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Dow Jones Futures: Bears Show No Mercy; Fed Meeting Leads 5 Big Catalysts

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Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures, heading into a massive week of earnings from Apple to Tesla as well as a key Federal Reserve meeting. Bitcoin and other cryptocurrencies continued to sell off over the weekend.




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The stock market correction took a firm hold last week, with the major indexes suffering sharp losses and breaking several key support levels. Even sectors of strength, notably financials, came under heavy pressure. So far bulls have made only momentary charges, with investors quick to sell rebounds instead of buying the dip. It’s a time to be heavily defensive.

Tesla stock and Dow Jones giants Apple (AAPL), Microsoft (MSFT) and Caterpillar (CAT) are on tap this week, along with dozens of other quality companies. But the main event will likely be the Federal Reserve meeting on Jan. 25-26.

The Fed meeting announcement Wednesday afternoon and Fed chief Jerome Powell’s news conference could set the tone for the stock market and Treasury yields for weeks to come. The Fed is expected to continue its accelerated bond taper, staying on track to end asset purchases by mid-March.

But the real issue is what happens next. Fed chief Powell will likely offer commentary on the timing and pace of interest rate hikes and balance sheet reductions. Talk of reducing the balance sheet, and at a fast clip, has been a big reason why the 10-year Treasury yield has spiked and the stock market has entered a correction.

Tesla (TSLA) and Microsoft stock are on IBD Leaderboard. MSFT stock is on the IBD Long-Term Leaders list. Tesla stock is on the IBD 50 list.

The video embedded in this article discusses the market correction in depth, while also analyzing Apple stock, UnitedHealth (UNH) and J.B. Hunt Transportation Services (JBHT).

Dow Jones Futures Today

Dow Jones futures open at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.

Bitcoin continued to sell off along with other cryptocurrencies. The Bitcoin price plunged to about $35,000 after cracking $40,000 on Friday. It peaked at $68,990.90 in early November.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Coronavirus News

Coronavirus cases worldwide reached 350.43 million. Covid-19 deaths topped 5.61 million.

Coronavirus cases in the U.S. have hit 71.7 million, with deaths above 888,000.

Coronavirus cases in the U.S. are falling, albeit from extremely high levels. New York and other states hit early by the omicron Covid variant are leading the decline. Deaths have picked up in the past few weeks, but not nearly as much as new cases.

Stock Market Correction

The market correction took hold last week and didn’t let go, with the major indexes falling every day of the holiday-shortened week.

The Dow Jones Industrial Average tumbled 4.6% in last week’s stock market trading. The S&P 500 index skidded 5.7%. The Nasdaq composite plunged 7.6%. The small-cap Russell 2000 dived 8%.

The 10-year Treasury yield spiked to a two-year high of 1.87% intraday Wednesday, but closed the week down slightly at 1.75%.

Crude oil futures rose 2.2% to $85.14 a barrel, despite pulling back slightly late in the week from their highest levels since 2014.

Five Resilient Stocks In Market Correction

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) plummeted 11.4% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) tumbled 8.6%. The iShares Expanded Tech-Software Sector ETF (IGV) retreated 5.2%, with MSFT stock a major component. The VanEck Vectors Semiconductor ETF (SMH) dived 11.5%, as the formerly resilient chip sector broke hard.

SPDR S&P Metals & Mining ETF (XME) tumbled 10% last week. The Global X U.S. Infrastructure Development ETF (PAVE) slumped 6.4%. U.S. Global Jets ETF (JETS) descended 6.2%. SPDR S&P Homebuilders ETF (XHB) stepped down 7.7%. The Energy Select SPDR ETF (XLE) lost 3.2%, even amid rising energy prices. The Financial Select SPDR ETF (XLF) retreated 6.5%. The Health Care Select Sector SPDR Fund (XLV) fell 3.45%

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) slumped 10.9% last week and ARK Genomics ETF (ARKG) 9.7%. Tesla stock remains the No. 1 holding across ARK Invest’s ETFs.

