October 2, 2022

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Dow Jones Futures: Market Rally Holds Key Levels, Salesforce Rises Late; Don’t Fall For This

2 min read

Dow Jones futures rose modestly early Wednesday, along with S&P 500 futures and Nasdaq futures. Salesforce.com (CRM) headlined key earnings after the close, with Nio and other China EV makers releasing sales data before the open. The stock market rally closed Tuesday mixed after initially retreating, with the Nasdaq holding a key level after last week’s big advance.




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The market is in a confirmed uptrend, and investors have a green light to add some exposure. But don’t fall into the trap of buying hot stocks that are extended, such as Schlumberger (SLB) and Albemarle stock.

Key Earnings

Salesforce and HP Inc. (HPQ) reported after the close.

Salesforce earnings fell but beat views. Guidance was middling-to-light. But CRM stock jumped 9% overnight. Shares recently hit a two-year low, but the business software giant is still an industry bellwether.

HP earnings also topped views while the printer-and-PC giant raised the low end of its full-year EPS target, though the overall outlook was roughly in line. HP stock edged higher in extended trade. Shares edged up 0.2% in Tuesday’s regular session to 38.84, the fourth straight gain as they rebounded from the 200-day line and reclaimed the 50-day line. HP stock has a 41.57 consolidation buy point, but 39.81 could serve as an early entry.

China EV Sales

Meanwhile, China EV makers Nio (NIO), Xpeng (XPEV) and Li Auto (LI) should report May deliveries before Wednesday’s market open.

Nio stock jumped on Tuesday, along with Xpeng and Li Auto on easing Covid restrictions, improving economic data and various new EV incentives. But all three are in downtrends.

China EV and battery giant BYD (BYDDF) will likely release May sales on Friday, after defying Covid impacts with record sales in April. BYD stock is still in range of an early buy point.

Tesla (TSLA) China sales will be released in another week or two as Shanghai plant production recovers. TSLA stock has rebounded from 2022 lows in recent days.

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2022-06-01 00:14:26

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