Dow Jones futures, along with S&P 500 futures and Nasdaq futures, saw a slight decline on Sunday night. Last week, the stock market rally showed resilience, paring modest weekly losses even as Treasury yields soared. However, Friday’s bounce mostly fizzled out, particularly for the Nasdaq, which is currently facing resistance.
Several stocks are currently in focus, including Nvidia, Visa, Chipotle Mexican Grill, Salesforce.com, Combat Sealy, Livent, Arista Networks, SLB, Flowserve, and Marriott International. Visa and Marriott are in traditional buy zones, while Chipotle and Flowserve are near them. SLB stock is actionable from an early entry, while Nvidia, Salesforce.com, Tempur Sealy, Arista Networks, and Livent are close to buy points.
Nvidia, along with software makers Salesforce and Dynatrace, are benefitting from the rise of artificial intelligence in the tech industry. Nvidia is currently on IBD Leaderboard, and CMG stock is on the Leaderboard watchlist. DT stock is on SwingTrader, and LTHM stock and Salesforce.com are on the IBD 50 list. Salesforce was Friday’s IBD Stock Of The Day.
In terms of futures, Dow Jones futures dipped 0.1%, while S&P 500 futures lost 0.2% and Nasdaq 100 futures fell 0.3%. The 10-year Treasury rose slightly to 4.08%. However, it’s important to note that actions in futures markets don’t always translate into actual trading in regular stock market sessions.
Last week, the stock market rally experienced a pullback. The Dow Jones Industrial Average fell 2%, breaking below its 21-day line and nearing its 50-day line. The S&P 500 index fell 1.2%, just below its 10-day line. The Nasdaq composite slipped 0.9%, holding above the 10-day line. The small-cap Russell 2000 fell 1.3%, but a bounce on Friday brought it back above the 21-day line.
In terms of ETF performance, the Innovator IBD 50 ETF fell 2.7% last week, while the Innovator IBD Breakout Opportunities ETF lost 1.75%. The iShares Expanded Tech-Software Sector ETF declined 1.8%, and the VanEck Vectors Semiconductor ETF gave up 2.1%. Other ETFs, such as ARK Innovation, SPDR S&P Metals & Mining, Global X U.S. Infrastructure Development, and U.S. Global Jets, also experienced fluctuations in performance.
Investors should pay attention to the market rally and continue building their watchlists. While the bulls want to run, resistance is currently hindering their progress. It’s important to monitor the market direction and leading stocks and sectors to make informed investment decisions.