Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures, with Microsoft (MSFT), Google parent Alphabet (GOOGL) and Meta Platforms (META) headlining a huge earnings week, with the Federal Reserve set to raise rates again.
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The stock market rally saw big weekly gains for the Dow Jones, which is on its longest win streak in nearly six year. The S&P 500 also had a solid advance. But the Nasdaq reversed lower after a big sell-off Thursday led by Tesla (TSLA). Growth stocks suffered losses, often hefty, but generally still look healthy.
Bank stocks, meanwhile, are roaring back. Industrials, travel and some drug stocks showed strong or resilient action.
The market could use a breather and there aren’t a lot of setups at the moment. So it’s not a great time to be adding exposure.
Microsoft, Google and Meta earnings loom large over the market rally. Not only do these three tech titans boast nearly $5 trillion in market cap combined, but their results, guidance, spending plans and comments will be important for cloud computing, artificial intelligence, digital advertising and more.
That will have a big impact on the likes of Amazon.com (AMZN), which reports May 3, along with Nvidia (NVDA) and other suppliers as well as cloud software plays.
Meanwhile, ServiceNow (NOW), General Electric (GE), Visa (V), Chipotle Mexican Grill (CMG), Boeing (BA), General Motors (GM) are just a few of the other important companies on tap.
Tesla, Nvidia and Meta stock are on IBD Leaderboard, with CMG stock on the Leaderboard watchlist. Microsoft stock is on the IBD Long-Term Leader list. Tesla and NOW stock are on the IBD 50. TSLA stock is on the IBD Big Cap 20.
The video embedded in the article discussed the weekly market action and analyzed Dow giants Microsoft, Boeing and Visa stock.
Fed Meeting
The Fed meets for two days this coming week with a policy announcement due 2 p.m. ET on Wednesday. After a June pause, the Fed is overwhelmingly expected to raise rates by a quarter point. But the real question is the rate hike outlook for the rest of…
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