Stocks are falling sharply, oil prices are falling; GameStop screws as Tesla looms

Overnight Dow Jones futures are up slightly, along with S&P 500 futures and Nasdaq futures. The stock market rally was sold off to close on Thursday, while crude oil prices fell as President Joe Biden announced a major release of US strategic reserves.

X

Jim Stop (GME) said late Thursday that it would seek shareholder approval to split GME shares, following a similar plan by Tesla (TSLA) earlier in the week. GME’s stock jumped overnight, while colleagues’ stock jumped AMC Entertainment (AMC) And the bed bath behind (BBBY) also appeared.

The March jobs report looms large on Friday morning. It’s also a big day for car sales, too. General motors (GM) and other large automakers The release of car sales in the United States Friday morning data. China EV . makers New (NIO), Exping (XPEV) And the Lee Otto (LI) probably March EV Delivery Report before opening. Tesla could announce global deliveries for the first quarter as soon as Friday.

Advanced Micro Devices (AMD) fell on the downgrade analyst, even as a competitor nvidia (NVDA) maintains its last big recovery. AMD and Nvidia stock charts show the risks and rewards of buying past leaders breaking sharp downtrends.

car sales

General Motors will launch US auto sales for the first quarter on Friday, while Toyota (TM), Stilants (STLA) and others will release US results for March and the first quarter. Ford Motor (F) Results may be released early next week. Industry sales are likely to fall against February and come to a sharper halt compared to March 2021, as chip issues and other supply chain constraints limit production, despite strong demand. Shares of General Motors, Ford, Toyota and Stellants are just below the 50-day moving averages.

Nio, Xpeng and Li Auto should report a rebound in deliveries, after Chinese New Year affected February sales. Nio and Li Auto stocks fell below the 50-day moving averages on Thursday, losing about 5%. XPEV stock fell 3%, as delisting concerns from Chinese companies listed in the United States persisted. All three China EV makers are far below any possible level buy points.

Tesla delivery

Tesla deliveries could come on Friday, although they could arrive as late as Tuesday. This report could be a huge catalyst for Tesla stock, which currently stands at 1,208.10 cup base Point purchase, according to MarketSmith Analysis. Investors are expecting strong results for the electric vehicle giant, despite the Tesla Shanghai plant being temporarily closed again due to China Covid concerns. Tesla shares fell 1.5 percent to 1077.60.

The TSLA stock can work on a handle, but it needs a meaningful dip to weed out weak stockholders after a massive run from the bottom of its base.

Microsoft and Nvidia stocks are working IBD Leaderboard. Microsoft and Google Stock Long-term leaders of IBD. Google, Microsoft, Nvidia, AMD, and Tesla are all available at defect 50.

GME Inventory Divide Plan

GME stock rose 17% overnight as GameStop said it would ask shareholders to approve a stock split of some sort. On Monday, TSLA stock rose 8% as the electric car giant said it would seek approval for a split at its annual shareholder meeting. AMC and BBBY stock rose modestly in the extended trade.

Stock splits have been on the decline since the dotcom era, but recently rebounded as stock prices crossed the 1,000 mark. For Tesla, a Google parent the alphabet (Google) And the Amazon.com (AMZN), which is also planning big splits, the cheaper stock price makes options contracts more accessible to more investors. But GME stock, which closed at 166.58 on Thursday, is not in that category. For AMC and BBBY stock, which closed above 20 on Thursday, splits are not on the table.

Dow jones futures contracts today

Dow futures rose 0.4% against fair value. S&P 500 futures rose 0.35%. Nasdaq 100 futures rose 0.35%.

The 10-year Treasury yield rose 5 basis points to 2.38%. The two-year yield surged to 2.37%, again threatening to rise to a 10-year high, inverting the yield curve.

Remember to work overnight in Dow Jones futures contracts and elsewhere that does not necessarily translate into actual circulation in the next regular session Stock market session.

Join IBD experts as they analyze actionable stock market actionable shares on IBD Live

Jobs Report

The Labor Department will release its jobs report for March at 8:30 a.m. ET. Economists expect non-farm payrolls to show a gain of 455,000, with the unemployment rate dropping to 3.7%. Wage gains and labor force participation will be closely monitored.

The jobs report is likely to fluctuate in Dow futures and bond yields.

stock market rise

The stock market’s rally eased for a second straight session, adding to losses late in the day as major indexes closed their first losing quarter in two years.

