ECONOMIC SILUET: Watch these tech high-flyers, McDonald’s and these energy ETFs in tomorrow’s trading

Senin, 03 April 2023

Watch these tech high-flyers, McDonald’s and these energy ETFs in tomorrow’s trading

MON, APR 03, 2023

The goal of this newsletter is to get you ahead of the next day of investing and trading. It's your first look at tomorrow and last look at today powered by the team of people who direct CNBC TV's stock market coverage.

Tomorrow's Top CNBC Stories Tonight

Tech's takeoff versus equal-weight ETFs

In the last three months, the Technology Select Sector SPDR Fund (XLK), which tracks Big Tech, is up 22.3%.
The Invesco QQQ Trust (QQQ) — which is heavily weighted toward megacap tech stocks like Apple, Microsoft, Nvidia, Amazon, Tesla, Meta and Alphabet — is up 21%.
The Direxion Nasdaq-100 Equal Weighted Index Shares ETF (QQQE), which treats all the components equally, is up 13.7%. Meanwhile, the First Trust Dow 30 Equal Weight ETF (EDOW) is up about 3.5% in that time period.
This is more proof of big-cap names' major comeback versus the rest of the market.

McDonald's

If you're holding stock under the golden arches, you're doing well.
McDonald's hit an all-time high today, dating back to its IPO in 1965.
The stock is up 20% in six months, and it's up nearly 5% in a month.
Corporate offices are largely closed this week while the company undergoes a round of layoffs.

Energy

By now you know about OPEC's surprise output cut.
There are predictions that this will mean 50 cents more per gallon at U.S. gasoline stations.
The United States Gasoline Fund (UGA) is an ETF that was designed to track gasoline prices. It was up 3.2% today.
UGA is down 22% since hitting a 52-week high Dec. 9, but it is up about 10% in three months.
The United States Oil Fund (USO) is an ETF that was designed to track oil. It's 24% lower than its 52-week high in June 2022, but it's up nearly 10% in a week

Green energy

A lot of the green energy stocks fared poorly today after Morgan Stanley cut Plug Power to equal weight.
Plug Power fell 5% today. It's 60% lower than it was a year ago.
First Solar fell 4% today but remains 5% from the 52-week high set last week.
The First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN) fell 2.4% today and is 26% from the 52-week high hit in August.
EVgo, Proterra, Beam Global and Tesla were the stocks that were hit the most in that ETF, all down more than 6% today.

Ford and GM

CNBC's Phil LeBeau will report on both tomorrow, as GM outlines cost cutting, and Ford reports first-quarter sales.
In the past month, Ford dropped 3% and GM shed 11.5%.