Five Best Chinese Stocks To Watch Now

Microsoft Stock

Microsoft earnings are due Tuesday night, providing insight to other software makers and cloud-computing giants. Microsoft stock had looked strong at the end of 2021, but has slumped in the new year. Shares fell 4.6% to 296.03 last week, and are closing in on their 200-day line. A strong rebound from the 200-day could offer a buying opportunity for MSFT stock as a Long-Term Leader.

For a traditional position trade, investors should wait until Microsoft regains the 50-day line at least, which likely wouldn’t happen without the broader market staging a real rebound. The official buy point is 349.77 from a flat base, according to MarketSmith analysis.

The relative strength line for Microsoft stock has fallen over the past two months, but hasn’t plunged. The RS line, the blue line in the charts provided, actually ticked up last week. That’s a reflection of just how badly the S&P 500 performed last week.

Tesla Stock

Tesla earnings are due Wednesday night. The EV giant should report strong earnings growth amid booming vehicle deliveries and strong pricing power. Investors may be more interested in 2022 guidance, including an overall delivery target and when the Berlin and Austin plants will finally open. They’ll also want to learn when future vehicles may arrive. Cybertruck production reportedly has been pushed to 2023, but Tesla hasn’t confirmed that. Any tangible guidance on 4680 battery cells would be greatly appreciated as well.

Tesla stock dived 10.1% to 943.90 last week. Shares are losing sight of a now-sliding 50-day line and are back below the key 1,000 level. TSLA stock is still trading within a somewhat-loose double-bottom base, but is in the lower half to be sure. The buy point is just above 1,200.

The RS line for Tesla stock has been trending lower in a choppy fashion over the past two weeks. On the plus side, TSLA stock has held up much better than most growth stocks, especially those with triple-digit price-earnings ratios.

Apple Stock

Apple stock fell 6.2% last week, tumbling through its 50-day and 10-week moving averages, a solid sell signal. But the RS line for AAPL stock barely dipped.

Apple earnings are due Thursday night. Year-earlier comparisons are getting much tougher for the iPhone giant. Guidance will be key. A positive reaction to Apple earnings would not only lift AAPL stock, but likely a slew of chipmakers and other companies in the iPhone ecosystem.

Caterpillar Stock

Caterpillar earnings close out a busy week on Friday.

CAT stock fell 6.5% to 214.09 last week, testing its 200-day line once again. But that follows four straight weekly gains, the last two on strong volume. Caterpillar stock has now formed a handle on its consolidation going back to early June. The CAT stock buy point is now 230.43.

The RS line for Caterpillar stock is well off highs, but has moved solidly higher so far in 2022.

Stock Market Analysis

It’s a stock market correction, make no mistake. The major indexes closed at or near session lows throughout the week, with the Nasdaq composite and Russell 2000 down more than 1% each day.

The Nasdaq has fallen below its 200-day line for the first time since April 2020. The composite didn’t stop there, undercutting October lows to its lowest levels since June. The Russell 2000 is at a 52-week low. The Dow Jones sank through its 50-day and 200-day lines last week.

The S&P 500 index, which led the market rally in 2021, broke below its 200-day line Friday.

The advance-decline line, lagging for months, has plunged in the past few weeks.

Growth stocks continue to lead the sell-off, but financials were hard hit last week as bond yields pared back and earnings reports were weak at best. Metals and mining stocks, which looked so strong a week ago, plunged this past week, though a few names still look OK. Energy stocks gave up some ground.

A market bounce wouldn’t be a surprise early next week, as bulls try to make a stand near the S&P 500’s 200-day. The CBOE Volatility Index, commonly known as the VIX, has run up in the past few days, finally getting close to at least its early December peaks. When the so-called market fear gauge reaches extreme levels, it can signal a short-term bottom is near.

