Stock & Market Analysis for 02.08.23 by Navaldeep ($ES, $NQ Futures , QQQ ETF & many stocks)

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The major indices opened this morning slightly higher after yesterday’s sell-off in the late session. The S&P 500 and Nasdaq Composite both opened slightly higher, and tech stocks have since reversed course, leading the way higher. The $ES and $NQ futures have been pushing higher, and it appears that the market is taking a bit of a breather after yesterday’s volatility.

In terms of individual stocks, QQQ has been on a tear, up over 3% this morning. This is likely due to the market’s anticipation of the Fed decision tomorrow, as well as its recent streak of strong earnings results.

The energy sector is continuing its climb after yesterday’s jump, with major stocks like Exxon, Chevron and ConocoPhillips climbing alongside the broader market.

The financials have been lagging after yesterday’s rally, but they seem to be regaining momentum as well. Bank of America is up nearly 1.7% this morning, while Goldman Sachs has gained 1%. Other financial stocks, including JPMorgan and Citigroup, have seen slightly smaller gains, but they are still firmly in positive territory.

In addition, several other stocks have had notable gains today, such as Intel, up over 2%. Red Hat, Microsoft and Adobe have all seen similar gains, while Amazon is up 1.25%.

Overall, it appears that the market is taking a break from yesterday’s sell-off and heading higher. While it’s too soon to tell if this is a sustainable rally, it does appear that the market is in for a bit of a reprieve, at least for the short-term.

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