Dow Jones futures open Sunday evening, along with S&P 500 futures and Nasdaq futures, amid growing speculation that President Joe Biden could drop out of the race.
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Nasdaq falls after hitting 18,000 points; Uber, JPMorgan and Hilton in the spotlight
Biden to discuss future of campaign
President Biden will speak with his family on Sunday about the future of his re-election campaign at Camp David, NBC News reported Saturday, citing multiple sources. This comes after Thursday nightโs presidential debate against Donald Trump, in which Biden had a disastrous showing. That raised concerns about his suitability for office, especially as he seeks a second four-year term. Top Democratic officials have publicly expressed their continued support, but many privately are concerned.
Biden is "reliably engaged" from 10 a.m. to 4 p.m. every day, White House aides told Axios, and errors and fatigue are more common at other times of the day.
Biden Odds Fall
Bidenโs odds of receiving the Democratic nomination have fallen to just 60% from 72% on Friday, down from 85% before the debate. Vice President Kamala Harrisโs chances of receiving the nomination have risen to 24% from 13% on Friday. California Gov. Gavin Newsom is at 14%, down slightly from 17% on Friday.
Biden's odds of winning the presidency have fallen to 25%, down from 36% on Friday and 48% on Thursday before the debate. Donald Trump's odds of winning are 59%, almost unchanged from Friday and 53% before the debate. Still, the chances of the Republican Party winning have increased.
The increasing odds that Donald Trump will regain the presidency with a Republican-controlled Congress weighed on solar and hospital energy stocks on Friday.
Trump's debate victory gave a boost to the S&P 500. Then this happened.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. Eastern Time on Sunday, along with S&P 500 futures and Nasdaq 100 futures.
Remember that night action in dow futures and in other places it does not necessarily translate into actual operations in the next regular period. stock Exchange session.
Stock Market Highlights
Last week, the stock market rally gave some mixed signals. However, on a weekly basis, the major indices are showing a tight performance, with the Nasdaq power trend intact.
The Dow Jones Industrial Average fell 0.1% in the past week. trading in the stock market After a solid start to the week, the S&P 500 index fell 0.1% and the Nasdaq Composite rose 0.2% after both retreated from record highs on Friday morning.
The small-cap Russell 2000 rose 1.3%, regaining its 50-day line.
On a weekly chart, the Nasdaq has shown no real weakness, rising for the past four weeks and nine of the past 10.
The Nasdaq is 5.9% above its 50-day line, slightly higher despite the sideways trend of the last two weeks. A longer pause or mild pullback would likely be constructive, allowing the stock to settle and giving more room for the next rally.
Metaplatforms (GOAL), Amazon.com (Amazon.com) and Tesla (TSLA) erupted during the week, although they met resistance on Friday. Nvidia (NVDA) stepped back but found his footing.
The software had a huge success last week, with AppLovin (APPLICATION), monday.com (MNDร) and ServiceNow (NOW) flashing buy signals.
Electric vehicle sales in China
Investors will get June and Second quarter sales of China's electric vehicle manufacturers Child (CHILD), Auto Li (HE), XPeng (XPEV) and Zeekr (ZK) early Monday morning and perhaps the electric vehicle and battery giant Please tell me (I WILL).
Tesla and Rivian (RIVN) is expected to release its figures on Tuesday morning. Most automakers will also report second-quarter U.S. sales on Tuesday.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 0.4% last week.
The iShares Expanded Tech-Software Sector ETF (VAT) jumped 2.4%, its fourth consecutive strong weekly advance. ServiceNow and AppLovin stocks are IGV holdings. The VanEck Vectors Semiconductor ETF (SMH) fell 1.6%, but was slightly off its lows. Nvidia shares are SMH's dominant holding.
Reflecting stocks with a more speculative history, ARK Innovation ETF (SHEET) rose 1.4% last week and the ARK Genomics ETF (ARKG) fell 3.5% and returned to April lows. Tesla stock is the top holding among Ark Invest ETFs.
Invest in the market with IBD's ETF market strategy
Mega Cap Stocks
Nvidia shares fell 2.4% for the week to $123.54. But after falling 6.7% on Monday, ending a three-day sell-off, the AI โโchip leader has recovered and stabilized above the 21-day moving average. NVDA stock could use a longer pause, carving out a new base and allowing the 50-day line to catch up.
Meta shares rose 1.9% to 504.22. Shares settled at 514.01 cup-with-handle buy point on Thursday, but fell almost 3% on Friday. However, there are still some early entries within the handle.
Amazon shares gained 2.2% to 193.25, topping 191.70 flat base point of purchase. Shares fell 2.3% on Friday.
Tesla shares rose 8.1% to 197.88, breaking from a 191.08 buy point. The buying range extends to 200.63. TSLA stock hit resistance at the 40-week line on Friday, but closed higher.
Tesla's big weekly gain came after several analysts cut second-quarter delivery estimates ahead of the electric vehicle giant's press release on Tuesday.
Amazon reached this milestone in the Andy Jassy era. What comes next?
Software Stocks in Buy Zones
AppLovin shares rose 5.9% for the week to 83.22, breaking above a tight trendline and a short-term high of 82.66 on Thursday, offering an early entry. The official flat-base buy point is 88.50, according to Market increase.
Monday.com shares rose 7% last week to 240.76, rebounding from the 50-day line within a brief mini-double bottom consolidation alongside another base. The official point of purchase is 249. However, MNDY stock broke above a trend line on Thursday. On Friday, the software maker tested a short-term high of 239.54, which roughly coincides with the buy point of the previous base of 239.22.
ServiceNow shares rose just over 5% to 787.19, breaking a trend line. Shares are up 23% from the May 31 intraday low of 637.99. The official buy point is 815.32. Ideally, NOW stock would forge a handle.
Meanwhile, a number of software stocks are rising from below, trading within the bases, while some leaders are extended.
Investors could use IGV (which has a chart very similar to ServiceNow) or other software ETFs to take advantage of this sector movement.
Analysis of the market rebound
There are many ways active investors can take advantage of the current stock market rally.
A very active trader might have made numerous trades over the past few weeks, landing some winners while also exiting a number of stocks that quickly faded amid mini-rotations. Other traders may have chosen to take little or no action depending on how their existing positions performed.
The key is to find the investment style and rules that work for you.
Pay attention to market and sector action. Many software names should be on your watchlists. And while the financial and industrial sectors pulled back, many stocks in those areas are very close to being actionable.
The presidential race is a huge hit and miss, with Biden's debate performance and related fallout creating much more uncertainty months before Election Day.
Read The panorama every day to stay in tune with market direction and leading stocks and sectors.
Nvidia, Amazon and Meta stocks are on the move Classification of IBD. Amazon and Meta shares are on the rise Oscillating operatorNvidia, Monday.com and ServiceNow shares are in the Inflammatory bowel disease 50. AppLovin was on Friday IBD Action of the Day while Amazon shares were Thursday's favorites.
Follow Ed Carson on Threads at @edcarson1971 and X/Twitter in @IBD_ECarson for stock market updates and more.
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