Dow Jones futures saw a modest increase on Sunday night, along with S&P 500 futures and Nasdaq futures. Crude oil prices took a plunge following Israel’s “precise” airstrikes on Iran.
Apple (AAPL), Microsoft (MSFT), Google-parent Alphabet (GOOGL), Amazon.com (AMZN), and Meta Platforms (META) are all set to report earnings this week, with significant implications for the tech sector and the broader market.
Major economic reports are also scheduled, including the October jobs report. Election Day and the next Federal Reserve meeting are on the horizon.
The stock market had a mixed performance last week, with the Nasdaq reaching a record high. Several stocks, including Tesla (TSLA), Nvidia (NVDA), and AI chip IPO Astera Labs (ALAB), showed buy signals on Friday.
Nvidia and Meta stock are part of IBD Leaderboard and the IBD 50, while Microsoft stock is included in IBD Long-Term Leaders.
Dow Jones futures were up 0.3% compared to fair value, while S&P 500 futures and Nasdaq 100 futures also saw gains. Crude oil futures dropped nearly 5% amid hopes of de-escalation in Mideast tensions.
The stock market rally showed mixed weekly action, with Tesla, Nvidia, and other megacaps masking weak breadth. Major indexes like the Dow Jones Industrial Average, the S&P 500, and the Nasdaq had varying performances.
Many stocks cleared buy points last week, including Western Digital, ResMed, Deckers Outdoor, and L3Harris Technology. The 10-year Treasury yield saw a significant jump.
In the ETF space, various ETFs saw fluctuations in performance, with growth ETFs like the Innovator IBD 50 ETF and the ARK Innovation ETF experiencing mixed results.
Tech giants like Google, Microsoft, Meta Platforms, Apple, and Amazon are all gearing up to report earnings, which could have a significant impact on the market. Their performance will affect various sectors and other companies in the tech industry.
Tesla stock had a strong week, surging to a new high, while Nvidia stock also performed well, hitting a record high. Analysts are bullish on Nvidia and other chip stocks.
Investors are advised to stay updated on market trends and be prepared for upcoming earnings reports and economic data releases. Geopolitical events can also impact market movements, so it’s essential to have a well-thought-out investment strategy.
Keep an eye on The Big Picture to stay informed about market direction and leading stocks and sectors. Additionally, follow Ed Carson on Twitter for more stock market updates.
Remember to utilize tools like IBD’s Premium Stock Lists and analysis to simplify your stock research and decision-making process. Stay informed on the best growth stocks to buy and watch, and learn how to navigate the market in different market conditions.
The CHIPS Act may fall short of its Made In America goal, affecting the semiconductor industry.