The Dow Jones Industrial Average reported a drop after the recent Fed minutes were released, with central bankers considering further tightening. Amazon.com (AMZN) stocks also saw a decrease after its founder Jeff Bezos started selling off millions of shares. Nvidia (NVDA) posted positive earnings results, however, its stock saw a late drop. Simultaneously, several stocks are trying to breakout, such as Braze (BRZE), Moody’s (MCO), Golub Capital (GBDC) and Gen Digital (GEN).
The recently revealed Fed minutes indicated ongoing concerns. Stocks have been climbing following the last Federal Reserve meeting, in which the Fed Chair expressed caution regarding possible further interest rate hikes. Though Fed minutes were released today, they showed that Fed members are worried about the persistence or even increase of inflation, which means they have not ruled out future rate increases. This despite Wall Street’s sentiment that central bankers have finished with hikes. Additionally, Treasury yields fell, and the U.S. Dollar Index briefly undercut its 200-day moving average.
The tech-heavy Nasdaq experienced the most struggles among the major indexes, dropping 0.6%. The S&P 500 reported a more modest 0.2% decrease. Jacobs Solutions (J) experienced a sharp 8.7% dive on mixed results and disappointing guidance. Meanwhile, the Dow Jones Industrial Average reported a relatively moderate low, coming in at less than 63 points as Microsoft (MSFT) made some of the largest drops. Amazon founder Jeff Bezos sold nearly 1.7 million shares last week and is expected to sell millions more in the coming weeks. Similarly, Nvidia had better-than-expected earnings, but the stock fell immediately after.
Investors should be on the lookout for breakouts, as market conditions are favorable right now. For example, Braze appears to be trading in a buy zone after clearing a consolidation pattern, and Moody’s and Golub Capital are also in buy zones after clearing consolidation patterns. Join Michael Larkin on X, as they deliver further insight into growth stocks. Find more analysis on growth stocks on the website.
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