The market tried to rebound several times this past week, but the bounces only lasted a few minutes or hours.

At some point stocks will have a positive session, but that won’t mean the market has bottomed. Wait to see if the stock market rally attempt stages a follow-through day to confirm the new uptrend.

Time The Market With IBD’s ETF Market Strategy

What To Do Now

Earnings season typically is a nail-baiting time, as investors have to decide whether or not to hold positions into quarterly results. But now, most investors should be largely in cash except for core holdings of longtime winners.

Investors should be looking for stocks that are holding up relatively well in the market correction. Don’t be too much on whether the stocks are in proper bases or setting up near buy points. When a market rally attempt is a couple days in, you can start to focus more on stocks setting up buying opportunities ahead of a follow-through day. Right now, you’re looking for raw talent.

Right now, Apple stock is giving up ground but still holding up reasonably well. It could look a lot better or worse after earnings. UnitedHealth, J.B. Hunt and Travelers (TRV) have already reported earnings, removing a key uncertainty, but that doesn’t mean they’ll continue to hold up.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Science

Researchers develop advanced catalysts for clean hydrogen production

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Zhenxing Feng, OSU. Credit: OSU

Oregon State University research into the design of catalysts has shown that hydrogen can be cleanly produced with much greater efficiency and at a lower cost than is possible with current commercially available catalysts.

A catalyst is a substance that increases the rate of a chemical reaction without itself undergoing any permanent chemical change.

The findings are significant because the production of hydrogen is important for “many aspects of our life, such as fuel cells for cars and the manufacture of many useful chemicals such as ammonia,” said the OSU College of Engineering’s Zhenxing Feng, a chemical engineering professor who led the research. “It’s also used in the refining of metals, for producing man-made materials such as plastics and for a range of other purposes.”

Producing hydrogen by splitting water via an electrochemical catalytic process is cleaner and more sustainable than the conventional method of deriving hydrogen from natural gas via a carbon-dioxide-producing process known as methane-steam reforming, Feng said. But the cost of the greener technique has been a barrier in the marketplace.

The new findings, which describe ways to design catalysts that can greatly improve the efficiency of the clean hydrogen production process, were published in Science Advances and JACS Au.

In facilitating reaction processes, catalysts often experience structural changes, Feng said. Sometimes the changes are reversible, other times irreversible, and irreversible restructuring is believed to degrade a catalyst’s stability, leading to a loss of catalytic activity that lowers reaction efficiency.

Feng, OSU Ph.D. student Maoyu Wang and collaborators studied the restructuring of catalysts in reaction and then manipulated their surface structure and composition at the atomic scale to achieve a highly efficient catalytic process for producing hydrogen.

An active phase of a catalyst based on amorphous iridium hydroxide exhibited efficiency 150 times that of its original perovskite structure and close to three orders of magnitude better than the common commercial catalyst, iridium oxide. 

“We found at least two groups of materials that undergo irreversible changes that turned out to be significantly better catalysts for hydrogen production,” Feng said. “This can help us produce hydrogen at $2 per kilogram and eventually $1 per kilogram. That’s less expensive than the polluting process in current industries and will help achieve the United States’ goal of zero emissions by 2030.”

Feng notes that the U.S. Department of Energy Hydrogen and Fuel Cell Technologies Office has established benchmarks of technologies that can produce clean hydrogen at $2 per kilogram by 2025 and $1 per kilogram by 2030 as part of the Hydrogen Energy Earthshot target of cutting the cost of clean hydrogen by 80%, from $5 to $1 per kilogram, in one decade.

The water electrolysis technology for clean hydrogen production that Feng’s group is focused on uses electricity from renewable sources to split water to make clean hydrogen. However, the efficiency of water splitting is low, he said, mainly due to the high overpotential—the difference between the actual potential and the theoretical potential of an electrochemical reaction—of one key half-reaction in the process, the oxygen evolution reaction or OER.

