Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. Investors will keep a close eye on Israel-Iran developments as well as the Tesla robotaxi launch Sunday.
The stock market rally had a narrowly mixed week, holding up reasonably well amid big Israel-Iran news.
Tesla is set to launch its robotaxi service in Austin, Texas, with a "safety monitor" in the passenger seat and other backups. Uber Technologies, which could swing on Tesla robotaxi news, has a new base and is near an aggressive entry.
Viking Holdings, Dell Technologies, Super Micro Computer and Shake Shack are in buy areas.
Shake Shack stock is on IBD Leaderboard and SwingTrader. Viking was Friday's IBD Stock Of The Day.
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 is holding up amid continued Israel-Iran attacks, though the indexes finished near weekly lows for a second straight week.
President Donald Trump gave himself more time on whether to enter the conflict. The Federal Reserve stuck to its rate-cut forecast, but Fed chief Jerome Powell isn't in a rush. Fed Gov. Christopher Waller, who's turned into a policy dove, said Friday he's open to a July rate cut.
Reports of new Trump curbs on chip technology to China weighed on chips and techs on Friday.
The Dow Jones Industrial Average was up a fraction in last week's stock market trading. The S&P 500 index dipped 0.15%. The Nasdaq composite rose 0.2%. The small-cap Russell 2000 climbed 0.4%.
The indexes are trading near the low end of a mini-range from the past several sessions. The Nasdaq and S&P 500 are still above their 21-day moving averages, not far from record highs.
Amid the sideways market action, a few leaders moved out, though some pulled back. Some speculative growth names have gone on huge runs.
The 10-year Treasury yield fell five basis points to 4.37%. U.S. crude oil futures rose 2.7% to $74.93 a barrel after surging 13% in the prior week.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF popped 3.1% last week. The iShares Expanded Tech-Software Sector ETF fell 1.1%. The VanEck Vectors Semiconductor ETF climbed 1.3%. ARK Innovation ETF vaulted 8.9% last week, briefly hitting a three-year high on Friday. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
SPDR S&P Metals & Mining ETF edged up 0.3%, stretching the weekly win streak to 11. The Energy Select SPDR ETF rose 1%. The Industrial Select Sector SPDR Fund dipped 0.2%, with Uber stock a notable component. The Financial Select SPDR ETF finished 0.9% higher.
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Tesla Robotaxi Launch On Sunday
Tesla confirmed Friday that the robotaxi launch will take place Sunday in a geofenced area of Austin, Texas. Each Tesla robotaxi will have a "safety monitor" in the passenger seat along with remote teleoperators as backup as well as a safety car following behind.
All that suggests that the robotaxi launch is actually more of a well-publicized test or demonstration.
With EV sales falling and a limited pipeline of new vehicles, CEO Elon Musk and TSLA investors have bet heavily on robotaxi hopes.
Tesla stock fell 1% to 332.16 for the week. Shares are trading around their 21-day line and holding above the 200-day. A new base could be starting to form within a very deep consolidation.
TSLA stock could swing Monday on the robotaxi launch, but that process could continue for days, weeks or longer as the market mulls whether it's a success.
Uber Stock
Uber stock dipped 0.2% to 82.78 for the week, bouncing off the 50-day line but hitting resistance at the 21-day. The ride-hailing and delivery app giant now has a flat base that forged near the top of the old consolidation. The traditional buy point is a 93.60. Investors could use a trendline entry, now far from the prior base's buy point of 87.
Uber could swing on the Tesla robotaxi launch.
Tesla Vs. BYD Is Barely A Contest In EVs. Elon Musk Bets All On Robotaxis.
Stocks In Buy Zones
Dell Technologies stock jumped nearly 9% to 119.39 for the week, clearing an aggressive entry of 116.97 on Friday. Dell stock had paused for a few weeks above the 200-day line. But there's still a lot of overhead resistance in a yearlong, very deep base.
Super Micro stock leaped 9.05% for the week to 45.32, topping a 44.72 aggressive entry Friday after also consolidating for a few weeks above the 200-day line. SMCI stock also has 47.80 as a possible entry. Like AI server rival Dell, Super Micro has a huge amount of overhead resistance. Super Micro also still has accounting issues hanging over the company and stock.
Shake Shack stock rallied 7.5% to 133.01, clearing an alternate handle buy point of 131.38 on Friday within a base going back to last December.
Viking stock gained 6.3% to 49.50, back above a 48.58 cup-with-handle buy point, according to MarketSurge. Cruise line peer Carnival, which is also in a buy zone, reports earnings on Tuesday.
What To Do Now
The stock market rally has held up amid negative or potentially negative headlines. The major indexes have been moving sideways for the past several sessions amid the Israel-Iran conflict, though investors were nervous going long heading into the weekend.
It's important to be aware of the news but ultimately focus on the market's reaction.
For now, it's a time to be heavily invested. But be careful about new buys until the market clears its mini-range.
Work on watchlists and have your exit strategies ready.
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