Dow Jones Futures Slash Gains After Hawkish Fed Sinks Latest Market Rally; JPMorgan, Delta Report – Investor’s Business Daily

Dow Jones futures rose modestly early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally opened solidly higher Tuesday as the consumer price index raised hopes that inflation is peaking, but the major indexes reversed lower as a top Fed official signaled aggressive rate hikes and other measures are ahead.


Crude oil prices jumped as Shanghai eased Covid lockdowns in some areas, though the city remains largely shut down. Shanghai cases continued to rise on Tuesday. There is growing speculation that the city, and much of its industry, could be shut down through mid-May.

Dow Jones Futures Today

Dow Jones futures rose 0.5% vs. fair value. S&P 500 futures advanced 0.5% and Nasdaq 100 futures climbed 0.7%.

Crude oil prices edged higher.

The 10-year Treasury yield rose 2 basis points to 2.75%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

JPMorgan Chase (JPM) and Delta Air Lines (DAL) report early Wednesday, kicking off bank and airline results as earnings season gets underway. JPM stock and DAL stock are well off highs, along with most of their peers.

Tesla (TSLA) and Apple stock rebounded Tuesday morning, breaking back above their 21-day and 50-day lines, respectively, within handles. But Apple (AAPL) and Tesla stock slashed gains as the overall market fizzled.

Shell (SHEL) and Devon Energy (DVN) flashed buy signals as a jump in crude oil prices fueled energy stocks. Defense giant Raytheon Technologies (RTX) flirted with an early entry.

Tesla stock is on IBD Leaderboard and IBD 50. RTX stock is on SwingTrader. DVN stock is on the IBD Big Cap 20.

The video embedded in this article analyzed the market action and reviewed Shell stock, Devon Energy and Raytheon.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally tried to bounce Tuesday, but not for …….