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Dow futures tumble ahead of Fed minutes; Tesla stock races higher when you upgrade

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Dow futures rose modestly on Wednesday ahead of minutes from the Federal Reserve’s latest policy meeting. Tesla stock soared after Citigroup upgraded the EV giant.




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Before the Fed’s meeting minutes are released at 2pm ET, Consumer Opinions, Durable Goods Orders, First Unemployment Claims, PMI readings and New Home Sales are scheduled for the morning. The stock market will be closed on Thursday for the Thanksgiving holiday, followed by a short trading session on Friday.

Initial jobless claims, issued at 8:30 a.m. ET, jumped to 240,000 from 222,000 the week before. Meanwhile, durable goods rose 1% in October, above Econoday’s estimate of 0.4%.

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autodesk (ADSK), HP (HPQ) And the Nordstrom (JWN) reported earnings late on Tuesday, while monastery (DEEarnings came out Wednesday morning.

Autodesk shares fell 10%, while HPQ stock was up about 2% in early morning trading. Nordstrom shares tumbled 8.6 percent. Dairy shares jumped 4% in pre-market trading.

electric car giant Tesla (TSLA) rose nearly 3% on Wednesday morning. Technology pioneers at Dow Jones apple (AAPL) And the Microsoft (MSFT) was mixed before stock market today Open.

IBD Leaderboard stock Arista Networks (Network), Kosovo Liberation Army (KLAC), Scholes Technologies (SHLS) And the Ulta Beauty (Ulta) – as well as the name Dow Jones Larva (cat) – among the top stocks to buy and watch.

Arista Networks is IBD Leaderboard It was fresh stock from IBD Stock today. Ulta Beauty This week the stock column appeared near the overbought zone. The water was shallow Pick stocks on Thursday from the IBD 50 to watch.

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IBD MarketDiem’s ​​latest newsletter gives you actionable ideas for stocks, options and cryptocurrencies right in your inbox.


Dow jones today: oil prices and treasury yields

Before the opening bell on Wednesday, Dow futures turned lower, down 0.15% against fair value, while S&P 500 futures were down 0.1%. Futures for the Nasdaq 100 technology index were trading up 0.1% in morning trading.

China-related stocks showed early strength, after news reports that the State Council announced pending stimulus measures, including cutting the reserve requirement ratio for Chinese banks.

within Exchange traded fundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(up 0.15% early Wednesday, SPDR S&P 500 ETF)spy) gained 0.1%.

The 10-year Treasury yield rose to 3.77% Wednesday morning.

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Oil inventories came under some pressure as oil prices eased after their rebound on Tuesday. West Texas Intermediate crude futures fell more than 3% to below $79 a barrel even after industry data showed US crude inventories fell more sharply than expected last week.

Natural gas inventories have received a boost as gas prices continue to rise. U.S. natural gas futures jumped nearly 7 percent after Russia warned after Russia accused Ukraine of stealing gas from a pipeline, and threatened to curtail deliveries on Russia’s last remaining supply line to Europe.

Stock market rise

On Tuesday, the stock market posted strong gains. The S&P 500 and Nasdaq Composite Indexes rose 1.4%. The Dow Jones Industrial Average rose 1.2%.

Tuesday the big picture He commented, “While it’s a good idea to invest money in the current stock market, keep your exposure on the conservative side with small trades to start. Just because the stock market is in a confirmed uptrend doesn’t mean you should invest 100%. And don’t be afraid to make 10%.” % gain if you own it, given the volatile nature of the market.”

Now is an important time to read IBD’s The Big Picture column Amidst the constant fluctuations in the stock market.

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Five Dow Jones stocks to buy and watch now


Dow Jones Stock to Buy and Watch: Caterpillar

Dow Jones member Caterpillar Corp. is close to recovering 238 of its cup bases Point purchaseAnd the to me IBD MarketSmith Pattern Recognition, and less than 1% less than the input. CAT stock rose 0.7% on Wednesday, trading higher with Deere stock. Stocks are set to re-enter when the market opens if the early morning strength persists.

CAT stock It boasts an impressive average of 95 out of 99 IBD Perfect Composite Rating, per IBD stock check.


4 growth stocks to watch in Cursstock market rally


Top stocks to buy and watch: Arista, KLA, Shoals, and Ulta

IBD Leaderboard Arista Networks moved further above 132.97 for a choppy base Point purchase After Tuesday’s gains of 1.1%. On Wednesday, ANET stock fell 0.4%.

