Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures. The stock market struggled on Wednesday as Treasury yields rebounded to fresh long-term peaks, with the Nasdaq briefly dropping below the 13,000 level. However, the major indexes reversed to close mixed. Meta Platforms appeared to be a catalyst for Wednesday’s turnaround. Meanwhile, Peloton surged after hours on a partnership with Lululemon Athletica. While technically Wednesday marks day one of a rally attempt, the market is still in a correction.
In terms of earnings, Micron Technology reported a big loss and a 40% revenue decline, though both beat fiscal Q4 views. Micron stock fell solidly in late trading, signaling a move below the 50-day line. The memory-chip giant guided slightly higher on Q1 revenue but sees a wider-than-expected loss. Tesla fell on a Deutsche Bank warning that goes beyond the EV giant’s deliveries. However, Tesla stock closed off lows.
Energy stocks, including Nov, SLB, Chevron, and Exxon Mobil, showed bullish action on Wednesday as crude oil prices surged to a 52-week high. Despite the overall correction in the market, energy stocks have been rising with crude oil prices. The 10-year Treasury yield rose to its highest level since October 2007, while fears of a government shutdown may be spooking bond traders. The market breadth was modestly positive, with the small-cap Russell 2000 popping 1%. Five Best Chinese Stocks To Watch Now Meta Stock Meta unveiled its latest virtual reality headset, the Quest 3, at its Meta Connect event on Wednesday.
