Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. U.S.-China trade talks, Apple WWDC and a possible Tesla robotaxi launch are on tap this week, with the Musk-Trump feud still in focus.
The stock market had a strong week with the S&P 500 and Nasdaq clearing recent ranges. Recent IPO eToro, Shopify, Palantir Technologies, JPMorgan Chase and Toast are in buy areas.
Tesla plunged as CEO Elon Musk's feud with President Donald Trump blew open, with Trump continuing to go after his former ally over the weekend. Investors, however, should focus on the Tesla chart.
EToro stock is on the IBD Leaderboard watchlist. Palantir and Toast stock are on the IBD 50. Palantir stock is on the IBD Big Cap 20. Toast was Friday's IBD Stock Of The Day.
Key Events This Week
Treasury Secretary Scott Bessent and two other top Trump officials will meet Monday with Chinese counterparts in London, Trump said Friday. That follows Trump's call with President Xi Jinping on Thursday.
Apple will hold its Worldwide Developers Conference (WWDC) starting Monday, though expectations are low. Apple stock has been struggling.
The May CPI inflation report is due early Wednesday, with PPI data on Thursday and inflation expectations on Friday.
The much-anticipated Tesla robotaxi launch in Austin, Texas, reportedly will start Thursday, though the EV maker hasn't set a specific date.
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 regular stock market session.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Rally
The stock market rally had a solid week despite Thursday's downside reversal as Musk and Trump feuded.
The Dow Jones Industrial Average rose 1.2% in last week's stock market trading. The S&P 500 index climbed 1.5%. The Nasdaq composite rallied 2.2%. The small-cap Russell 2000 leaped 3.2%.
The S&P 500 and Nasdaq have cleared recent highs and are nearing all-time peaks. The Dow Jones has reclaimed its 200-day line and briefly hit a three-month high Friday. The Russell 2000 is at three-month highs, still below the 200-day.
Many leading stocks broke out or flashed buy signals, while others set up or extended breakouts.
The 10-year Treasury yield climbed nine basis points to 4.51% after hitting a one-month-low 4.32% intraday Thursday. U.S. crude oil futures jumped 6.2% to $64.58 a barrel last week.
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Growth ETFs
The Innovator IBD 50 ETF gained 3.1% last week. The iShares Expanded Tech-Software Sector ETF rose 2.2%, with Palantir stock a key holding. The VanEck Vectors Semiconductor ETF bounced 5.4%. ARK Innovation ETF soared 8.4% last week. Tesla stock is the No. 1 holding across ARK Invest's ETFs. Cathie Wood's ARK also owns a lot of Palantir.
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Stocks In Buy Zones
EToro stock jumped just over 16% to 68.70 last week, spiking 9.8% Friday. The stock and crypto trading platform with a strong social component is profitable and growing at a torrid pace. ETOR stock came public at 52 in mid-May and has an IPO base with a 74.28 buy point. ETOR stock is actionable from Wednesday's high of 66.55. Thursday's high of 71.48 also is in play.
Shopify stock rose 3.9% to 111.41, including Friday's 6.1% jump. The e-commerce software play has a 112.38 cup-with-handle buy point. It's actionable from breaking a downtrend from the top of the base. The relative strength line is lackluster, however.
Palantir stock fell 3.1% to 127.72, including Thursday's 7.8% tumble below the 125.25 cup-with-handle buy point. But shares rebounded 6.5% on Friday to regain the buy zone, according to MarketSurge.
JPMorgan stock edged up 0.7% to 265.73 last week, finding support at the 21-day. JPM stock has been trading tightly in a range from a 254.67 double-bottom buy point. Investors could use 269.52 as a handle entry.
Toast stock rose 4.3% to 44.01, with a push off the 21-day line offering an entry. The restaurant software maker had pulled back from the May 16 record of 45.56.
Tesla Vs. BYD Is Barely A Contest. Elon Musk Bets All On Robotaxis.
Tesla Stock Dives
Tesla stock dived 14.7% to 295.58 last week, plunging Thursday to round-trip an aggressive entry and undercut key moving averages. Shares rose Friday but hit resistance around the 200-day.
TSLA stock dived on the Musk-Trump feud, with Friday's bounce possibly reflecting hopes for lowered tensions that may not be happened.
Musk deleted tweets Friday night suggesting Trump is in the Epstein files, but the damage may be done. Trump has continued to sayd Musk-related contracts are at stake. On Saturday, Trump told NBC News that Musk faces "serious consequences" if he contributes to Democratic candidates.
Team Trump reportedly is pressing people who have been allies of the president and Musk to pick a side.
Weak EV sales are a drag too on TSLA stock.
Looking ahead, the Tesla robotaxi launch has huge implications.
Investors should be aware of these factors. But ultimately, they need to take their cue from the chart. Right now, Tesla stock is damaged, though not broken. Shares need to recover the 200-day and 21-day line, but probably also need some time to repair.
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What To Do Now
The stock market rally is acting well, with the S&P 500 and Nasdaq nearing highs. A flurry of stocks offered opportunities to add exposure or to replace exiting laggards.
Some leaders did have big sell-offs, notably Tesla, so you can't be complacent. Still, it's a time to be heavily or fully invested. Work on watchlists to identify stocks moving into position.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
