NASDAQ was down almost 1.1 percent, the S&P 500 down seven tenths of a percent, and the Dow off six tenths of a percent.

• The NASDAQ closed above the 50-day line, while the S&P 500 closed below it, signaling potential downward pressure. The Dow also closed below the low of its follow-through day, which is a bearish sign.

• Rising 10-year yields caused Fed rate hike fears and resulted in more losses after 10 o'clock Eastern.