Dow Jones rises, tech companies lead after market shorts; Alibaba, these Chinese stocks are winning | daily business investor

The Dow and S&P 500 turned slightly lower on Friday morning, while the Nasdaq pared gains, after a massive market sell-off sent major indexes to their worst levels since late 2020.


Futures had pared or reversed gains after Federal Reserve Chairman Jerome Powell said policy makers were “very focused” on getting inflation back to its 2% target. Stocks rebounded quickly from a volatile start but fizzled out again.

Adobe (ADBE) Dropped on earnings guidanceWhile US Steel (X) on initial second-quarter earnings.

US-listed Chinese stocks were big early gainers. Hopes for China’s Economic Improvement, Positive Verdict for Ant Group, the closely related digital financial giant Ali Baba (Baba) and its founder, Jack Ma, boosted the stock.

BABA stock popped up after the opening, along with other e-commerce giants (Dinar) And the Bindudu (PDD), despite the early gains of stories. iShares MSCI China ETF (MCHI) rose by 1.7%. KraneShares CSI China Internet ETF (KWEB) rose by 2.8%.

Electric vehicle start-up in China New (NIO), Exping (XPEV) And the Lee Otto (LI) Everyone went up in the pre-market trade, too. China EV and battery giant BYD (BYDDF) is not yet active, but is close to achieving record heights.

Tesla (TSLA) rose modestly in the morning trading. The EV giant raised Model Y prices in China, a day after massive US price increases on most of its electric vehicles. TSLA stock fell 8.5% Thursday to just above an 11-month low set on May 24.

Fellow Megacap Stock apple (AAPL), Microsoft (MSFT) and parent facebook ID pads (dead) have all trimmed their 52-week lows, along with the leading indicators. Rose every Friday morning.

MSFT inventory is running Long-term leaders of IBD. LI is located in defect 50.

Dow Jones today

The Nasdaq rose 0.6%. S&P 500 futures are down a bit. Dow futures lost 0.3%. ADBE stock’s losses weighed slightly against the S&P 500 and Nasdaq.

Futures pared gains after Powell’s comment on inflation.

“The Fed’s strong commitment to our mandate for price stability contributes to broad confidence in the dollar as a store of value,” Powell said at a Fed-sponsored conference before the market opened. To that end, my colleagues and I are highly focused on getting inflation back to our 2% target.

The 10-year Treasury yield remained unchanged at 3.31%, after falling earlier.

US crude oil prices fell about 4%.

Bitcoin traded below $21,000, just above an 18-month low of $20.087.90 earlier this week.

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China stock

US-listed Chinese stocks were the biggest gainers in the morning.

Reuters reported, citing unnamed sources, that China’s central bank accepted Ant Group’s request to become a financial holding company. This could be a step towards the digital financial giant’s long-awaited initial public offering. China’s last-minute halt to Ant’s initial public offering in late 2020 marked the start of the country’s security crackdown.

BABA stock is up 2%, although far from opening and pre-market highs, moving towards another test of resistance at the 200-day line, after reclaiming the 50-day line a few weeks ago. stock is up 5%, also advancing towards the 200-day streak. The stock advanced even though CEO Shane Lijun told Bloomberg overnight Friday that consumers are curbing discretionary spending, even after Shanghai ended shutdowns on June 1. But it saw a rebound during the second half of the year.

PDD stock jumped 1%. Pinduoduo is the No. 3 e-commerce company in China after Alibaba and

China’s EV stock rises

As for electric vehicle stocks, Nio is up 5% and Xpeng is up 9%. Both hold support at the 50-day lines, but they have some distance to come back above the 200-day lines. This week Nio unveiled its newest electric vehicle, the ES7 SUV. This will be Nio’s third new electric vehicle this year for a group of five.

Li Auto stock rose 6% to 33.62, with the electric car maker heading for its sixth weekly gain. Stocks are in a deep and long consolidation at 37.55 buy point. The handle, the higher the better, the build will be. The Relative force line LI stock is at a 52-week high.

Li Auto will reveal a second hybrid sports utility vehicle, the L9, next week, with deliveries beginning in the third quarter.

BYD stock is up 3%. Stocks fell this week after approaching record levels. BYD stock has 41.24 buying points from the depth cup baseto me MarketSmith Analysis. But it is working on the handle, which should appear on the weekly chart after Friday, with 39.81 buying points. BYD’s RS line just fell from a record high.

BYD, which has not been greatly affected by the Covid shutdown, will launch several new models in the next several weeks. Deliveries in Australia will begin in the third quarter.

Top 5 Chinese stocks to watch right now

Adobe earnings

Adobe’s earnings rose 11% in the second quarter, while revenue rose 14%, both modestly topping analysts’ opinions. But the software giant has led to lower results for the entire year. ADBE stock is down 3% Friday morning. Adobe stock hit a two-year low on Thursday.

Dow futures: US steel earnings guidance

US Steel Guided by second-quarter earnings late on Thursday. This came after strong preliminary results in the quarter ending in June of Nokor (new) And the steel dynamics (STLD) earlier in the week.

US Steel jumped 1%, off its intraday highs and still heading for big weekly losses. Nucor and STLD stock also fell during the week amid a broad market sell-off. If the economy enters a recession, steel demand and prices are likely to weaken significantly.

Tesla Stock

Tesla stock jumped slightly. On Thursday, shares fell 8.5% to 639.30. TSLA stock is almost down from its May 24th low of 620.57.

Dow Jones Index Futures: Megacap Techs

Apple stock rose less than 1%. So did Microsoft and META stocks. All markets fell to 52-week lows on Thursday.

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