Stock Futures Drop Ahead of Fed Chair Powell’s Appearance, Tesla Stock Skids Further
Dow Jones futures saw a slight dip on Friday as the stock market prepared for a scheduled appearance by Fed Chair Jerome Powell following a strong advance in November. Tesla stock also faced further decline after the Cybertruck delivery event.
Powell is slated to participate in a fireside chat at Atlanta’s Spelman College at 11 a.m. ET, followed by a roundtable discussion at 2 p.m. Economic reports, including the S&P Global Purchasing Managers’ Manufacturing Index and the Institute of Supply Management Manufacturing index, are also expected to be released on Friday.
Key earnings movers in the market include Ambarella, Dell, Elastic, Marvell Technology, Samsara, UiPath, and Ulta Beauty. While AMBA stock moved up nearly 1%, Dell shares tumbled around 6%. Elastic soared 18%, while MRVL stock dropped 5%.
As the stock market heads into December, Dow Jones futures lost 0.1% vs. fair value, and the Nasdaq 100 tracker Invesco QQQ Trust dipped 0.3%. The yield on the 10-year U.S. Treasury bond ticked lower to 4.33% Friday morning while oil prices remained steady just below $76 a barrel in early trading.
Thursday saw the Dow Jones Industrial Average, S&P 500, and Nasdaq composite finish sharply mixed, with the Dow Jones rallying 1.5%, the S&P 500 moving up 0.4%, and the Nasdaq dropping just over 0.2%. Several stocks, including Advanced Micro Devices, Amazon, Cloudflare, and MongoDB are identified as top stocks to watch in the current market rally.
Software giant Salesforce, healthcare giant UnitedHealth, and payments leader Visa, all Dow Jones stocks, showed positive movements in the market. Additionally, the “Magnificent Seven” stocks, Tesla and Nvidia, saw slight dips on Friday morning.
Furthermore, Apple and Microsoft, also Dow Jones stocks, traded modestly lower ahead of Friday’s stock market open after seeing positive movements on Thursday.
Overall, the stock market is seeing a mix of movements in trading, driven by various company earnings, economic reports, and developments in the tech and automotive industry.