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The Dow Jones Industrial Average fell sharply at noon as the Fed meeting got underway Tuesday. The S&P 500 and Nasdaq showed similar declines of 1.5% at 12 p.m. ET. Vertex Pharmaceuticals (VRTX) and Uber (UBER) rose after earnings beats.
X
The number of job openings fell to 9.59 million in March, 1.6 million lower than December, according to the Job Openings and Labor Turnover Survey report.
March factory orders rose 0.9% vs. February’s 0.7% decline. Orders for commercial aircraft accounted for the uptick.
Odds for a 25-basis-point hike fell to 78.5% at the CME FedWatch Tool. That would bring the effective interest rate to the 5%-5.25% range. However, a June hike remains on watch, with April’s jobs report Friday holding further clues.
The small-cap Russell 2000 index dived nearly 3% at the hour. Crude oil fell over 4% to trade at $72.53 per barrel. The yield on the benchmark 10-year Treasury note dumped 13 basis points to 3.44%.
Volume on the NYSE and Nasdaq rose sharply vs. Monday’s first half as traders adjusted exposure ahead of the Fed.
Stocks Moving Today Outside Dow Jones
Arista Networks (ANET) sold off after a strong quarter that included a conservative outlook for the second half. ANET undercut its base and fell below its 50-day line Tuesday.
Rambus (RMBS) volume surged as it retook its 50-day line after earnings. Shares are in a buy zone above a 46.26 entry.
Chegg (CHGG) dived over 40% after the education provider warned that OpenAI’s ChatGPT was a threat to growth. Q1 revenue at the San Diego software company declined 7% year over year. CHGG expects second-quarter revenue of $175 million to $178 million.
Vertex Pharma (VRTX) maintained its full-year outlook after beating estimates. VRTX shares are extended after a four-day rally.
Uber (UBER) jumped after a strong quarter that saw bookings surge 19%. The IBD Leaderboard options play offers an entry at 37.68. Tesla (TSLA) rose a few ticks after raising vehicle prices in the U.S., Canada, China and Japan. The stock remains below its 50-day line.
Earnings Deck
On Tuesday, Advanced Micro Devices (AMD), Ford (F) and solar play Livent (LTHM) will release quarterly results.
AMD is testing support at the 50-day line, near an entry at 89.04. Ford and Livent fell ahead of earnings.
On Wednesday, Sunrun (RUN), Albemarle (ALB), Qualcomm (QCOM) and Etsy (ETSY) will release earnings.
Dow Jones tech leader Apple (AAPL) rounds off a busy earnings week Thursday. Shares are extended and facing resistance at 182.
Stocks On Watch
Broadcom (AVGO) is in a flat base with a 648.60 buy point. Dow Jones component JPMorgan Chase (JPM) is near a 141.88 entry from a cup with handle.
Please follow VRamakrishnan on Twitter for more news on the stock market today.
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