Dow Jones Futures Point Higher as Stock Market Seeks to Rebound
After suffering losses in the previous trading session, Dow Jones futures are pointing to a higher open on Thursday. S&P 500 futures and Nasdaq futures are also tilted higher. The stock market rally experienced further losses on Wednesday, with the Nasdaq slumping for the fourth consecutive session. However, market losses appear to be broadening out considerably. Despite this, Eli Lilly (LLY) showed solid gains and cleared a second early entry after flashing a buy signal the previous day.
Tech Stocks Continue to Struggle as Nasdaq Suffers Another Loss
Tech stocks are continuing to struggle, with the Nasdaq suffering a decline of over 1% for the second day in a row. This extends its losing streak to four sessions. Market breadth weakened considerably on Wednesday, with the small-cap Russell 2000 plunging 2.7%. The Invesco S&P 500 Equal Weight ETF (RSP) also slumped 1.5%. Many leading stocks saw further losses, although some are attempting to find key support.
Bitcoin Price Falls as SEC Approves Spot Bitcoin ETFs
Bitcoin experienced a solid decline on Wednesday, falling 4.7% to $42,952.22. This comes after the cryptocurrency surpassed $45,000 for the first time since April 2022 on Tuesday. The decline in Bitcoin price is likely due to the expectation that the SEC will approve spot Bitcoin ETFs within the next few days. Notable crypto plays such as COIN stock, Marathon Digital (MARA), and MicroStrategy (MSTR) also tumbled on Wednesday morning. However, Coinbase (COIN) and MARA stock rebounded well off their lows.
Cathie Wood’s Ark Invest Buys Tesla Shares, Sells Coinbase
Cathie Wood’s Ark Invest continued to make moves in the market on Wednesday. Ark bought 105,201 Tesla shares, which would be worth $25.09 million based on TSLA stock’s closing price. The flagship Ark Innovation ETF (ARKK) bought 91,194 Tesla shares, while ARK Next Generation Internet ETF (ARKW) added 14,007 shares. On the other hand, ARKK sold 145,048 Coinbase shares, while ARKW sold 21,135. These moves come as COIN stock is the top holding across Ark Invest’s ETFs.
Eli Lilly Stock Surges, Offers Buying Opportunity for Investors
Eli Lilly (LLY) stock rose 4.3% on Wednesday, clearing key resistance levels and offering an entry for investors. The stock has been performing well in recent days, climbing back above its 50-day line and a downward-sloping trendline. Eli Lilly stock has an official flat-base buy point of $629.97. Investors should keep an eye on the stock as it continues to show strength in the market.
Overall, the stock market suffered losses on Wednesday, with tech stocks leading the decline. However, Dow Jones futures are pointing to a higher open on Thursday, indicating that the market may be seeking a rebound. Bitcoin also fell on Wednesday, but the expectation of SEC approval for spot Bitcoin ETFs within the next few days could provide a boost for the cryptocurrency. As always, it is important for investors to stay updated on market news and trends in order to make informed investment decisions.
Analyst comment
Positive news: Dow Jones Futures Point Higher as Stock Market Seeks to Rebound.
Market analysis: The market is expected to rebound as Dow Jones futures indicate a higher open. Despite losses in the previous trading session, market losses are broadening out considerably, with some stocks showing gains. Investors should monitor market news and trends for informed investment decisions.
