Dow Jones futures will open on Monday evening, along with S&P 500 futures and Nasdaq futures, after the long Christmas weekend. The stock market rally had another difficult week, but did bounce from Thursday morning lows.
The major indexes were mixed for the week, but many leading stocks came under further pressure. The market rally is looking shaky but isn’t finished yet.
It’s not a good time to be buying stocks, especially growth names. But investors should always be looking for potential growth leaders for the next sustained market rally. Shift4Payments (FOUR), Celsius (CELH), Impinj (PI), Enphase Energy (ENPH) and Box (BOX) are holding up relatively well in the current weak market. FOUR stock and Box are consolidating near recent highs, while Impinj, Celsius and ENPH stock are trading around the 50-day or 10-week lines. None are actionable right now, and all could buckle if the market continues to weaken. But keep an eye on them.
ENPH stock is on IBD Leaderboard, with PI stock on the Leaderboard watchlist. Enphase, Shift4Payments, Box and CELH stock are on the IBD 50. ENPH stock also is on the IBD Big Cap 20. Shift4Payments was Friday’s IBD Stock Of The Day.
But growth megacaps had a rough outing, notably Apple (AAPL), Nvidia (NVDA) and Tesla (TSLA).
Nio Day 2022
Finally, Tesla China rival Nio (NIO) will hold its Nio Day 2022 on Dec. 24, Christmas EV. Nio will unveil its revamped ES8 SUV, built on the NT 2.0 platform, as well as a brand-new EV, likely the EC7 coupe SUV.
Nio production is ramping up with strong demand for its newer ET5 sedan and ES7 crossover SUV. But easing Covid rules may be triggering a massive wave of infections, and Nio and other China EV makers could face production or supply-chain hiccups again. EV giant BYD (BYDDF) said this week that Covid cases among workers is cutting production by 2,000-3,000 vehicles per day.
Nio stock fell 5.4% last week, back below the 50-day line. Shares are well below the 200-day line.
Dow Jones Futures Today
With Christmas falling on Sunday, U.S. stock and bond markets will be closed Monday,…