“Catalysts are critical to promoting the water-splitting reaction by lowering the overpotential, and thus lowering the total cost for hydrogen production,” Feng said. “Our first study in JACS Au laid the foundation for us, and as demonstrated in our Science Advances article we now can better manipulate atoms on surface to design catalysts with the desired structure and composition.”

Researchers take key step toward cleaner, more sustainable production of hydrogen

More information:
Yubo Chen et al, Lattice site–dependent metal leaching in perovskites toward a honeycomb-like water oxidation catalyst, Science Advances (2021). DOI: 10.1126/sciadv.abk1788. www.science.org/doi/10.1126/sciadv.abk1788

Maoyu Wang et al, The Restructuring-Induced CoOx Catalyst for Electrochemical Water Splitting, JACS Au (2021). DOI: 10.1021/jacsau.1c00346

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Citation:
Researchers develop advanced catalysts for clean hydrogen production (2021, December 10)
retrieved 11 December 2021
from https://phys.org/news/2021-12-advanced-catalysts-hydrogen-production.html

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Science

Catalysts found to convert carbon dioxide to fuel

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Credit: CC0 Public Domain

The goal of tackling global warming by turning carbon dioxide into fuel could be one step closer with researchers using a supercomputer to identify a group of “single-atom” catalysts that could play a key role.

Researchers from QUT’s Centre for Materials Science, led by Associate Professor Liangzhi Kou, were part of an international study that used theoretical modelling to identify six metals (nickel, niobium, palladium, rhenium, rhodium, zirconium) that were found to be effective in a reaction that can convert carbon dioxide into sustainable and clean energy sources.

The study published in Nature Communications involved QUT researchers Professor Aijun Du, Professor Yuantong Gu and Dr. Lin Ju.

Professor Kou said the research was conducted by modelling the experiments using the National Computational Infrastructure at the Australian National University, looking at how single atoms of the metals would react with two-dimensional pieces of “ferroelectric” materials.

Ferroelectric materials have a positive charge on one face, and negative charge on another, and this polarization can be reversed when a voltage is applied.

In the theoretical modelling, the researchers found that adding the atom of the catalyst metal to the ferroelectric material resulted in converting the greenhouse gas into a desired chemical fuel.

Once the polarity is reversed, the state will be preserved to act as a catalyst in converting the carbon dioxide.

Professor Kou said while single-atom catalysts to be used in reducing carbon dioxide was proposed a decade ago, this research takes the field forward significantly.

“We have designed a special chemical catalyst, it can convert the greenhouse gas CO2 into the desired chemical fuels. The conversion efficiency can be controlled using a feasible approach,” Professor Kou said.

“It means we for the first time developed the abilities to speed up or slow down, even switch of the chemical reaction.

“Carbon dioxide is the main reason of global warming due to the greenhouse effect, to convert it into the chemical fuels is not only important for our environments, but also helpful to solve the energy crisis.”

Dr. Ju, first author on the study, said the research work provided a guidance for the design of novel catalysts which could produce significant impacts for the chemical industry.

Professor Kou said the long-term goal in this area of research was to find ways to turning carbon dioxide into clean energy sources.

Professor Kou said the results of this study could eventually lead to a way of adding a coating to engines or industrial systems that would convert carbon dioxide instead of releasing more of the gas into the atmosphere.

The QUT researchers are from the School of Mechanical, Medical and Process Engineering, and School of Chemistry and Physics.

Carbon dioxide reactor makes Martian fuel

More information:
Lin Ju et al, Controllable CO2 electrocatalytic reduction via ferroelectric switching on single atom anchored In2Se3 monolayer, Nature Communications (2021). DOI: 10.1038/s41467-021-25426-5
Provided by
Queensland University of Technology

Citation:
Catalysts found to convert carbon dioxide to fuel (2021, October 6)
retrieved 6 October 2021
from https://phys.org/news/2021-10-catalysts-carbon-dioxide-fuel.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.



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