Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had another strong week, moving up to a major test.
A market pause wouldn’t be a surprise, and could be healthy, after strong price gains in generally light volume over the past several weeks. Investors should be cautious about adding more exposure.
Diversified oil giant Exxon Mobil (XOM) is setting up near possible entries, as energy stocks take the lead once again. Costco Wholesale (COST) has a cup-with-handle base, though several key rivals are reporting this coming week. UnitedHealth (UNH) has traded tightly within a buy zone, creating another entry. Apple (AAPL) is moving close a breakout as AAPL stock is outperforming other megacaps. Microsoft (MSFT) is closing in on its 200-day line, which could offer a chance to start a position.
China EV startup Li Auto (LI) reports earnings before Monday’s open. LI stock has been among the better EV stocks, outperforming giants BYD (BYDDF) and Tesla (TSLA), but needs to get above its 50-day line. BYD stock is below its 50-day line while Tesla is just below its 200-day.
The video embedded in this article discussed the weekly market action in depth, while also analyzing Exxon Mobil, UnitedHealth and Apple stock.
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.
Stock Market Rally
The stock market rally closed at weekly highs despite some reversals during the week.
The Dow Jones Industrial Average rose 2.9% in last week’s stock market trading. The S&P 500 index popped 3.25%. The Nasdaq composite ran up 3.1%. The small-cap Russell 2000 leapt 5%.
The 10-year Treasury yield rose 1 basis point to 2.85%, but with some big moves during the week.
U.S. crude oil futures rose 3.5% to $92.09 a barrel last week, despite Friday’s pullback. Gasoline futures leapt 6.7%. Natural gas prices jumped 8.7% for the week.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) gained 2.3% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) rallied 3.1%. The iShares Expanded Tech-Software Sector ETF (IGV) advanced 3%, with MSFT the top IGV holding. The VanEck Vectors Semiconductor ETF (SMH) edged up 0.7%, rebounding from steep losses following the Nvidia (NVDA) and Micron (MU) warnings.
SPDR S&P Metals & Mining ETF (XME) jumped 8.3% last week. The Global X U.S. Infrastructure Development ETF (PAVE) popped 4.6%. U.S. Global Jets ETF (JETS) ascended 3.5%. SPDR S&P Homebuilders ETF (XHB) rallied 4%, its eighth straight weekly gain. The Energy Select SPDR ETF (XLE) jumped 7.4%, with XOM stock a huge weight in XLE. The Financial Select SPDR ETF (XLF) bounced 5.4%. The Health Care Select Sector SPDR Fund (XLV) climbed 1.65%, with UNH stock a huge holding.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) climbed 3.25% last week and ARK Genomics ETF (ARKG) 3.8%. Tesla stock is a major holding across Ark Invest’s ETFs. Cathie Wood’s Ark also owns some BYD stock.
Stocks Near Buy Points
XOM stock rallied 6.3% to 93.99 last week, moving back above the 50-day line. Shares of the energy giant are closing on a trendline from the early June peak. The official buy point is 105.67, but that would be significantly above the 50-day line. Volume was light last week and has not been great over the past month as Exxon stock rebounded. Earnings growth continues to boom.
COST stock edged down 0.6% this past week to 537.21. Shares are drifting lower in a handle with a 552.81 buy point, according to