Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.
X
The stock market rally retreated last week, with a long-awaited pullback taking hold. The selling has been orderly for the Nasdaq and S&P 500. Nvidia (NVDA), Apple (AAPL) and Meta Platforms (META) held their ground or marched higher, while Google parent Alphabet (GOOGL) regained a key level by Friday’s close. Tesla (TSLA) retreated modestly, but after huge recent gains. However, the Dow Jones, Russell 2000 and other measures showed more damage elsewhere.
MongoDB (MDB), HubSpot (HUBS), Chipotle Mexican Grill (CMG), Shockwave Medical (SWAV) and DexCom (DXCM) are holding up well, trading near buy points.
MDB stock, HubSpot, Chipotle and Shockwave all have traded tightly among other bullish technical action. DXCM stock is trading right around the top of a base.
Friday night, DexCom raised its fiscal 2025 revenue guidance at its investor day.
With the market rally pulling back, this is a time to be watching leading stocks closely, seeing which names hold up best. Remember, a stock may find support or rebound from a key level on a given day, such as Super Micro Computer (SMCI), but then reverse lower.
NVDA stock continues to show its market leadership as investors see it as the real chip and AI leader. Meanwhile Advanced Micro Devices (AMD) and speculative plays such as C3.ai (AI) broke hard below their 21-day lines.
Apple stock quietly set a fresh record high with META stock marching to a 16-month best.
Tesla, Nvidia, MongoDB, Meta Platforms and HUBS stock are on IBD Leaderboard, with CMG stock on the Leaderboard watchlist. CMG stock is also on SwingTrader. Tesla stock and HubSpot are on the IBD 50. Tesla, Chipotle, HubSpot and MDB stock are on the IBD Big Cap 20.
The video embedded in this article discussed the market rally’s action and analyzed HubSpot, Rockwell Automation (ROK) and Google stock.
Russia News
An unusual situation is developing in Russia. The head of Russia’s Wagner mercenary group on Friday accused the country’s military leadership of ordering strikes on the group’s camps and killing a “huge” number of forces. Billionaire Yevgeny Prigozhin, who has been feuding publicly with the Defense Ministry and recently claimed the Kremlin’s justifications for its Ukraine invasion, vowed to “stop” Russia’s top military brass. Russian intelligence called for Prigozhin’s arrest while military-level security was evident in Moscow. Several top generals urged Wagner forces not to follow Prigozhin.
Clearly, the events could escalate. They also could have an impact on Russia’s Ukraine war, with Ukrainian mounting an offensive. They also could potentially impact crude oil and global markets.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.
ETFs tracking those futures edged lower Friday night.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally snapped multiweek win streaks, with the Nasdaq showing modest declines while small caps struggled.
The Dow Jones Industrial Average slumped 1.7% in last week’s stock market trading. The S&P 500 index and Nasdaq composite fell 1.4%. The small-cap Russell 2000 tumbled 2.95%.
The 10-year Treasury yield fell 3 basis points to 3.74%.
U.S. crude oil futures slumped 3.85% to $69.16 a barrel last week. Copper futures sank 2%, including Friday’s 2.1% slide. In addition to global demand concerns, the U.S. dollar had a strong week.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 1.65% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) sank 1.7%. The iShares Expanded Tech-Software Sector ETF (IGV) slid just over 3%, with HUBS stock a component. The VanEck Vectors Semiconductor ETF (SMH) gave up 3.8%. Nvidia stock is the No. 1 holding in SMH, with AMD stock also a notable component.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) retreated 4.9% last week and ARK Genomics ETF (ARKG) lost 5.3%, following seven weeks of gains for both. Tesla stock is the top holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) fell just over 2% last week. The Global X U.S. Infrastructure Development ETF (PAVE) edged down 0.5%. U.S. Global Jets ETF (JETS) descended 1.75% after three big weekly gains. SPDR S&P Homebuilders ETF (XHB) edged up 0.5%. The Energy Select SPDR ETF (XLE) tumbled 4.3% and the Health Care Select Sector SPDR Fund (XLV) inched down 0.2%. The Industrial Select Sector SPDR Fund (XLI) retreated 2.1% after a three-week…
Read More: Dow Jones Futures: Market Pullback Healthy As Apple Hits Record High; What To Do