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 (NAS:TSLA) 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 (DOW:DJIA) inched lower yesterday, while the S&P (S&P:SPX) and Nasdaq Composite (AMERICAN:COMP) rose.
See the Market Snapshot column for the latest action.
Don’t count out the dollar (IFUS:DXY) even after yesterday’s underwhelming Federal Reserve minutes, says BK Asset Management’s Kathy Lien for our call of the day .
“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 (XTUP:USDJPY) 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.
Another focus today is how Poland’s ruling conservative government reportedly promised that crowds would welcome Trump and was busing in folks from rural areas for a “great patriotic picnic.”
C-Span has full video for Trump’s speech at Warsaw’s Krasinski Square here .
United Airlines (NAS:UAL) has apologized after behaving badly again. This time, the carrier bumped a 27-month-old out of a seat that cost his mom nearly $1,000, forcing her to hold him in her lap.
Amazon (NAS:AMZN) and Dish Network (NAS:DISH) have talked about teaming up and entering the wireless business, says a Wall Street Journal report citing people familiar with the matter.
Liberty Interactive plans to buy the 62% of HSN that it doesn’t already own.
Redfin (NAS:RDFN) plans to go public — here are six things to know about the real-estate company.
GE (NYS:GE) , Canon (TKS:JP:7751) and Merck KGaA (FRA:DE:MRK) have been accused of antitrust moves by the EU — with fines as high as 10% of global revenue depending on the outcome of the investigation.
Before the opening bell, ADP’s report indicated that private-sector jobs growth eased last month, while other releases said jobless claims met expectations and the trade deficit fell. The ADP reading comes ahead of the government’s monthly jobs report, due tomorrow.
“Last month there was a huge discrepancy between ADP payrolls of 253K and nonfarm payrolls of 138K,” notes Colin Cieszynski from CMC Markets.
After the open, watch for updates for Markit’s services PMI and ISM’s non-manufacturing index.
Check out: MarketWatch’s Economic Calendar
On the Federal Reserve front, Fed Gov. Jerome Powell is due to talk about housing finance reform at 10 a.m. Eastern Time, then Vice Chairman Stanley Fischer addresses government policy and labor productivity at 7:30 p.m. Eastern.
American Madison Brengle beat a two-time Wimbledon champ at the All England Club.
Replicas of the Nina and Pinta are sailing up the Hudson , but there’s no Santa Maria.
An Adele superfan has spent nearly $8K on tickets but never gets to see her .
What’s the matter with the Nutmeg State ?
Chess legend Garry Kasparov is coming out of retirement .
Cher among the many captivated by claims that Japan captured Amelia Earhart:
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