Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally hit record highs this past week, shrugging off a government shutdown.
Growth stocks saw some selling Friday. Palantir Technologies sold off on a report of a flawed Army communications network. Tesla extended losses in a sell-the-news reaction to record deliveries, but Elon Musk said early Saturday that the next big self-driving update will be on Monday.
Nvidia held the buy zone Friday but rival Advanced Micro Devices fell below an entry.
AI startup OpenAI will hold a developers conference on Monday, with Delta Air Lines earnings and Taiwan Semiconductor sales due Thursday.
Palantir is on Leaderboard, with Tesla stock on the Leaderboard watchlist. Taiwan Semiconductor stock, Palantir and Nvidia are on the IBD 50. Palantir stock is on the IBD Big Cap 20. Nvidia stock and Palantir are on IBD Sector Leaders.
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.
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Stock Market Rally
The stock market rally extended the prior week's rebound, with saw the S&P 500, Nasdaq composite, Dow Jones and Russell 2000 all hitting new highs.
The Dow Jones Industrial Average advanced 1.1% in last week's stock market trading. The S&P 500 index gained 1.1%. The Nasdaq composite rose 1.3%, even with a modest pullback Friday. The small-cap Russell 2000 jumped 1.7%.
AI stocks were strong, with nuclear startups, quantum computing plays and other speculative names having big weeks, despite some Friday pullbacks.
Meanwhile, drug stocks and health insurers rallied on government policies or bets. Homebuilders perked up amid retreating Treasury yields.
The 10-year Treasury yield fell seven basis points to 4.12%, amid a weak ADP Employment report that raised Fed rate cut odds.
U.S. crude oil futures tumbled 7.4% to $60.88 a barrel for the week in anticipation of another OPEC+ production hike on Sunday.
Nvidia, These AI Plays Lead 5 Stocks Near Buy Points
ETFs
Among growth ETFs, the Innovator IBD 50 ETF popped 3.1% last week. The iShares Expanded Tech-Software Sector ETF dipped 0.1%, with Palantir stock the top holding. The VanEck Vectors Semiconductor ETF jumped 4.6%. Nvidia, Taiwan Semiconductor and AMD stock are major SMH components.
ARK Innovation ETF leapt 6.3% last week and ARK Genomics ETF spiked 11.6%. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
SPDR S&P Metals & Mining ETF rallied 5.8% last week. U.S. Global Jets ETF edged up 0.2%. SPDR S&P Homebuilders ETF stepped up 1.6%. The Energy Select SPDR ETF sank 3.4% and the Health Care Select Sector SPDR Fund bolted 8.5% higher.
The Industrial Select Sector SPDR Fund gained 1.2%. The Financial Select SPDR ETF slipped 0.35.
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Nvidia Stock In Buy Area
Nvidia stock rallied 5.3% to 187.62, clearing a 184.48 flat-base buy point after finding support at the 50-day line last week.
AMD stock moved above the 50-day line on Thursday, offering an aggressive entry, within a consolidation with a 186.65 buy point, according to MarketSurge. But on Friday, shares fell 3% to 165.57. AMD stock isn't broken, with Thursday's high of 171.06 a possible early entry.
Nvidia and AMD chipmaker Taiwan Semiconductor will report September sales on Thursday, with Q3 earnings a week later. TSM stock jumped 6.9% to 392.19 last week, significantly extended.
Palantir Stock Dives From Buy Point
Palantir stock cleared a 185.75 cup-with-handle buy point on Thursday. But on Friday, shares tumbled 7.5% to 173.07 on a report that its Army communications system is seriously flawed. PLTR stock fell through the 21-day line and triggered the 7%-8% sell rule intraday for those who bought the breakout.
Palantir gets a lot of business from the military, so any concerns about its products raises questions about lofty growth targets and valuation.
Tesla Stock Reverses, FSD v14 Coming
Tesla reported record deliveries in the third quarter, buoyed by now-expired U.S. tax credits. Deliveries are likely to tumble in Q4. But TSLA stock's main driver in its recent surge has been self-driving hopes.
Elon Musk wrote early Saturday that Full Self-Driving v14 will be released on Monday. He had said FSD v14 was coming last week, but the release was pushed back due to a "last minute bug."
Meanwhile, late Friday California's insurance commissioner rebuked Tesla for failing to address policyholder claims despite repeated warnings. Tesla could face big fines and ultimately could have its insurance license suspended or revoked in the state.
Tesla stock hit a 2025 peak of 470.75 on Thursday morning following the Q3 deliveries data, closing in on the December 2024 all-time high of 488.54. But shares reversed solidly lower, extending the slide Friday somewhat for a 2.4% weekly decline to 429.83.
Tesla stock has fallen below the 10-day line though it bounced Friday from near its 21-day line as Ohio GOP Sen. Bernie Moreno said President Donald Trump is mulling significant tariff relief for U.S. auto production.
This could be a healthy shakeout. Ideally, TSLA stock would retreat to the 21-day or a little below, forging a meaty handle on the big consolidation before attempting another run.
A sharp break of the 21-day line would be more concerning, perhaps giving recent buyers a reason to take partial profits.
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What To Do Now
The stock market is at record highs. Some buying opportunities have struggled, including AMD and especially Palantir. But Nvidia held its breakout while many growth and speculative plays had big weeks.
Investors should be heavily exposed and looking for more. So work on those watchlists.
Economic data will be scarce in the coming week due to the government shutdown. The shutdown hasn't had much market impact so far, but could if the impasse drags on.
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