SPX Closes Lower after Fed Minutes...NDX makes New Intraday High...Technology, Health Care, Communication Services Lead Sectors...NVDA above $1,000 on Beat and Raise EPS Report...

© 2024

The SPX -14.40, 5,307, opened lower, traded in a range, at 2 pm ET the SPX pulled back 23 points after the Fed minutes were released and rallied 20 points into the close.  The NDX -8.59 made a new intraday all-time high before pulling back to close slightly lower. 

NVDA -4.36, -0.46%, 949.50, opened slightly higher and closed lower. 

After-hours: NVDA +56.76, 1,006.23 beat on eps 6.12 vs. 5.59 estimate and revenues $26.04B vs. $24.64 estimate, raised guidance, raised the dividend to 10 cents (1 cent post-split) and declared a 10 for 1 split to take effect on June 7.

This week’s SPX earnings include PANW, NDSN, LOW, AZO, TGT, ADI, TJX, SNPS, NVDA, MDT, RL, DECK, INTU, ROST

Mega caps META, MSFT rose and AMZN, NVDA, AAPL, GOOGL, TSLA fell on Wednesday.

SPY down 1.53 at 529.83 on 48.3 million shares, below average volume, including over 8.2 million shares in after-hours trading following NVDA earnings release.

VIX up .43 at 12.29

QQQ down .09 at 455.71

JNJ, CSCO, BA, VZ led the DJIA, 12 advancers, -2

FSLR, MRNA, ENPH, MCHP led the SPX, 177 advancers 

MRNA, ADI, EA, ON led the NDX, 45 advancers

Up: 

Down:  QQQ, SPY, DIA, IWM,

Four of eleven sectors were higher on Wednesday, led by XLK, XLV and XLC.  

The SPY MFC green line turned down slightly at 95.5 and is counter-trend defensive.

Uptrend sectors:  XLU, XLP, XLI, XLF, XLC, XLB, XLE, XLK,

Neutral sectors:  XLY, XLV, XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

45 of 100 NDX stocks closed higher on Wednesday.

68 NDX stocks are above their 30 DMA:  AZN, GOOGL, KDP, XEL, PEP, AEP, EXC, MDLZ, PANW, PDD, MRNA, CCEP, MCHP, TXN, NXPI, TSLA, BIIB, COST, AMGN, TTD, VRSK, AAPL, ADI, AMZN, MELI, ON, QCOM, REGN, AMAT, BKNG, CEG, CRWD, CTAS, INTU, KLAC, NVDA, FANG, GFS, HON, NFLX, SNPS, VRTX, AVGO, ADP, IDXX, ISRG, MSFT, PAYX, CHTR, MU, GILD, MDB, TSLA, ADBE, AMD, BKR, CTSH, MRVL, ROP, TMUS, TTWO, WDAY, ADSK, EA, LRCX, CDW,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

CDW,   

Moving Below 30 DMA = 4

BKR, CMCSA, CPRT, ZS,

Add Comments here: