Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. Nvidia looms large this week after Friday's big stock market rally on Fed Chief Jerome Powell's dovish Jackson Hole speech.
The Dow Jones and S&P 500 hit record highs on Friday, rising for the week. The small-cap Russell 2000 surged to a 2025 high. The Nasdaq fell modestly but slashed weekly losses after tumbling to the 10-week line midweek.
Growth stocks, down sharply midweek, also slashed losses or reversed higher by Friday's close.
Investors probably should have added exposure on Friday, with the Powell-led rally spurring a number of buy signals, including AppLovin, JPMorgan Chase, Amer Sports, Installed Building Products, SkyWest and Oklo.
But Nvidia earnings and guidance late Wednesday could have a huge impact on the market rally, especially AI and chip-related names.
AppLovin stock, JPMorgan, Nvidia and Amer Sports are all on Leaderboard. AppLovin stock is on SwingTrader. Nvidia stock is on the IBD 50.
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 struggled for much of the week, especially the Nasdaq and growth stocks, but roared back to modestly higher by Friday's close thanks to Fed chief Jerome Powell's Jackson Hole speech. Powell said conditions "may warrant" rate cuts.
The Dow Jones Industrial Average popped 1.5% in last week's stock market trading and the S&P 500 index climbed 0.3%, both hitting record highs Friday. The Nasdaq composite fell 0.6%, but decisively reclaimed the 21-day line on Friday. The small-cap Russell 2000 jumped 3.3% to an eight-month high.
The Invesco S&P 500 Equal Weight ETF gained 1.95% for the week, hitting a record high Friday.
The First Trust Nasdaq 100 Equal Weighted Index ETF rose 0.6%, regaining the 50-day line on Friday.
The 10-year Treasury yield fell seven basis points to 4.26%, with all of that coming on Friday.
U.S. crude oil futures rose 2.7% to $63.66 a barrel last week.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF fell 0.55% last week. The iShares Expanded Tech-Software Sector ETF declined 1.5%, with AppLovin stock a member. The VanEck Vectors Semiconductor ETF retreated 0.7%, with Nvidia stock the dominant holding.
ARK Innovation ETF dropped 0.6% last week and ARK Genomics ETF just eked out a gain.
SPDR S&P Metals & Mining ETF advanced 0.4% last week. U.S. Global Jets ETF ascended 2.2%, with SkyWest stock a top-five component. SPDR S&P Homebuilders ETF stepped up 3.2%, with XHB owning a lot of Installed Building Products. The Energy Select SPDR ETF rallied 3% and the Health Care Select Sector SPDR Fund popped 1.4%.
The Industrial Select Sector SPDR Fund was up 1.8%. The Financial Select SPDR ETF leaped 2.1%, with JPM stock a big component.
Best Growth Stocks To Buy And Watch
Stocks In Buy Areas
AppLovin stock edged up 0.7% to 441.68 for the week, but that's after rebounding from Wednesday's intraday low of 385.19 to close back in range of a 428.99 cup-base buy point. Shares also broke the downtrend of what could be viewed as a high handle to the cup base or a proper handle to a six-month consolidation.
JPMorgan stock popped 2% for the week to 296.24, rebounding Friday from the 21-day and 10-week line. Shares also cleared the bulk of a three-weeks-tight pattern.
Amer Sports stock surged 11.5% on Friday to 41.48, racing past a 40.21 flat base buy point. On Tuesday, shares tumbled on earnings, undercutting the low of the 13%-deep pattern.
Installed Building Products stock gained 2.2% for the week to 273.08, briefly topping a 265.76 cup-with-handle buy point on Friday. Shares are still actionable from breaking the handle trendline.
SkyWest stock climbed 2.2% to 119.08. Intraday Friday, the carrier cleared a 119.44 cup-with-handle buy point, according to MarketSurge. It's still actionable.
Oklo stock slumped 1% to 70.38, but rebounded from Wednesday's low of 61.01 to regain the 50-day line. On Friday, the nuclear power startup popped 4.75%, closing slightly below the 21-day. A move above the 21-day would offer an early entry in this volatile stock.
Nvidia Stock
Nvidia stock fell 1.4% to 177.99 for the week, but rebounded from the 10-week line and then reclaimed the 21-day line on Friday. That action arguably offered an aggressive entry, but earnings are on tap. NVDA stock does know have a three-weeks-tight entry of 184.48.
In addition to headline Nvidia earnings and guidance, investors will want commentary about Blackwell production and reports that next-year's Rubin chip could be delayed. Comments about China will be key amid a report that Nvidia has ordered a production halt for the H20 AI chip specifically tailored for the Chinese market.
Time The Market With IBD's ETF Market Strategy
What To Do Now
Friday was a game-changer technically and fundamentally for the stock market rally. The indexes and leading stocks rebounded from or above key levels, with the S&P 500 and Dow hitting highs.
Investors could have added exposure on Friday, either via individual names or in broad-market or sector ETFs. They can continue to look for more buying opportunities, across a wide range of sectors.
While growth stocks roared back on Friday, was that a one-off move or reasserting market leadership? Will defense growth plays, which fared well for the week but had a more-muted finish, continue to ascend or lag?
Nvidia earnings and guidance will be key for the market rally and which sectors will lead.
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