Tech giants like Microsoft and Google signal buys, but market overall falls due to rising yields

From Investor’s Business Daily:

Dow Jones, S&P 500, and Nasdaq futures fell early Friday as Adobe reported earnings that led to a market retreat amid rising Treasury yields. Major indexes saw slight losses, impacted by tech giants like Microsoft, Apple, Google, and Amazon. Nvidia, Tesla, Arista Networks, Microsoft, HubSpot, and Ares are notable stocks in focus. Adobe and Ulta Beauty also announced earnings on Thursday night. The stock market rally lost ground due to a stronger-than-expected producer price index, with anemic market breadth and small caps taking a hit. Microsoft and Google stocks flashed buy signals, while other ETFs like ARK Innovation, VanEck Vectors Semiconductor, and SPDR S&P Metals & Mining saw declines. Microsoft, Google, Arista Networks, Ares, and HubSpot are near forming new bases.

In terms of individual stocks, Microsoft hit a record high, offering a potential buy point at 420.82. Google climbed above its 50-day moving average, with an official buy point at 153.78 for investors looking for an entry point. Arista and Ares stocks bounced from key support levels, potentially setting up for new buy points. Tesla and Nvidia stocks faced declines, with Tesla hitting a 10-month low and being the worst performer on the S&P 500 this year. Nvidia, despite some weakness in the semiconductor sector, is still holding its 10-day line and is up significantly for the year. Investors should keep an eye on chip names like AMD as a barometer for the sector’s overall health.



Read more at Investor’s Business Daily: Dow Jones Futures Fall; Microsoft, Google Flash Buy Signals; How To Handle A Sideways Market