Dow Jones futures fell modestly Friday afternoon, along with S&P 500 futures and Nasdaq futures. U.S. stock markets were closed for the Fourth of July holiday.
The stock market rally had another strong week, with the S&P 500 and Nasdaq moving further into record territory and the Dow Jones almost there.
Tesla fell modestly amid a variety of headlines. Shares are down slightly since the June 22 robotaxi launch, while Uber Technologies and Mobileye have been big winners, with Uber stock breaking out Thursday.
Cadence Design Systems, Nextracker, ServiceNow and Shopify also are in buy areas.
Delta Air Lines reports earnings on July 10, kicking off Q2 results for airlines. Also on Thursday, AI chip giant Taiwan Semiconductor Manufacturing will release June and Q2 sales, which will be important for customers such as Nvidia, Broadcom, Apple and many more.
Meanwhile, President Trump said late Thursday that he would send dozens of letters over the next few days to other nations stating what additional tariffs he'll impose unilaterally on those countries' goods. July 9 is the end of a 90-day pause in Trump's "Liberation Day" tariffs.
The video embedded in the article discusses the recent stock market action and analyzes Uber, ServiceNow stock and LPL Financial.
Dow Jones Futures Today
Dow Jones futures declined 0.6%. S&P 500 futures sank 0.6% and Nasdaq 100 futures fell 0.7%.
U.S. stock markets were closed Friday for Independence Day celebrations, but other exchanges around the world were open.
Dow Jones futures are now closed, and will reopen at 6 p.m. ET Sunday.
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 short but sweet week, with the S&P 500 and Nasdaq continuing to hit highs while the Dow Jones finished within 1% of all-time levels. Even the long-lagging Russell 2000 finally cleared its 200-day line. A U.S.-Vietnam trade deal and the June jobs report were positive catalysts.
Late Thursday, the House passed President Donald Trump's huge tax-and-spending bill. Trump will signed it into law on Friday afternoon.
The Dow Jones Industrial Average rose 2.3% in last week's stock market trading. The S&P 500 index climbed 1.7%. The Nasdaq composite advanced 1.6%. The small-cap Russell 2000 jumped 3.5%.
The 10-year Treasury yield was up nearly six basis points to 4.34%, mostly on Thursday.
U.S. crude oil futures climbed 2.3% to $67 a barrel.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF jumped 2.45% for the week, mostly on Thursday. The iShares Expanded Tech-Software Sector ETF gained 3.2%, hitting a record Thursday, with ServiceNow stock a key member. The VanEck Vectors Semiconductor ETF advanced 1.9%, also to new highs. Taiwan Semiconductor stock is a big SMH holding, along with Nvidia and Broadcom. All three stocks are extended from buy points.
ARK Innovation climbed 1.8% for the week, hitting a fresh three-year high. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
The SPDR S&P Metals & Mining ETF leaped 5.6% last week. U.S. Global Jets ETF gained 5.3%, with Delta stock a key member. The Energy Select SPDR ETF rose 2%, and the Health Care Select Sector SPDR Fund advanced 1.2%. The Industrial Select Sector SPDR Fund was up 1.8%, with Uber stock a notable component.
The Financial Select SPDR ETF rose 2.4% to a new high.
Time The Market With IBD's ETF Market Strategy
Tesla Stock
Tesla stock fell 2.6% to 315.35 for the week, just between the 200-day and 50-day lines. Tesla deliveries were better than feared in Q2 but down 13.5% vs. a year earlier. Meanwhile, the Optimus robot faces a leadership shake-up and reported production delays. Meanwhile, CEO Elon Musk renewed his feud with President Trump over the budget bill, which will end U.S. EV credits after Sept. 30. Once signed into law, the legislation will immediately eliminate highly lucrative zero emission credits in the U.S.
Since the limited robotaxi launch in Austin, Texas, on June 22, Tesla stock is down 2.1%. Meanwhile, Uber stock has rallied 11.8% to 93.63, clearing an early entry on June 24 and just breaking out Thursday from a flat base. Mobileye stock has shot up 29.6%, with the driver-assist systems maker clearing an early entry.
Tesla Loses Tax Credits Amid Robotaxi Push; BYD's BEV Sales Boom
Stocks In Buy Zones
Cadence Design stock rallied 7.1% to 326.81 for the week. On Thursday, shares popped 5.1%, clearing a 326.19 consolidation buy point. Investors also could have used 323.39 as a buy point from a flat base within the larger consolidation. CDNS stock and peers rallied Thursday as the Trump administration lifted restrictions on exporting chip-design software to China.
Nextracker stock vaulted 13.7% to 66.31, surging from the 50-day line. On Thursday, shares cleared a 63.19 buy point from a flat base that formed just above a prior base, according to MarketSurge. The latest version of the Trump budget bill would scale back solar incentives but wasn't as onerous as earlier drafts.
Shopify stock rose 2.5% to 116.52 during the week, moving within a buy zone from a cup-with-handle base with a 112.38 entry. Investors could use 117.36 as an alternate buy point.
ServiceNow stock climbed 2.2% to 1,044.69. The software giant popped 3.5% on Thursday, briefly topping a 1,046 cup-with-handle buy point and clearing an early entry.
Best Growth Stocks To Buy And Watch
What To Do Now
The stock market rally is at record highs. Over the past three months, investors have shrugged off seemingly worrisome headlines and cheered positive news.
Over the past two weeks, with the indexes pushing higher, many stocks flashed buy signals. This was an opportunity to add exposure or to replace laggards.
A few names such as Cadence Design, Nextracker, Shopify and Uber are in position. But at this point, many stocks are again extended. Don't chase them.
Keep working on watchlists, looking for new setups.
Nvidia and Broadcom stock are on IBD Leaderboard. Shopify stock, ServiceNow and Broadcom are on SwingTrader. Nvidia, Shopify and Taiwan Semiconductor stock are on the IBD 50. Nextracker stock is on the IPO Leaders list. Nvidia stock is on IBD Sector Leaders.
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.
