"S&P 500 futures are down about 21 points. The SPDR S&P 500 ETF ( SPY) is down about a point. Dow futures are down about 126, as the Nasdaq slips about 112 points. While the day doesn't look bright, keep your eye on the 50-day moving average on the major indices. That moving average has now served as strong support a few times. And if it happens again, the major indices could bounce."
"The pay package, which many of us wish we could get, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next 10 years. The package also increases Musk's voting power to 25% from 13%. The first tranche of the package gets paid out if Tesla's market cap hits $2 trillion. Its current market cap is $1.4 trillion."
S&P 500 futures fell about 21 points with the SPDR S&P 500 ETF down roughly a point, Dow futures down about 126, and the Nasdaq slipping about 112 points. The 50-day moving average has recently acted as strong support and could trigger a bounce if it holds again. Market optimism depends on an end to the government shutdown and a tariff resolution at the U.S. Supreme Court, with Nvidia earnings and a potential December interest-rate cut poised to move markets. Nonfarm payroll numbers were unavailable due to the shutdown. Tesla shareholders approved a 12-tranche, $1 trillion pay package that raises Elon Musk's voting power to 25% and pays the first tranche if Tesla reaches a $2 trillion market cap. Seasonal consumer behavior around New Year resolutions supports gym-related stocks such as Planet Fitness.
Read at 24/7 Wall St.
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