The S&P 500 index hit a 14-month high as the stock market rally roared back this past week. The Dow Jones and Nasdaq composite are back near 2023 highs, as Apple (AAPL) closed Friday with a $3 trillion market cap for the first time.
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Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. Tesla (TSLA) and China EV rivals will be in focus over the weekend.
Nvidia (NVDA), HubSpot (HUBS), Marriott International (MAR), General Electric (GE) and JPMorgan Chase (JPM) are all flashing buy signals.
The only concern is that the Nasdaq is already extended again, raising the risk of another market pullback in the near future.
Tesla stock, Nvidia and HubsSpot are on IBD Leaderboard. HubSpot is on the IBD 50. HubSpot and Tesla stock are on the IBD Big Cap 20.
The video embedded in this article discussed the big market moves and analyzed Nvidia, HubSpot and JPM stock.
China EV startups Li Auto (LI), Nio (NIO) and XPeng (XPEV) will report June and second-quarter deliveries on Saturday. Tesla and BYD (BYDDF) will likely release June and Q2 sales over the weekend. Li Auto CEO Li Xiang said Friday that June sales topped 32,000, a new record and easily beating its target of 30,000.
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.
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 extended a brief pullback on Monday, but then rebounded strongly.
The Dow Jones Industrial Average gained 2% in last week’s stock market trading. The S&P 500 index climbed 2.35%. The Nasdaq composite advanced 2.2%. The small-cap Russell 2000 leapt 3.7%
In the first half of 2023, the S&P 500 has jumped 15.9%, its best six-month start since 2019. The Nasdaq surged 31.7%, its best since 1983.
The Dow is up a modest 3.8% and the Russell 2000 7.4%.
AAPL stock rose 3.9% last week and 49% so far this year, giving it a $3.05 trillion market cap. It’s the first time that Apple or any company has closed with a $3 trillion valuation.
The 10-year Treasury yield rose 8 basis points to 3.82%, hitting a three-month high Friday morning.
U.S. crude oil futures rose 2.1% to $70.64 a barrel last week, though it tumbled 6.65% for the quarter. Copper futures slumped 1.6% for the week, but snapped a six-day losing streak on Friday.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) bolted 5.3% last week to a seven-month high while the Innovator IBD Breakout Opportunities ETF (BOUT) leapt 5.25%. The iShares Expanded Tech-Software Sector ETF (IGV) bounced 2.7%, with HUBS stock an IGV holding. The VanEck Vectors Semiconductor ETF (SMH) rallied 3.2%. Nvidia stock is the No. 1 holding in SMH.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) ran up 4.75% last week and ARK Genomics ETF (ARKG) 4%. Tesla stock is the No. 1 holding across Ark Invest’s ETFs. Cathie Wood’s Ark also owns a small amount of BYD stock.
SPDR S&P Metals & Mining ETF (XME) climbed 4.4% last week, regaining its 200-day line for the first time in two months. The Global X U.S. Infrastructure Development ETF (PAVE) popped 4.6% to a fresh high. U.S. Global Jets ETF (JETS) soared 6% to a 52-week best. SPDR S&P Homebuilders ETF (XHB) stepped up 4.5% for its fifth straight weekly gain. The Energy Select SPDR ETF (XLE) bounced 4.9% and the Health Care Select Sector SPDR Fund (XLV) edged up 0.55%. The Industrial Select Sector SPDR Fund (XLI) revved up 3.9% to just below record highs. GE stock is a key XLI component.
The Financial Select SPDR ETF (XLF) rose 3%, closing above its 200-day line for the first time since early March. JPM stock is a major holding. The SPDR S&P Regional Banking ETF (KRE) gained 3.2% after tumbling 8.1% in the prior week.
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Stocks In Buy Zones
Nvidia stock edged up 0.2% to 423.02 last week, but rebounded 3.6% on Friday, moving from near the 21-day line and breaking a short downtrend. That offered a place to start a position or perhaps add a few shares to an existing position. During the week, Nvidia shrugged off reports that the Biden administration will expand its chip export curbs to China, adding more Nvidia products.
HUBS stock popped 3.9% to 532.09 last week, rebounding from the 21-day line and clearing the bulk of a four-weeks-tight pattern. Intraday Friday, HubSpot briefly topped the 535.12 buy point.
MAR stock leapt 7.1% to 18.69, staging a big upside week, retaking the 50-day line and clearing buy points just above 183 to hit a 52-week high. Marriott’s volume…
Read More: S&P 500 Rallies Back To Highs, But Watch For This; Tesla Deliveries Due