Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching as the Dow Industrials fell for a sixth straight day, and what's on the radar for the next session.
China
There were new reports that more stimulus may be coming. The main China-focused ETFs were slightly higher in the session. The iShares China Large-Cap ETF (FXI) is 16% from the Oct. 7 high but up 2.4% in four days. The iShares MSCI China ETF (MCHI) is 18.3% from the Oct. 7 high; it is up 2.2% in four days. The KraneShares CSI China Internet ETF (KWEB) is 18% from the Oct. 7 high but up 3.5% in four days.
The Nasdaq is back under 20,000
The Nasdaq Composite turned lower today, losing about 0.7% and closing below 20,000. In the Nasdaq 100, 21 stocks have hit a high in December. That includes five of the big seven: Tesla, Apple, Alphabet, Meta Platforms and Amazon. Nvidia last hit a high Nov. 21. It is down 10% since then. Microsoft hasn't hit a new high since July, and it is 4% from the high mark. Only four stocks in the Nasdaq 100 have a relative strength index reading above 70. That would be Tesla, Amazon, Apple and Lululemon. Alphabet is just below 70 at 69.97. The level of 70 is traditionally seen as "overbought," but it doesn't necessarily mean a stock is guaranteed to trade lower. No Nasdaq 100 stocks have an RSI below 30, which traditionally shows a stock is oversold. More than half of the Nasdaq 100's value is made up from nine stocks: Apple, Nvidia, Microsoft, Amazon, Meta, Broadcom, Tesla, Alphabet and Costco.
Sub-sectors of Big Tech
The Global X Cloud ETF (CLOU) is up nearly 9% in a month, and it's 1.5% from Monday's high. The Roundhill Magnificent Seven ETF (MAGS) is up 8.7% in a month. It hit a new high on Thursday before closing lower by 0.8%. The "Magnificent Seven" include Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. The Global X Video Games and Esports ETF (HERO) is up 7.6% in a month. The fund is 1.7% from the Monday high. The Global X Social Media ETF (SOCL) is up 7.3% in a month, 3% from Monday's high. The First Trust Cloud ETF (SKYY) is up 6.3% in a month, 3.2% from Monday's high. The SPDR S & P Software and Services ETF (XSW) is up 5.7% in a month, 2.7% from Monday's high. The Defiance Connective Technologies ETF (SIXG) is up 5.7% in a month, 1.46% from Monday's high. The Amplify Cybersecurity ETF (HACK) is up 1.4% in a month. The VanEck Semiconductor ETF (SMH), which focuses on chips, is down 3.4% in a month. It's 10% from the high.
The shipping news (and transport news)
President-elect Donald Trump, fresh off his interview with CNBC's Jim Cramer at the NYSE, posted on Trump Social on Thursday night after meeting with Harold Daggett, president of the International Longshoremen's Association. In his post, Trump said, "I've studied automation and know just about everything there is to know about it. The amount of money saved is nowhere near the distress, hurt, and harm it causes for American Workers, in this case, our Longshoremen. Foreign companies have made a fortune in the U.S. by giving them access to our markets. They shouldn't be looking for every last penny knowing how many families are hurt." He also posted: "I hope that they will understand how important an issue this is for me. For the great privilege of accessing our markets, these foreign companies should hire our incredible American Workers instead of laying them off and sending those profits back to foreign countries. It is time to put AMERICA FIRST!"
The impact of automation is wide. The Global X Robotics and AI ETF (BOTZ) hit a high last week. It is down 2.6% from that level. It is up 17% in 2024. The Robo Global Robotics and Automation ETF (ROBO) is 2.7% from the March high. On the shipping side, A.P. Moller - Maersk is up nearly 6.3% in the last month, 21% from the January high. Hapag-Lloyd is down 2% in a month, 17% from the June high. Danaos is down 4.5% in a month, 20% from the June high. The SPDR S & P Transportation ETF (XTN) is 4% from the Nov. 25 high. C.H. Robinson hit a high Thursday, closing 4.5% higher after the company revealed its growth plans on investor day. The stock is up 8% in December. Schneider National is 7% from the November high. Old Dominion is down 10% in a month, 13% from the Nov. 11 high.
General Motors Shares are down 2% in four days and roughly 9% in a month. General Motors is 15% from the November high. CNBC.com contributor and options man Mike Khouw says the stock is inexpensive, trading five times 2024 estimates. He writes: "There appears to be support around $49-$50 on the downside and resistance between $54-$55 on the upside." He's recommending "selling a cash-covered put to take a neutral to mildly bullish posture seeking to collect options premium. The February $50 puts would yield about 4% of the current stock price over the next two months." You can read the full article here on CNBC.com/pro.