By Victor Reklaitis, MarketWatch
The appetizers to the big jobs report might help bring about bigger S&P 500 moves today, after this holiday week’s pair of +0.2% days.
But don’t bet on it, suggests CrackedMarket’s Jani Ziedins, who notes stocks haven’t been dancing to media headlines.
“Despite all the attention and fuss, the market simply isn’t interested in moving in either direction,” he writes in a note to clients.
“Holding current levels despite all the headline concerns gives a slight edge to the bulls and means the path of least resistance remains higher,” Ziedins adds.
That’s not to say it’s all quiet on the trading front. Just ask a bloodied but unbowed Tesla /zigman2/quotes/203558040/composite TSLA +2.05% bull — or better yet, a gleeful Tesla bear.
The electric car maker’s stock looks set for more trouble after yesterday’s 7% slump, according to our chart of the day .
Some traders are noting Tesla’s stock has sliced through an uptrend line that for months served as a place where buyers stepped in. Today’s chart, shown below, comes from this camp.
Tesla is breaking under a “major demand line” and traders should “run very far away,” say the chart watchers at Stock Board Asset in their tweet sharing the sketch above. The stock was recently down about 3% in premarket action, as the Model S failed to snag a top safety award.
To be sure, not everyone is throwing in the towel, even as Goldman sees shares in Elon Musk’s baby falling to $180. (The stock closed yesterday around $327, up 53% so far this year.)
While Tesla tumbled enough yesterday to trigger an official “correction” following downbeat delivery data, Baird analyst Ben Kallo suggests the selling won’t last. Investors soon will cheer the Model 3’s introduction and production ramps, Kallo says.
Key market gauges
Futures for the Dow , S&P 500 and Nasdaq-100 are heading south, after the Dow /zigman2/quotes/210598065/realtime DJIA +0.13% inched lower yesterday, while the S&P /zigman2/quotes/210599714/realtime SPX +0.24% and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.92% rose.
See the Market Snapshot column for the latest action.
“While dollar bulls were unimpressed, the mixed Fed minutes did not kill the dollar’s rally,” she writes.
“Investors will still be looking for a stronger labor market report on Friday, especially with manufacturing jobs on the rise, according to the latest ISM report.”
Jobs will be on everyone’s mind today with ADP’s release and other key data on tap, Lien adds. If healthier labor market conditions are reported, we could see the buck /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1678% rise to 114 Japanese yen even before nonfarm payrolls hit, she predicts.
Trump condemns North Korea on Poland trip
President Donald Trump said the world must confront the threat from North Korea and stressed the need for a political solution in Syria. He was speaking in Warsaw Thursday alongside Polish President Andrzej Duda.
“We’re working with Poland in response to Russia’s actions and destabilizing behavior.” — President Trump has Russia on his mind while in Warsaw today. He’s due to meet Vladimir Putin in Germany tomorrow.