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As the new week begins, investors are gearing up for the action in the stock market. Dow Jones futures, S&P 500 futures, and Nasdaq futures will be opening on Sunday evening, setting the tone for the week ahead. This week, we are keeping a close eye on Nvidia and several AI chip plays that are showing promising signs.
Watch IBD’s Alexis Garcia and Ed Carson discuss the basics of earnings season to help investors prepare for upcoming quarterly reports.
Last week saw some fluctuations in the stock market, with a notable downside reversal on Thursday. However, the major indexes rebounded on Friday. Several leaders are flashing buy signals, while others are approaching new consolidations or early entry points. It’s still a rangebound market, so investors should proceed cautiously.
Key players like Nvidia, Broadcom, Taiwan Semiconductor, and Astera Labs are all in focus this week. Tesla, on the other hand, faced challenges following weak first-quarter deliveries but received a boost after Elon Musk’s announcement about a robotaxi unveiling on Aug. 8.
Dow Jones Futures Today
Keep an eye on Dow Jones futures, which open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures. Remember, overnight action in futures doesn’t always translate directly to regular market trading.
Stock Market Rally
Despite some turbulence last week, the stock market rally ended on a positive note on Friday. The Dow Jones Industrial Average, S&P 500, and Nasdaq composite showed resilience and regained key levels. While there were daily swings, overall market trends remained relatively stable.
The 10-year Treasury yield hit its highest close of 2024, signaling potential shifts in the market. Oil futures also saw gains, reaching their best levels since October.
ETFs
Looking at growth ETFs, we saw mixed performance last week, with some sectors outperforming others. Stay tuned for updates on specific ETFs and their performance.
Nvidia Stock
Nvidia stock is in focus this week, with the AI chip leader working on a possible base. Investors are eyeing key levels for potential buy points, as a breakout from Nvidia could have significant implications for the broader market.
AI Chip Stocks
AI chip plays like Broadcom, ARM, Taiwan Semiconductor, Astera Labs, and Super Micro are on the radar this week. These companies are at various stages of base-building, offering potential entry points for investors looking to capitalize on the AI chip trend.
Tesla Stock
Tesla stock faced challenges last week, following disappointing delivery numbers. However, Elon Musk’s announcement about a robotaxi unveiling provided a boost to the stock. Investors should stay tuned for further developments in Tesla’s autonomous driving strategy.
What To Do Now
As the market takes a breather, it’s crucial for investors to stay informed and watch for emerging opportunities. The sideways action may present challenges, but thorough research and analysis can help navigate the current market conditions.
Join us at Extreme Investor Network for expert analysis, insights, and strategies to help you make informed investment decisions. Stay ahead of the curve with our comprehensive financial resources and stay tuned for the latest updates!