The Dow Jones Industrial Average fell 1.6% on Thursday stock market trading. The S&P 500 also fell 1.6%, with AMD is the biggest loser. The Nasdaq Composite lost 1.5%. Small cap Russell 2000 fell 1%.

US crude oil prices fell 7% to $100.28 a barrel, the lowest close in two weeks. President Joe Biden announced a major launch of Strategic Petroleum Reserves, to supply 1 million barrels per day for the next six months. This will provide an additional boost to global oil supplies amid the Russian invasion of Ukraine. Power stocks have performed relatively well.

The 10-year Treasury yield fell 3 basis points to 2.33%.

ETFs

between the Best ETFsThe Innovator IBD 50 ETF (fifty) sank 0.9%, while the innovative IBD Breakout Opportunities Fund (fit) decreased by 0.7%. iShares Expanded Technology and Software Fund (ETF)IGV) down by 0.75%. VanEck Vectors Semiconductor Corporation (SMH) fell 2%, with shares of AMD and major Nvidia components.

SPDR S&P Metals & Mining ETF (XME) decreased by 0.6% and the Global Infrastructure Development Fund (ETF) in the USA (cradle) decreased by 1.15%. US Global Gates Foundation (ETF)Planes) rose 0.3%. SPDR S&P Homebuilders ETF (XHB) by 3.9%. SPDR Specific Energy Fund (SPDR ETF)XLE) slipped 1.35%. SPDR Financial Choice Fund (SPDR)XLF) faltered 2.3%. SPDR Healthcare Sector Selection Fund (XLV1% lost

Shares reflect more speculative stories, the ARK Innovation ETF (see you) 3.5% slip and the ARK Genomics ETF (ARKG) 1.8%. Tesla stock continues to rank number one among Ark Invest’s ETFs. Ark also owns some shares of Nio and XPEV.

Top 5 Chinese stocks to watch right now

AMD Stock

AMD stock fell 8.3% to 109.36, below the 50-day and 200-day moving averages in heavy volume. Barclays downgraded AMD shares on Thursday, fearing slower growth in the PC and gaming markets next year. On Monday, Goldman Sachs downgraded the chipmaker.

On March 24th, AMD stock jumped above the 50-day and 200-day lines and broke out of a downtrend, providing a solid entry. But while such deals can certainly succeed, they come with high risks.

Nvidia stock

Meanwhile, Nvidia stock reclaimed its 200-day price on March 17, a week earlier than AMD. Stocks rose on March 18 and then again on March 24, as NVDA stock gave up some short-term resistance. Those moves made two early entries.

On Thursday, shares fell 1.5 percent to 272.86. While Nvidia competes with AMD in gaming and data centers, it is not in computer chips.

Nvidia’s stock could run on a knob, but that would be, at best, in the middle of a deep, ill-defined base. The handle will look more attractive if Nvidia goes up to 300 or a little higher.

Market Rise Analysis

The stock market’s rise declined for the second consecutive session. The Nasdaq stopped a little bit at the 200-day line. The Dow Jones fell below that level and the S&P 500 moved again towards it.

Although it’s not fun to see pointers regress, this is still normal and healthy so far.

Ideally, the market may move sideways or slightly lower for at least a few more days. This would help the likes an Apple (AAPL), Tesla stock or even Nvidia shape handles – or a dip to ascending support levels. A pause in the market that begins to cause investors to worry about the market or various stocks is likely to be positive – assuming the bullish momentum returns.

The market rally still looks broad based, although the major sectors are changing day by day.

Time to Market with IBD’s ETF Market Strategy

What are you doing now

A stock market rally looks good, but that doesn’t mean you have to make big buys right now. Perhaps this is a good time to sit back and watch, hold on to the current positions that are working, and wait to see what the market and the leading stocks do next.

When the new market rally races higher, the vast majority of stocks will join in. Less sharp progress and occasional retreat will separate leaders from laggards.

There aren’t a lot of great setups at the moment, with many stocks spanning from breakouts or from bottoming out. Some names, like Apple’s stock, could work in handy, but those are still a long way off.

Build these watchlists so that you are prepared for when the market signals are up and booming.

Read The Big Picture Every day to stay in sync with the trend of the market, stocks and leading sectors.

Please follow Ed Carson on Twitter at Tweet embed For stock market updates and more.

You may also like:

Why simplify this IBD tool burntthe chapter top stock

Do you want to get quick profits and avoid big losses? Try SwingTrader

Best growth stocks to buy and watch

IBD Digital: Unlock IBD Premium Stock Listings, Tools & Analytics Today

Tesla vs. BYD: Which burgeoning EV giant is the best to buy?