Gift: Apple warns about iPhone output. meta work cut bone

Along with S&P 500 futures and Nasdaq futures, Dow Jones futures were mostly flat at the beginning of Monday. Berkshire Hathaway (BRKB) earnings, Apple iPhone 14 Pro production issues and Meta Platforms (META) layoffs report made headlines for the weekend. Despite a solid close in Friday’s whipso session, the stock market rally took a significant hit as major indexes crashed last week on hawkish remarks by Fed Chairman Jerome Powell. The Nasdaq had its worst week since January as megacaps plummeted and cloud software crashed. Apple (AAPL), (AMZN) and Google parent Alphabet (GOOGL) all fell more than 10% this week, with Facebook parent Meta Platforms (META), Tesla stock and Microsoft stock not far behind. Google stock, Meta, (AMZN) and Microsoft (MSFT) all hit bear market lows. Apple stock and Tesla (TSLA) are close, if not so. Meanwhile, Twilio (TWLO) and Atlassian (TEAM) fell more than 40% over the week on Friday after disappointing results and guidance. Numerous other software names, with or without income, have plummeted. A market rally to counter the Fed with a plunge in key tech sectors? That’s an unreasonable order. So while some stocks and sectors are bullish, investors should be very cautious in the current environment. Dow Jones Futures Today Dow Jones Futures was flat. fair value. S&P 500 futures were mostly unchanged and Nasdaq 100 futures were down 0.1%. Futures have deviated significantly from their Sunday evening lows. While China’s exports fell unexpectedly in October, China’s coronavirus cases hit a six-month high. Hong Kong’s Hang Seng index continued its recent gains, rising strongly overnight. Investors are still hoping the Chinese government will ease its zero-COVID-19 policy, as rumors have been circulating on social media. Crude oil fell more than 1%, while natural gas futures surged 9%. The dollar, which fell sharply on Friday, rose slightly. Remember that overnight action on Dow Futures and elsewhere does not necessarily lead to real trading in the next regular stock market session. News Meta Platforms will cut thousands of jobs, The Wall Street Journal reported Sunday. The WSJ said the announcement could come as early as Wednesday. Meta had over 87,000 employees as of the end of September. On October 26, Meta reported a 49% decline in Q3 EPS and lowered its guidance as Metaverse spending surged. META stock plummeted 25% the next day and the stock continued to decline. At the end of last week, new Twitter owner Elon Musk laid off half of his 7,500 social media workforce. Apple said on Sunday that “it now expects iPhone 14 Pro and iPhone 14 Pro Max shipments to be lower than previously expected.” This is due to Corona 19 restrictions at Foxconn’s factory in Zhengzhou, China. Given Foxconn’s public woes, Apple’s reveal is not a shock. Foxconn warned on Monday that the coronavirus turmoil would impact its fourth-quarter earnings. Apple says the 14 Pro and Pro Max are still powerful, but shipping will take longer. Warren Buffett’s Berkshire Hathaway announced on Saturday that its operating profit rose 20%. Large companies suffered net losses as the continued bear market took a toll on investments. Goldman Sachs now expects the return of the S&P 500 to be revised down from its previous target of 3% in 2023. Join an IBD expert analyzing viable stocks in a stock market rally in IBD Live Stock Market Rally. The stock market rally started the week in a good way, but sold off on Wednesday afternoon after a hawkish remark by Fed Chairman Jerome Powell. The leading index gave up more ground on Thursday. Stocks swept Friday according to the mixed employment report, but ultimately closed higher that day. The Dow Jones Industrial Average was still down 1.4% in stock market trading last week. The S&P 500 fell 3.3%. The Nasdaq Composite plunged 5.7%, its worst decline since the week ending January. 21. Small cap Russell 2000 fell 2.4%. The 10-year Treasury yield rose 15 basis points to 4.16%. The 10-year yield resumed its rise after a 12-week winning streak and trading briefly at around 4%. The dollar was up 0.2% this week but plunged 1.9% on Friday, its biggest single-day drop in years. This most likely contributed to Friday’s stock market rally. The market currently sees a 61.5% chance of a 50bp hike at the December Fed meeting. The consumer price index for October is released on Thursday. The November jobs and CPI report will come before the Fed’s decision to raise rates on December 14th. U.S. crude futures rose 5.4% to $92.61 per barrel last week. Natural gas rose nearly 13%. Apple shares, which had rallied to the Tech Wreck 200-day line, fell 11.15% last week to 138.38. AAPL shares have fallen to less than a penny from their October lows, but there is still some distance from the June bear market lows. Microsoft’s 6.1%, Google’s 10.1%, Amazon’s 12% and META stock fell 8.5%, down to their multi-year lows. Tesla shares fell 9.2%, nearing an intraday low on Friday, October 24. This comes after TSLA started a strong week at 237.40 on Tuesday. Meanwhile, cloud software is bleak. Atlassian shares plunged 29% on Friday and 38% during the week. Twilio shares were down nearly 35% on Friday and 43.5% over the week. Snowflake (SNOW), which will not report for several weeks, will dive 17% in one week. Meanwhile, Fortinet (FTNT) was down 17.5% for the week as weak bill guidance offset strong earnings and upbeat