Live Markets: Guess what? Ford beats Tesla YTD!

Forward Industries

23/02/2021 16:00

* U.S. averages lower, but paring losses
    * European STOXX 600 index down ~0.5%
    * Dollar up slightly; gold edges lower, crude slips
    * U.S. 10-Year Treasury yield ~1.35%

    Feb 23 - Welcome to the home for real-time coverage of
markets brought to you by Reuters reporters. You can share your
thoughts with us at markets.research@thomsonreuters.com
    
    GUESS WHAT? FORD BEATS TESLA YTD! (1039 EST/1539 GMT) 
    It's only two months into the new year but 2021 is already
looking much different than 2020 with angst over the path of
monetary policy finally taking some air out of hyper-inflated
growth stocks.
    Take the auto sector for example. 
    Electric vehicle stocks Tesla  TSLA.O  and Nio  NIO.N 
outperformed - and by far - traditional carmakers like Ford
 FORD.O  and General Motors  GM.N  in 2020 but year-to-date the
picture is quite the opposite.
    Have a look at this chart:
    Meantime, Tesla has slipped further into bear market
territory on an intraday basis, dragged by Bitcoin's steep drop.
 urn:newsml:reuters.com:*:nL8N2KT396
    (Danilo Masoni)
    *****
    
    
    WALL STREET LOWER IN EARLY TRADE AS MOMENTUM PLAYS FADE
(1009 EST/1509 GMT) 
    Major U.S. averages are solidly lower in the early portion
of trading, with the Nasdaq  .IXIC  showing the biggest decline
for a second straight session, as momentum plays unwind while
value plays such as banks outperform. 
    The Nasdaq is down nearly 5% over the past two sessions,
marking its biggest two-day percentage decline since early
September as names such as Tesla  TSLA.O  and Apple  AAPL.O 
weigh heavily as investor concerns about rising rates has dented
the appetite for high-flying names. The iShares MSCI USA
Momentum Factor ETF  MTUM.Z  is down more than 3%. 
    Eyes are focused on Fed Chair Powell as he gives testimony
to the Senate Banking Committee. In prepared remarks, Powell
said support for the economy will be needed for some time as the
economic recovery is "uneven and far from complete."
 urn:newsml:reuters.com:*:nL1N2KT11N  urn:newsml:reuters.com:*:nW1N2KG00L
    Still, banks  .SPXBK  and the 10-year U.S. Treasury yield
 US10YT=RR  initially moved higher as Powell noted developments
point to an improved outlook for later this year, while also
cautioning that any change to its bond buying pace will be
clearly communicated "well in advance." 
    Below is your market snapshot: 
    
     
    (Chuck Mikolajczak)
    *****
    
    NASDAQ FUTURES: BATTERED, BUT DOWNSIDE MAY STILL BECKON
(0900 EST/1400 GMT)
    CME e-mini Nasdaq 100 futures  NQcv1  have collapsed nearly
7% from their February 16 intraday high in just 5 trading days.
In fact, with premarket losses of more than 1.5%, the futures
are on pace to fall for a 6th straight day, which would be their
longest daily losing streak since February 2020.
    
    
    In any event, in the wake the recent top right at a 5-month
log-scale channel resistance line, the futures are now breaking
a support line from early November. Channel support from
late-September now resides around 11,775, which is nearly 10%
below current levels.
    Meanwhile, the futures are falling into oversold territory
on Tuesday for the first time in nearly a year. The daily RSI is
now around 29.00. 
    That said, just looking back to late 2018, there have been
four declines sharp enough to drag the RSI down to sub-30.00
levels. In three of those instances, an initial oversold reading
was either early on, or only about half-way through, what would
prove to be a much deeper selloff.
    It was only in the summer/fall 2019 decline, that an
oversold reading essentially coincided with the worst levels.
However, in that instance, it still took the futures nearly 3
months to return to their highs.
    Therefore, despite the recent slide, before the futures make
a more enduring low, it may require either a much deeper
oversold reading on its own, or a period of lower-lows,
accompanied by an RSI convergence.
    
    (Terence Gabriel)
    *****
    
    FOR TUESDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EST/1400 GMT
- CLICK HERE:  urn:newsml:reuters.com:*:nL1N2KT0TF
    
    
    
    
    
        

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
NQcv102232021    https://tmsnrt.rs/3aNk8AU
Stocks lower in early trade    https://tmsnrt.rs/2P75EUj
Ford beats Tesla YTD    https://tmsnrt.rs/3qOB9An
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Terence Gabriel is a Reuters market analyst. The views
expressed are his own)