Dow Jones Futures Increase as Stocks Remain Resilient Following Powell’s Remarks; Super Micro Indicates Buy Opportunity

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Key Market Updates:

In the after-hours trading, Dow Jones futures showed a slight rise, accompanied by upticks in S&P 500 futures and Nasdaq futures. Notably, chip-equipment giant ASML (ASML) is set to report before the market opens on Wednesday, bringing potential impact to the tech sector.

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Despite Fed chief Jerome Powell’s comments on inflation and rates, the major indexes remained below their 50-day moving averages. However, some prominent stocks showed promising moves:

  • Nvidia (NVDA) edged up slightly, but is still below key levels.
  • AI leader Super Micro Computer (SMCI) surged, signaling a buy signal.
  • Sea Limited (SE) made a bullish move towards a buy point.
  • Datadog (DDOG) and DraftKings (DKNG) displayed favorable performance.

With ASML’s earnings report on the horizon, the market will be closely watching for cues in the chip sector, impacting companies like Applied Materials (AMAT), Lam Research (LRCX), and KLA Corp. (KLAC) as they set up near entry points.

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Meanwhile, Tesla (TSLA) faced pressure as the stock broke below 2024 lows amidst uncertainty surrounding the company’s strategy post-major job cuts.

Expert Insights on ASML Earnings:

Anticipation surrounds ASML’s earnings for Q1, with analysts expecting a significant drop. However, there is optimism for a rebound in the second half of 2024, propelling investor interest in the chip-gear industry.

ASML stock’s upward trajectory indicates potential opportunities, especially as it rises above the 50-day line amidst a flat base setup with a promising buy point. Additionally, peers like Taiwan Semiconductor (TSM) will be closely watched, with their earnings bearing significance for the chip sector.

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