Dow Jones futures fell solidly early Wednesday, along with S&P 500 futures and Nasdaq futures, while Treasury yields continued to rise sharply. The stock market rally retreated and Treasury yields jumped Tuesday as a top Fed policymaker called for a “rapid” reduction in the Federal Reserve’s massive balance sheet.
Solar power firm SolarEdge Technologies (SEDG) and uranium ETFs North Shore Global Uranium (URNM) and Global X Uranium (URA) flashed buy signals Tuesday morning, but pared gains or reversed lower as broader markets retreated.
UnitedHealth (UNH) and Eli Lilly (LLY) are rising within buy zones.
As for megacaps, Apple stock, Tesla (TSLA), Microsoft (MSFT) and Google parent Alphabet (GOOGL) all retreated Tuesday, though the charts look fine. Tesla stock fell back from a trendline entry, but could use a decent pause after a rapid run. Apple (AAPL) technically dipped below a buy point, but now has a proper handle, offering a new operative buy point. Microsoft and Google stock also now have handles and new buy points on their daily charts.
Tesla, Microsoft and LLY stock are on IBD Leaderboard. Microsoft stock and Google are IBD Long-Term Leaders. TSLA stock, Microsoft and Google are on the IBD 50. Uranium ETF URNM was the IBD Stock Of The Day. Google was the IBD 50 stock to watch.
The video embedded in this article discusses the market rally retreat and analyzes the URNM ETF, Google and LLY stock.
Musk Joins Twitter Board, Steals Trump Thunder
Meanwhile, Twitter (TWTR) gapped above its 200-day line Tuesday morning to 54.57 on news that Tesla CEO Elon Musk will join the social network’s board. TWTR pared gains to up 2% at 50.98. Twitter stock surged 27% on Monday as Musk disclosed a 9.2% stake, originally described as “passive.”
Musk’s Twitter move appears to be stealing Donald Trump’s thunder as his Truth Social site faces challenges. Digital World Acceptance Corp. (DWAC), the SPAC merger partner with Truth Social parent Trump Media and…
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