Stocks Drop Ahead of Jobs Data – Broadcom, Tesla, and Financials in Focus

In the premarket on Friday, stock index futures were below fair value, with the Nasdaq leading the decline. Traders were awaiting the release of key economic data, including the non-farm payrolls report, which could shift market sentiment. Broadcom remained on a sell signal after Thursday's close, while the VIX indicators for the S&P 500, Nasdaq, and Russell 2000 continued to signal negative sentiment for stocks. Key U.S. indices like the TSX 60, Dow Diamonds, and S&P 500 also closed Thursday on sell signals. Financials in the U.S. were led lower by the banks, while Canadian financials posted a contrasting positive performance. In commodity markets, gold regained some ground without breaking its support level, while crude oil remained stable. Cryptocurrencies, including Bitcoin and Ethereum, stayed on sell signals. The report also highlighted significant stock moves, including new lows for energy stocks like Suncor and Canadian Natural Resources, and highs for Enbridge and TD Bank. Nvidia, Tesla, and other key stocks were analyzed, with Nvidia holding support above $100, while Tesla saw a brief rally before pulling back. Stephen Whiteside TheUpTrend.com Friday, September 6, 2024 https://theuptrend.com/morning-market-outlook-09062024/