Premarket Update: Nvidia & Super Micro Surge, FedEx Struggles

In today's premarket update, Stephen Whiteside highlights the upward trend in stock index futures, led by strong performances from Nvidia and Super Micro. While these chip stocks boost the Nasdaq, Chinese markets show signs of profit-taking, with the FXI ETF down 10%. Commodities are mixed, with gold up and crude oil trading slightly lower. Major U.S. indices, such as the S&P 500 and Nasdaq 100, traded down to their lower channel lines but didn’t break through, while Canadian energy stocks continue to outperform U.S. energy stocks. Stephen also examines the insurance sector, which experienced a pullback, with Everest dropping 8.5%. A technical analysis of FedEx reveals a choppy 2024 performance marked by gaps in the stock’s chart, suggesting a disconnect between the company and market expectations. Despite long-term buy signals, FedEx faces short-term struggles, making it a risky trade. Stephen Whiteside TheUpTrend.com Tuesday, October 8, 2024 https://theuptrend.com/31-stocks-31-days-fedex-10082024/