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The KLA is approaching 392.60 long handle cup buy points amid Tuesday’s 2.7% rally. To the upside, the stock’s relative strength line reached a new high last week, indicating a significant outperformance against the S&P 500. KLAC stock was inactive on Wednesday.

Shoals Technologies is still out of the buy range at 28.57 points after the third consecutive decline on Tuesday. The 5% buy zone peaks at 30. Wait for an orderly pullback into the buy range before considering buying stocks. SHLS stock was unchanged early Wednesday.

Ulta Beauty broke out of a buy range on Tuesday, up nearly 2%. 5% buy zone after 426.99 buy points in a mug with handle Works up to 448.34. Ulta reports third quarter results on December 1st. The stock was trading on Wednesday.


Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live


Tesla stock

Tesla stock It rose 1.2% on Tuesday, snapping a four-day losing streak that saw the stock reach its lowest level since November 23, 2020. The stock hit a new 52-week low on Monday at 167.54. Tesla shares are down about 57% from their 52-week high and sharply below the 50- and 200-day moving average lines.

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Shares of the electric vehicle giant were trading up 2.6% Wednesday morning after Citigroup lifted the stock from sell to neutral, raising its price target from 141.33 to 176.

Dow Jones leaders: Apple and Microsoft

within Dow Jones stockApple shares rebounded 1.5% on Tuesday and are still holding above the recently recovered 50-day line. The stock is down about 20% from its 52-week high. The stock traded down 0.3% on Wednesday Foxconn workers clashed with police officers. Foxconn is the largest iPhone assembly plant in China.

Microsoft stock rose 1.2% on Tuesday, adding to Monday’s gains. Stocks continue to hold above the 50-day line. The software giant is still more than 30% off its 52-week high. Shares of Microsoft rose 0.2% Wednesday morning.

Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.

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How to Find Growth Stocks: Why the IBD Tool Simplifies Your Search for Top Stocks

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Bitcoin plunges 70% on Standard Chartered’s list of potential disruptions for 2023

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(Bloomberg) — Speculators clinging to the view that the cryptocurrency’s path is over are mostly at risk of a rude awakening in 2023, according to Standard Chartered Bank.

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Another “surprising” scenario that markets could be “underpriced,” Eric Robertson, the bank’s global head of research, wrote in a note Sunday, another bitcoin drop of about 70% to $5,000 next year.

Robertson said demand could shift from bitcoin as a digital version of gold to real gold, leading to a 30% rally in the yellow metal.

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Robertson added that this likely outcome includes a reversal in higher interest rates as economies struggle, more bankruptcies and a collapse in investor confidence in digital assets.

He stressed that he was not making predictions but instead summarizing scenarios that are materially outside the current market consensus.

Arguably, the question of what lies ahead for digital assets wasn’t difficult to answer after the collapse of Sam Bankman-Fried’s FTX exchange and sister trading house Alameda Research. The spreading tremors from the explosion threaten to bring down more crypto companies and token prices.

For some, much of the bad news may already be reflected in the more than 60% drop in bitcoin and a scale of the top 100 tokens over the past year.

“Our bottom line is that most of the forced selling is over, but investors may not be compensated for the market risk incurred in the near term,” Sean Farrell, Fundstrat’s head of digital asset strategy, wrote in a note on Friday.

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Farrell pointed to the ongoing uncertainty surrounding Digital Currency Group, the parent company of beleaguered crypto brokerage Genesis. Genesis creditors are looking at options to try to prevent the brokerage from falling into bankruptcy.

gold forecast

Robertson of Standard Chartered said that a surprising market scenario of gold rallying as cryptocurrencies decline could see the precious metal measure at $2,250 an ounce.

“Gold will benefit from cryptocurrency woes going forward, with the sudden downturn in confidence in the cryptocurrency ecosystem,” said Nicholas Vrabel, global head of institutional markets at ABC Refinery in Sydney.

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The cryptocurrency sector continues to shrink. For example, digital asset exchange Bybit plans to cut its workforce by 30%, the latest in a series of layoffs to hit the industry.

There could be more pain ahead: About 94% of respondents to Bloomberg’s MLIV Pulse survey believe more blowouts will follow FTX’s bankruptcy as years of easy credit give way to a tougher business and market environment.

