Dow Jones Futures Steady, Tech Futures Tumble As Treasury Yields Pop Before Fed Meeting; Plug Power Dives On Accounting – Investor’s Business Daily
Dow Jones futures edged higher early Wednesday, while S&P 500 futures and especially Nasdaq futures fell as Treasury yields hit 13-month highs ahead of this afternoon’s Fed meeting announcement.
The stock market rally finished narrowly mixed Tuesday after the Nasdaq closed well off intraday highs. Plug Power (PLUG) and CrowdStrike stock headlined key overnight movers.
CrowdStrike (CRWD), Coupa Software (COUP), Smartsheet (SMAR) and Lennar (LEN) headlined earnings late Tuesday, with Chinese e-commerce giant Pinduoduo (PDD) reporting early Wednesday. Plug Power stock plunged on accounting isues.
Microsoft stock, MKS Instruments (MKSI), Applied Materials (AMAT) and Apple (AAPL) iPhone chipmakers Qorvo (QRVO) and Skyworks Solutions (SWKS) all flashed buy points at least intraday.
Chip-equipment maker MKS Instruments broke out past a buy point Tuesday. Chip-gear giant AMAT stock flashed an early entry, along with wireless chipmakers Qorvo and Skyworks Solutions.
Microsoft (MSFT) rose, flashing additional buy signals. Google parent Alphabet (GOOGL) also climbed slightly and is potentially actionable. Apple stock and Facebook (FB) rose but may need more repair time.
Amazon.com (AMZN) closed near lows, stuck around its 200-day line. Tesla (TSLA) hit resistance and retreated, still well below its 50-day line.
All of these stocks came off highs, with some closing near session lows as the Nasdaq lost steam.
Take Advantage Of Leaderboard Free Access Week
Plug Power Stock Dives
After the close, Plug Power said it would have to restate 2018 and 2019 financial statements, as well as quarterly statements for 2019 and 2020. The fuel cell company cited accounting errors related to non-cash items, including some costs. But it said there was no misconduct. PLUG stock plunged 13% in premarket trading, but well off morning lows. Shares sank 8.1% on Tuesday, hitting resistance at its 21-day line.
CrowdStrike earnings and revenue were better than expected, while the cybersecurity leader also guided higher. CRWD stock gained 3% early …….