The stock market rally had another big week, with the Nasdaq running higher amid major news from the latest Fed outlook to the jobs report to massive earnings from Apple (AAPL), Meta Platforms (META) and more. Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures.
Late Friday, Tesla CEO Elon Musk was found not liable in a class action shareholder lawsuit suit over his 2018 “funding secured” tweets in August 2018, when he said he was mulling taking Tesla private. Musk also tweeted that “investor support” for a deal at $420 a share was “confirmed.” Funding was not, in fact “secured,” but Musk’s attorney argued in San Francisco federal court that, “in that moment he didn’t think.” TSLA stock rose slightly after hours Friday.
Don’t be surprised to see a market pullback after the big gains in recent weeks, with Tesla (TSLA) and Apple stock up strongly yet again. Friday may have been the start of a pullback, with Amazon.com (AMZN) plunging on its weak earnings and outlook. But with the uptrend showing more signs that it’s more than a bear market rally, investors can continue to gradually add exposure over time.
Dow Jones giant Microsoft (MSFT), lithium and fertilizer giant SQM (SQM), auto parts maker Autoliv (ALV), Pure Storage (PSTG) and Freeport-McMoRan (FCX) are stocks near buy points.
Microsoft, Autoliv and FCX stock already have earnings out of the way, while SQM and PSTG stock aren’t due for several weeks. MSFT stock is on IBD Long-Term Leaders.
Onsemi (ON), formerly ON Semiconductor, reports early Monday. The EV-focused chipmaker surged 9.8% this past week, breaking out of a cup base to a new high. But ON stock is now extended.
The video embedded in this article reviewed the strong market action and analyzed Regeneron Pharmaceuticals (REGN), Microsoft and ALV 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.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next…