Dow Jones Futures: Techs Lead Stock Market Rebound; Investors See End To Fed Rate Hikes

Dow Jones futures were little changed early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market closed mixed Tuesday, but techs led a strong recovery even as recession fears slammed Treasury yields and commodity prices.

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On Tuesday, the Dow Jones closed lower, but well off lows, while the S&P 500 eked out a small gain. The Nasdaq had a strong advance, with aggressive growth names such as Roblox (RBLX) and Datadog (DDOG) rebounding above their 50-day lines. Apple (AAPL), Amazon.com (AMZN) and Google parent Alphabet (GOOGL) reclaimed a key short-term level.

Meanwhile, crude oil prices plunged below $100 a barrel. Gasoline, copper and wheat futures fell sharply, extending significant losses over the past few weeks.

The Treasury yield curve inverted between the two-year and 10-year notes, a notable recession signal. Markets still see aggressive Federal Reserve tightening at the next two meetings, but also expect rate hikes ending this year.

Dollar Tree (DLTR), Halozyme Therapeutics (HALO) and PRVA stock showed bullish action Tuesday. Meanwhile, Northrop Grumman (NOC) and UnitedHealth (UNH) fell but found key support.

NOC stock and UnitedHealth are on IBD Leaderboard. DLTR stock is on SwingTrader. Google stock is on IBD Long-Term Leaders. UNH stock is on the IBD 50. Privia Health (PRVA) was Tuesday’s IBD Stock Of The Day.

The video embedded in this article looked at Tuesday’s interesting market action and analyzed Dollar Tree, Halozyme Therapeutics and DDOG stock.

Other News

Amazon said Wednesday that it will take a 2% stake in food-delivery app Grubhub, which could rise to 15% over time. Amazon Prime customers will get a free year of Grubhub Plus. Doordash (DASH) fell 5.5% while Uber (UBER), which owns Uber Eats, slid 2%.

Dow Jones Futures Today

Dow Jones futures were slightly above fair value, swinging between slim gains and losses. S&P 500 futures and Nasdaq 100 futures tilted higher.

U.S. crude oil futures rose slightly, but below $100 a barrel.

The 10-year Treasury yield edged up 1 basis point at 2.82%. The two-year yield rose…

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