Dow Jones futures showed minimal movement on Monday night, mirroring the stability in S&P 500 and Nasdaq futures. The eagerly anticipated Tesla deliveries are scheduled for early Tuesday, coinciding with China’s EV giant BYD reporting robust sales on Monday.
The market kicks off 2024 on a robust note, building on Nasdaq’s impressive performance, the best in two decades. A sturdy market rally has persisted since late October, with the major indices notching up a nine-week winning streak. The S&P 500 is hovering just below its all-time highs.
Despite potential early January fluctuations due to increased volume and tax-related selling, the focus should be on identifying new buying opportunities and reviewing past trades.
Several notable stocks, including Nvidia (NVDA), Microsoft (MSFT), MercadoLibre (MELI), Celsius Holdings (CELH), and Eli Lilly (LLY), are currently trading close to buy points or early entry levels.
Dow Jones Futures Today:
- Dow Jones futures inched up 0.1%.
- S&P 500 futures also saw a 0.1% increase.
- Nasdaq 100 futures experienced a slight dip.
U.S. stock markets were closed on New Year’s Day, and the 10-year Treasury yield moved up to 3.87%, while crude oil futures rose over 1%.
The article delves into China’s manufacturing index, which dipped slightly in December, providing insights into the economic landscape. It emphasizes the importance of considering overnight futures actions cautiously, as they may not accurately predict regular stock market sessions.
EV Deliveries:
- BYD reported a record 341,043 EVs sold in December, exceeding expectations and beating November’s figures.
- Other notable Chinese EV manufacturers, including Li Auto, Nio, and XPeng, also reported impressive delivery numbers for December and Q4.
- Tesla is poised to release its Q4 production and delivery figures on January 2, expected to surpass its full-year delivery forecast.
The article concludes by highlighting the performance of various stocks, emphasizing potential buying points for Tesla, Microsoft, Nvidia, Celsius, MercadoLibre, and others. It discusses the broader market rally, noting the year-end performance of major indices and providing insights into sentiment indicators and market breadth.
Investors are advised to stay vigilant, considering the market’s strong footing at the beginning of 2024. The article encourages running screens, building watchlists, and reflecting on 2023 trades to enhance decision-making strategies for the coming year.
