In a positive start to Wednesday, Dow Jones futures, along with S&P 500 futures and Nasdaq futures, rose after the release of key economic data. The Commerce Department reported that new durable goods orders rose 0.2% in August, exceeding expectations of a 0.3% decline. Excluding transportation, orders rose 0.4%, surpassing expectations. Despite this positive data, retail giant Costco’s stock experienced a 1.6% decline in morning trade, following the release of better-than-expected earnings and sales results.
Leading tech stocks such as Tesla, Nvidia, Apple, and Microsoft all saw gains in premarket trading. Additional stocks to watch amidst the ongoing stock market correction include Airbnb, DraftKings, and Uber Technologies, as well as Dow Jones stocks Amgen and Caterpillar.
Overall, Dow Jones futures rose by 0.3% before the market opening, while the Nasdaq 100 tracker Invesco QQQ Trust rose by 0.4%. Meanwhile, 10-year U.S. Treasury yields fell slightly from recent highs, and oil prices rebounded to their 2023 highs. Tuesday saw a decline in all three major stock indexes, with concerns about interest rates and inflation lingering.
Dow Jones stocks, Amgen and Caterpillar, both made gains, with Amgen rising above a crucial buy point and Caterpillar continuing to form a flat base. Top growth stocks like Airbnb and DraftKings are also building bases, while Uber Technologies consolidates below its 50-day line. Tesla stock experienced a 1.2% decline on Tuesday as it remains below its 50-day line, but saw a small rebound on Wednesday morning. Apple and Microsoft stocks also faced declines on Tuesday, but both saw slight gains in early trading.