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The S&P 500 futures are up 16.5 points today as the markets await the Fed Chair's testimony and the US jobs data. On Tuesday, the benchmark indices of the US stock markets tumbled to fresh weekly lows as tech stocks like Tesla, Apple, Amazon, and Microsoft faced notable declines.
At press time, the Emini S&P 500 futures stood at 5,107 points. On Wednesday, Fed Chair Jerome Powell is set to appear in front of US Congress, and investors will be closely following his speech for hints of any timeline for the much-anticipated rate cuts. Additionally
The US rate futures are currently pricing in 3% chances of a rate cut in this month's FOMC meeting. However, the chances of rate reduction in May's FOMC meeting are pretty significant at 21.6%. The recent surges of the S&P futures, Dow Jones Industrial Average and Nasdaq 100 index can be attributed to these rate hike expectations.
A recent research report from the firm Counterpoint claimed that during the initial six weeks of 2024, iPhone sales in China fell 24% on a YoY basis. This caused a bearish sentiment among the Apple stockholders and the stock closed on Tuesday after a 2% decline.
The stock of the biggest EV maker in the world has been facing intense selling pressure lately. Recently, Tesla Inc. was forced to halt production at its German factory due to a suspected arson attack. Consequently, the shares plunged to their lowest level in almost 4 weeks and closed at $180.84 on Tuesday.
The strong selling pressure has also pushed the price below the $186 support level, which may become a resistance if Tesla stock price retests from the downside. However, the bullish divergences on the Relative Strength Index suggest that the bears are getting tired.
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