From Investor’s Business Daily: 2024-04-10 19:01:15

Dow Jones futures dipped after hours, following a drop in the stock market rally due to high CPI inflation data. Treasury yields surged on the news, with investors expecting rate cuts in September, but uncertainty looms for cuts in 2024. Nvidia and Taiwan Semi stocks rose on strong sales, while other AI chipmakers also saw gains. Economic data shows expectations of a modest rise in the March producer price index. Analysts predict lower chances of a Fed rate cut in June and beyond.

Stock market indexes fell on Wednesday with the Dow and S&P 500 below key moving averages. Small caps and ETFs also dropped, and Treasury yields hit their highest levels in months. Nvidia and other AI stocks showed strength, but banks and homebuilders saw declines. The market rally faces a potential correction if Nvidia stock breaks lower. ETFs in various sectors fell, while industry leaders like Microsoft and Tesla saw mixed performance.

Nvidia stock rebounded, while Taiwan Semi and Astera Labs also rose. Nutanix, Axon, and Microsoft stocks showed strength. Tesla stock retreated after hitting resistance near the 10-week moving average. The market rally faces challenges as the S&P 500 and Nasdaq find support, but some indices and ETFs broke key levels. Analysts cut earnings estimates for Tesla amid weak Q1 demand. High uncertainty around future growth drivers and a robotaxi rollout looms for Tesla ahead of Q1 earnings on April 23.



Read more at Investor’s Business Daily: Dow Jones Futures Fall As Markets Start To Price In Chance Of No Fed Rate Cuts; Nvidia Rises