Major indexes pulled back across the board yesterday on increased volume, with the NASDAQ Composite, NASDAQ 100, NYSE Composite, and Russell 2000 Indexes all posting distribution days. Futures are lower at the time of this writing with European stocks pulling back on Wednesday as analysts blame the selling on global trade tensions. President Donald Trump also tweeted over the long holiday weekend about Nafta trade relations with Canada. “The main preoccupation for investors continues to be on whether the U.S. is serious about arriving at some form of deal with Canada over Nafta in the wake of President Trump’s tweets at the weekend,” said Michael Hewson, chief market analyst at CMC Markets UK.
Focus List Notes:
AMZN posted another all-time high, and for a brief moment traded above 2050 to achieve a $1 trillion market cap. The stock could not hold the highs of the day, and for now AAPL remains the only other company to boast a $1 trillion market cap.
BZUN remains a laggard, and has been living below its 50-dma for over a month, but has still been able to hold above its 200-dma and its prior base breakout of May 17th when it cleared the $52 price level.
FTNT and SQ each posted another all-time high as they remain in relentless uptrends.
Market Lab Report - Premarket Pulse for Wednesday, September 5, 2018
|5 Sep 2018 06:02 ET
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