Dow Jones futures and S&P 500 futures rose Friday morning, while Nasdaq futures edged higher. The 10-year Treasury yield climbed after days of sharp declines, while China cut banks’ reserve requirements. Meanwhile, Tesla (TSLA) raised U.S. prices again, while signaling that Tesla Model Y shipments to Europe are about to start.
The stock market rally retreated Thursday, but the Nasdaq and S&P 500 found support around short-term moving averages.
Many stocks reversed off key levels. Roku (ROKU), Advanced Micro Devices (AMD), Crocs (CROX), InMode (INMD), Upwork (UPWK), Denbury Resources (DEN) and Figs (FIGS) tested their 21-day exponential moving averages, while Tempur-Sealy (TPX), Ford Motor (F) and Tesla stock found support at their 50-day lines.
Roku stock, Crocs, InMode, Figs and Ford arguably offered buying opportunities from their reversals. AMD stock, Upwork, Denbury, Tempur-Sealy and Tesla found key support, but might have buying opportunities a little later.
Overnight, Tesla raised U.S. prices on the base Model S and X vehicles, while indicating that Model Y deliveries will begin in Europe by September.
Tesla, Ford, InMode, Tempur-Sealy and CROX stock are on IBD Leaderboard, while UPWK stock is on the Leaderboard watchlist. INMD stock and Roku stock are on the IBD 50.
Taiwan Semiconductor (TSM) reported June revenue of 148.47 billion Taiwanese dollars ($5.3 billion), up 22.8% vs. a year earlier. First-half revenue was up 18.2%. TSM is the world’s largest chip foundry, making semiconductors for Apple (AAPL), Nvidia (NVDA), AMD and many others. Taiwan Semiconductor reports earnings next week.
TSM stock rose a fraction Friday morning. Shares dipped 0.3% to 117.89 on Thursday, rebounding from 50-day line support.
Pfizer (PFE) says it is developing a Covid booster shot to target the Delta variant. Pfizer stock rose a fraction, while partner BioNTech (BNTX) rose solidly. Moderna (MRNA) edged higher.
Airbus (EADSY) said it had delivered 297 airplanes in the first half of 2021, up 52% vs. a …….