Home Artificial Intelligence Dow Jones Futures: As Market Correction Intensifies, What To Do; Meta AI Push In Focus

Dow Jones Futures: As Market Correction Intensifies, What To Do; Meta AI Push In Focus

by Joey De Leon

Dow Jones futures rose slightly after hours, indicating a positive start for the stock market on Wednesday. The S&P 500 futures and Nasdaq futures also saw gains. This comes after a sharp decline in the stock market on Tuesday, wiping out the slim gains made on Monday. The stock market correction reached new lows as major indexes dropped. Meanwhile, the 10-year Treasury yield continued to climb to long-term highs.

In other news, Costco Wholesale (COST) headlined earnings with Meta Platforms (META) set to unveil virtual reality hardware and artificial intelligence tools. Costco reported earnings and revenue that beat expectations on Tuesday night. However, the stock fell modestly in overnight trading. Meta Platforms, the parent company of Facebook and Instagram, will be holding its Meta Connect conference to showcase its virtual reality headset and new generative AI tools. Meta stock also dipped slightly in Tuesday’s trading.

The Federal Trade Commission (FTC) and 17 states filed a sweeping antitrust lawsuit against Amazon.com (AMZN) on Tuesday. This move was long-expected, and FTC Chair Lina Kahn rose to prominence with her analysis of Amazon. As a result of the lawsuit, Amazon stock fell further, continuing its sharp downtrend. Other megacap tech stocks like Google parent Alphabet (GOOGL), Microsoft (MSFT), and Apple (AAPL) also lost notable ground.

Despite the market correction, there are a few stocks that are holding up relatively well. Neurocrine Biosciences (NBIX), oil machinery company Nov (NOV), insurance company Aflac (AFL), biopharmaceutical company Regeneron Pharmaceuticals (REGN), thermal management systems manufacturer Modine Manufacturing (MOD), and shipping company FedEx (FDX) are near buy points. Costco stock is also holding up well after beating earnings expectations.

Investors are advised to be cautious and patient during this market correction. While some stocks may be holding up relatively well, it’s important to wait for clear signs of market strength over several days before making new investments. It’s also crucial to keep watchlists updated in case a market rally attempt occurs. Shorting opportunities may also arise during a rally attempt. Monitoring the market direction and leading stocks and sectors through daily updates is essential for making informed investment decisions.

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