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Early on Thursday, the Dow Jones futures, S&P 500 futures, and Nasdaq futures all moderately increased. Late earnings were released by Micron Technology (MU).
After Tuesday's optimistic advances, the stock market rise had a very mixed day on Wednesday. The Nasdaq composite increased little but trimmed gains made throughout the day.
HubSpot (HUBS), MongoDB (MDB), Datadog (DDOG), Snowflake (SNOW), Palantir Technologies (PLTR), Dynatrace (DT), Confluent (CFLT), Samsara (IOT), Monday.com (MNDY), and Shopify (SHOP) are just a few of the software companies that flashed buy signals. But a few of them closed much below session highs.
Following news that the Biden administration was considering harsher semiconductor export restrictions to China, Nvidia (NVDA) and Advanced Micro Devices (AMD) shown some resiliency.
The market surge may find itself in a Catch-22 situation, increasing the dangers associated with fresh purchases in the near term. Investors should use caution while making and managing new purchases.
The fiscal Q3 loss and sales reduction that Micron disclosed were somewhat better than anticipated. The industry leader in memory chips led analysts to expect a larger Q4 loss but comparable revenue. Recent restrictions on Micron chips by China were mentioned as a "significant headwind that is impacting our outlook and slowing our recovery." Micron believes that memory chip prices have reached their lowest point.
The price of MU rose 2% in premarket trading. On Wednesday, shares rose 0.4% to 67.07, once again bouncing off the 50-day line.
Earnings at Worthington Industries (WOR) were comfortably surpassed, while sales fell short. Overnight trading saw a 5% increase in WOR stock, indicating a breakthrough. On Wednesday, Worthington stock increased 1.4% to trade at 63.37, exactly at the 63.37 cup-with-handle buy target.
The IBD Leaderboard includes the stocks of MongoDB, Nvidia, Shopify, Dynatrace, and HUBS. On SwingTrader, you may find Dynatrace and CFLT stock. The IBD 50 includes companies like MongoDB, HubSpot, Dynatrace, Monday.com, Datadog, and IOT stock. Datadog and MDB stock are on the IBD Big Cap 20. Wednesday's IBD Stock Of The Day was HubSpot.
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