Building permits in August fell compared to July but were higher than market expectations. At 10 a.m., new home sales data will be released. Powell’s speech yesterday was mostly negative, saying stock market valuations are too high. The market dropped quickly during the day, but SPY still held the key pre-market support zone around $663 (closing at $663.21). The focus today is still on whether this zone can hold. If SPY rebounds and then falls below $663–660, the weekly chart will turn bearish, and in the next few days it may pull back further on the monthly chart. The next upside resistance is still around $667.
Stocks:
• Micron (MU) surged ahead of earnings. Revenue showed strong growth, but the stock dipped slightly in pre-market. This season’s trend continues: good earnings often lead to “sell the news” reactions, starting with MSFT and META.
• Alibaba (BABA) will invest RMB 380B more in AI and is working with Nvidia to develop Physical AI. Cathie Wood bought back into BABA and BIDU. BABA shares jumped nearly 10% in pre-market.
• Lithium miner LAC, backed by GM, got a $2.26B loan from the Department of Energy. There are rumors the government may take a stake. Shares jumped over 70%. The company’s market cap is less than $700M. Leader ALB also gained 4%. GM rose 3% pre-market, near record highs.
• Copper miner FCX gave an update on its Indonesia project; shares fell 7%.
Other focus:
AI leaders remain key. Except for AAPL, which stayed strong, most tech names fell sharply yesterday. AMZN dropped below its mid-term moving average after news of Fresh Store closures in the UK; it needs to stop falling quickly. Value stocks look relatively stronger. Quantum computing stocks keep soaring for the third straight week and may face a pullback anytime.
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