earnings outlook. Paycom (PAYC) plunged 10.3% despite solid earnings and guidance. Businesses looking to cut costs can curb software spending by budgeting for 2023. Among ETF best ETFs, the Innovator IBD 50 ETF (FFTY) was down 1.2% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) was down 2%. . The iShares Expanded Tech-Software Sector ETF (IGV) plunged 10.2%, with MSFT stock being its main holding. The VanEck Vector Semiconductor ETF (SMH) closed down 0.7% after gaining 4.65% on Friday, closing its weekly high. The SPDR S&P Metals & Mining ETF (XME) rose 2%. The Global X US Infrastructure Development ETF (PAVE) was down 0.1%. The US Global Jet ETF (JETS) rose 0.3%. The SPDR S&P Homebuilders ETF (XHB) is down 5%. The Energy Select SPDR ETF (XLE) rose 2.4%, slightly below its eight-year high. The Financial Select SPDR ETF (XLF) fell 0.9%. The Healthcare Select Sector SPDR Fund (XLV) gave up 1.5%. Reflecting the more speculative story stock, the ARK Innovation ETF (ARK) was down 9.4% last week and the ARK Genomics ETF (ARKG) was down 4.65%. Tesla stock is a major holding across Ark Invest’s ETFs. Analysis of China’s Top 5 Stock Market Rally to Watch Now The stock market rally has had a bad week as the hawkish Fed and often weak performance impacted the leading indices. The Dow Jones, which led the market’s uptrend, had the weakest downtrend, but again fell below the 200-day moving average. The Russell 2000 met resistance near the 200-day moving average but recovered on Friday and closed above the 50-day moving average. The S&P 500 Index split into 50 days. The Nasdaq, which failed to reach its 50-day moving average, was the biggest loser, closing below the low on the tracking day, a bearish signal on Wednesday. The leading index moved higher on Friday in the mixed employment report after expanding losses on Thursday. Negative market behavior and major reversals in many stocks have triggered a shift towards a “market under pressure”. A big driver was Fed President Powell. Powell held back from the market rally by signaling that rate hikes would be curtailed but the top federal funds rate would be higher. On the other hand, mega-cap tech stocks such as Apple, Tesla, Amazon, and Metaju suffered huge losses. Cloud software names like Atlassian and Twilio have recently collapsed due to revenue and important guiding factors. Chips stocks have been relatively good, but only a handful of stocks are trading near their highs. Tesla vs BYD: The Fast-Growing EV Giant, Which Is a Better Buy? There are several resilient market areas. The health care sector is overall strong. Energy names, including diversified petroleum stocks, LNG renewables and coal miners and a few solar stocks, are performing well. Lithium and some steelmakers are doing well. Infrastructure companies for the energy, utilities and telecommunications industries are bright areas. In general, networking companies are a rare tech sector leading the way. Some restaurants and discount stores are showing strength. A variety of finance, especially brokers and brokerages, have benefited greatly. Still, it’s hard to see a strong market rally with such a huge tech sector faltering. With Apple, Google, Tesla and cloud software names lagging behind, it will be difficult enough for the leading index to rise. But are you trying to move forward as the realm plummets or crashes? Megacaps and cloud software could bottom out if the inflation report shows a clear and meaningful decline to cut down on the Fed’s rate hike. However, a return to technology leadership could be in several ways. On the other hand, if the October CPI report from November 10 shows inflation is still hot, tech stocks could pull down key sectors to end the market rally. Tuesday is Election Day. The stock market tends to do better in divided governments, and Republicans are set to regain control of the House and possibly the Senate. But political forecasters are predicting at least a House GOP victory throughout the year, so it’s unclear if Tuesday’s actual results will be a big catalyst. Time to market with IBD’s ETF market strategy What to do now The stock market rally is under pressure. The Fed is transitioning from a fast and furious way to a slow and long one, but it’s still hawkish. The technical sector is train accidents. Leading indices lowered some key levels. Indices and leading stocks are subject to large intraday and daily fluctuations. Not a good environment to buy stocks. Investors should seek ways to reduce exposure, either explicitly or simply by reducing losses in various positions. Investors may start adding exposure if a market rally strengthens again, with the S&P 500 and Nasdaq above their 50-day moving averages. However, this will require the technology to stabilize and inflation data to show some cooling. When conditions improve, you should be ready. Many stocks are set up, and more are not far away. So, make a watchlist, be patient and keep getting involved. Read the big picture daily to stay in sync with market direction and key stocks and sectors. Follow Ed Carson on Twitter @IBD_ECarson for stock market updates and more. You may also like: Why This IBD Tool Simplifies Your Search for Top Stocks Want to grab your next big hit stock with MarketSmith to make quick profits and avoid big losses? Buy and Observe 5 Stocks Near Buy Points Without This Risk Using SwingTrader Best Growth Stocks
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