Bitcoin at the moment is fairly stable. The largest virtual currency was up 1.8% on Monday and was trading at a three-week high of $17,340 as of 2:35pm in Tokyo. It also gained codes like Ether, Solana, and Polkadot.

For crypto market prices: CRYP; For the most important cryptocurrency news: TOP CRYPTO.

–Assisted by Sing Yee Ong.

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Dollar falls as easing of restrictions in China boosts risk sentiment By Reuters

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© Reuters. FILE PHOTO: One hundred US dollar banknotes are seen in this illustration taken in Seoul on February 7, 2011. REUTERS/Lee Jae-won/File Photo

SINGAPORE (Reuters) – The dollar fell broadly on Monday after a rough week, weakening below 7 yuan as sentiment towards riskier non-dollar assets improved after signs of China easing some coronavirus-related restrictions.

More Chinese cities, including financial hub Shanghai and Urumqi in the far west, announced easing coronavirus restrictions over the weekend as China tries to soften its stance on COVID-19 restrictions in the wake of unprecedented protests against the policy.

“They may seem like small steps, but nonetheless they are a strong sign that China is taking measured steps toward reopening,” said Christopher Wong, currency analyst at OCBC.

China is preparing to announce soon easing nationwide testing requirements, as well as allowing positive cases and close contacts to isolate at home under certain conditions, people familiar with the matter told Reuters last week.

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The dollar fell below 7.0 yuan in foreign trade, while it jumped about 1.4% to 6.9507 on Monday morning, the strongest level since Sept. 13.

The euro, which measures the currency against six major peers including the yen and the euro, fell 0.18% to 104.28, its lowest since June 28.

The index fell 1.4% last week, capping a 5% decline for November, its worst month since 2010, on mounting expectations that the Federal Reserve is ready to scale back interest rate hikes after four consecutive 75-bps. Points increase.

Investors’ focus will be on US consumer price inflation data due on December 13, a day before the Federal Reserve wraps up its two-day policy meeting.

The US central bank is expected to raise interest rates by an additional 50 basis points at the meeting. Fed fund futures traders are now pricing the Fed’s benchmark rate to a peak of 4.92% in May.

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OCBC’s Wong said some degree of caution is still warranted because the Fed is not done tightening. “They’re still tightening up, it’s just that it’s going to be in baby steps.”

Traders appeared to be looking beyond the stronger-than-expected US jobs report for November on Friday after some Federal Reserve speakers calmed market concerns.

“We’ve blown past the US payrolls with a temporary jolt to risk markets,” said Chris Weston, head of research at Pepperstone, noting that the data supports the “soft landing” argument and is unlikely to change the Fed’s course.

Meanwhile, the Japanese yen was down 0.04% against the dollar at 134.37 per dollar, after rising 3.5% last week, off October’s low of 151.94.

The euro rose 0.38% to $1.0578, after rising 1.3% last week. It had earlier touched its highest level in more than five months at $1.05835.

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The pound rose to $1.23450, the highest level since June 17, and was last trading at $1.2339, up 0.42%.

The Australian dollar rose 0.75% to $0.684, while it rose 0.31% to $0.643.

================================================== == ======

The currency bid prices are at 0520 GMT

Description RIC Last US Close Pct Change YTD Pct High Bid Low Bid

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previous change

session

EUR/USD 1.0580 $1.0541 +0.37% -6.94% +1.0584 +1.0512

USD/JPY 134.3800 134.2950 +0.00% +16.75% +134.7600 +134.2800

EUR/JPY 142.18 141.53 +0.46% +9.10% +142.2200 +141.5700

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USD/CHF 0.9349 0.9368 -0.19% +2.51% +0.9393 +0.9344

GBP/USD 1.2337 1.2293 +0.37% -8.76% +1.2343 +1.2251

USD/CAD 1.3401 1.3474 -0.54% +5.99% +1.3473 +1.3386

AUD/USD 0.6841 0.6794 +0.63% -5.94% +0.6851 +0.6764

NZ 0.6429 0.6413 +0.27% -6.06% +0.6442 +0.6367

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Tokyo forex market information from Bank of Japan

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The Dow shines as tech stocks squeeze higher on the Nasdaq

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The Dow Jones Industrial Average is outperforming the broader S&P 500 to an extent not seen in nearly a century.

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