Stock Market Braces for Jobs Report; Tesla, Nvidia in Focus Amid Buy Signals

Dow Jones futures increased Thursday evening, while S&P 500 futures and Nasdaq 100 futures slightly declined. This occurred after the financial exchanges in the United States were closed for the Fourth of July vacation. A recent decline in Bitcoin's price continued. The employment data is expected to be released early on Friday.

The S&P 500 and the Nasdaq reached new highs in the half-day session on Wednesday. Tesla (TSLA) continued its impressive performance as it approached a significant trendline. During a favorable day for chips, Nvidia (NVDA) had a successful session.

On Wednesday, buy signals were flashed for the following companies: ASML (ASML), Entegris (ENTG), Monday.com (MNDY), Agnico-Eagle Mines (AEM), Southern Copper (SCCO), Tencent Music (TME), and Vistra (VST).

Dow Jones Futures Today

The fair value of Dow Jones futures slightly increased. However, the S&P 500 futures and Nasdaq 100 futures declined somewhat by 0.1%. The yield on the 10-year Treasury note increased to 4.37%.

The current bitcoin price is around $57,000, close to multimonth lows. The jobs report, which is scheduled to be released on Friday, will undoubtedly cause a swing in the Dow futures and Treasury yields early on Friday.

In the United Kingdom's elections on Thursday, the Labour Party is projected to win by a landslide, while the Conservative Party, which is now in power, may not have fared as poorly as was anticipated.

It is important to remember that overnight movement in Dow futures and other markets does not necessarily transfer into actual trading during the subsequent normal session of the stock market.

Jobs Report

On Friday, at 8:30 a.m. Eastern Time, the Labor Department will release the jobs report for June. In contrast to the increase of 272,000 seen in May, economists anticipate that nonfarm payrolls will show a gain of 189,000. The unemployment rate is expected to continue at 4%. The average hourly wage is anticipated to increase by 3.9% compared to the previous year, a decrease from the 4.1% increase seen in May.

Stock Market Rally

On Wednesday, the advance in the stock market was technically uneven; nonetheless, the behavior of the S&P 500, Nasdaq, and leading stocks struck a bullish tone.

The Dow Jones Industrial Average lost a small amount of ground during Wednesday's stock market exchange trading. The index of the S&P 500 increased by 0.5%. There was a 0.9% increase in the Nasdaq composite. Despite recovering the 50-day line momentarily, the small-cap Russell 2000 index experienced a slight increase of 0.1% during the trading session.

The Nasdaq is 7.6% higher than the 50-day line, indicating that extension is growing. This increases the likelihood of a pullback, but it does not need to take place immediately.

The price of a barrel of crude oil in the United States increased by 1.3%, reaching $83.88.

The yield on the 10-year Treasury note dropped by 9 basis points, reaching 4.35%. This represents a decline of 13 basis points in just two sessions.

The initial jobless claims and the weaker-than-expected labor statistics from the ADP Employment Report contributed to the decline in Treasury yields. Additionally, the June ISM services index indicated that service demand was contracting.

Following the early closure of the market, the minutes from the Federal Reserve's June meeting were made public. These minutes revealed that policymakers saw risks "moving into better balance." On the other hand, they must first achieve "greater confidence" before lowering interest rates.

ETFs

Among growth exchange-traded funds (ETFs), the Innovator IBD 50 ETF (FFTY) was up by 0.6% on Wednesday. IGV, the iShares Expanded Tech-Software Sector ETF, made a slight ascent. An increase of 2.4% was seen in the VanEck Vectors Semiconductor ETF (SMH). An essential portion of SMH's interests include Nvidia stock and ASML.

Both the ARK Innovation ETF (ARKK) and the ARK Genomics ETF (ARKG) experienced a rise of 1.8% and 1.2%, respectively, which reflected the more speculative story stocks. Ark Invest's exchange-traded funds (ETFs) have Tesla shares as their top investment. On Tuesday and again on Wednesday, Cathie Wood engaged in the sale of several Tesla shares.

There was a 1.8% increase in the SPDR S&P Metals & Mining ETF (XME). While the Health Care Select Sector SPDR Fund (XLV) experienced a decline of 0.7%, the Energy Select SPDR ETF (XLE) experienced a rise of 0.25%.

The SPDR Fund for the Industrial Select Sector (XLI) experienced a 0.3% increase. There was a decrease of 0.2% in the Financial Select SPDR ETF (XLF).

Nvidia Stock

Nvidia stock made a strong move above the 21-day line and above the 10-day line since June 20, jumping 4.6% to reach a price of 128.28. If an aggressive investor had been looking for a place to add a few more shares, Wednesday's activity could have been that place. However, the shares of NVDA could benefit from a lengthier delay.

Tesla Stock

On Wednesday, Tesla stock increased by 6.5% to 246.39, bringing its weekly gain to 24.6%. This comes after the stock increased by 8.1% the previous week.

The price of shares has significantly increased since the handle buy point of 191.08. TSLA stock is getting close to a long-term trendline that will take it back to its all-time high in the latter half of 2021. In an ideal scenario, Tesla would take a little break. At the end of two weeks, earnings are due.

Stocks In Buy Areas

According to an analysis conducted by MarketSurge, ASML stock increased by 2.2% to 1,071.20, pushing back over a purchase threshold worth 1,056.34 dollars. Over the past few days, the semiconductor equipment behemoth has discovered support at the 21-day line. Earnings from ASML are expected to be released on July 17th.

The price of Entegris stock, which increased by 3.1% to 140.81, surpassed the handle purchase mark of 139.81.

Monday.com's share price increased by 2.65% to 243.31, pushing it back over an entry price of 239.54 and retaking a previous base buy point of 239.22.

The share price of Angico-Eagle increased by 4% to 68.27, regaining its position above the 50-day line and breaking a trendline. Starting from a flat base, the buy point for AEM stock is 71.50.

The stock of Southern Copper increased by 5.5% to 116.03, placing it above the 50-day moving average. SCCO is exhibiting a consolidation pattern, and the buy point is at 120.79.

The 3.5% increase in Tencent Music shares, which brought it to 14.94, broke a trendline within a flat base. 15.77 is the official purchasing point for the item. The stock of TME is jumping off the 50-day line at the moment.

At 91.31, the share price of Vistra increased by 4.1%, bringing it back over the 50-day line and the short-term highs. The power generation corporation, a play close to artificial intelligence, maybe beginning construction on the right side of a new base.

Photo: Microsoft Bing