Dow Jones futures fell slightly early Tuesday, along with S&P 500 futures and Nasdaq futures. Important jobs data is on tap. Credo Technology reported late Monday.
The stock market rally rose modestly Monday, with the Nasdaq leading the way.
AI giant Nvidia teased a buy point Monday, while Meta Platforms broke out on an AI advertising push.
Wheaton Precious Metals stock, AngloGold Shanti, Royal Gold, Triple Flag Precious Metals and Eldorado Gold jumped above buy points as gold prices rallied on safe-haven investing.
On Tuesday, nuclear stocks rallied as Meta reached a long-term power deal with Constellation Energy.
Tesla stock is on IBD Leaderboard. Meta stock is on SwingTrader. AngloGold stock is on the IBD 50 and IBD Big Cap 20. Nvidia stock is on IBD Sector Leaders. Wheaton Precious Metals was Monday's IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures declined 0.2% vs. fair value. S&P 500 futures lost 0.2% and Nasdaq 100 futures edged lower. Futures are off modest overnight lows.
The 10-year Treasury yield fell to 4.41%.
The April JOLTs survey is scheduled to be released at 10 a.m. ET, with job openings seen falling. That precedes the May employment report, due on Friday.
Overnight, Caixin's China manufacturing index fell 2.1 points in May to 48.3, the lowest since September 2022 and defying views for an uptick to 50.8.
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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Credo Tech Earnings
Credo Technology earnings beat fiscal Q4 views, with revenue soaring 180%. The high-speed-bandwidth play guided current-quarter revenue far above consensus. Credo stock gapped up more than 10% overnight, signaling a move above an early entry as it builds the right side of a very deep base.
Stock Market Rally
The stock market rally started off with losses but bottomed quickly after weaker-than-expected manufacturing and construction data. The major indexes turned higher, closing near session highs despite headwinds such as higher Trump tariffs, China trade tensions and developments in the Russia-Ukraine war.
The Dow Jones Industrial Average edged up 0.1% in Monday's stock market trading, still below the 200-day line. The S&P 500 index rose 0.4%. The Nasdaq composite gained 0.7% for its best close since late February. The small-cap Russell 2000 finished 0.2% higher.
The pause over the past couple of weeks follows a strong advance. Leading stocks are setting up, with some breaking out.
U.S. crude oil prices jumped 2.85% to $62.52 a barrel. On Saturday, OPEC+ agreed to boost production for a third straight month, but investors focused on Ukraine's big attack on Russian air bases.
The 10-year Treasury yield rose four basis points to 4.46%.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF rose 1.7%. The iShares Expanded Tech-Software Sector ETF advanced 0.3%. The VanEck Vectors Semiconductor ETF gained 1.5%, with Nvidia stock the No. 1 holding. ARK Innovation climbed 1.35%.
SPDR S&P Metals & Mining jumped 3.3%. The Energy Select SPDR ETF was up 1.3%. The Health Care Select Sector SPDR Fund and Financial Select SPDR ETF edged higher. The Industrial Select Sector SPDR Fund dipped 0.1%.
AI Giant Nvidia Is Navigating A Very Bumpy Road
Nvidia Stock Tests Buy Point
Nvidia stock rose 1.7% to 137.38, closing just below a 137.40 handle buy point after trading above that level for much of the session. Shares broke out last Thursday following earnings but closed off highs, with NVDA stock dropping below the entry on Friday.
Nvidia rival Broadcom will report Thursday night. Shares rose 2.7% on Monday, now slightly extended from their handle entry.
Meta Stock Breakout On AI Ad Push
Meta stock climbed 3.6% to 670.90, topping a 662.67 buy point from a cup-with-handle base. The social media giant rallied on a report that Meta plans to automate ad creation via AI.
Early Tuesday, Meta said it would buy nuclear power from Constellation Energy for its data centers. Constellation. Constellation and several other nuclear stocks jumped before the open.
Gold Stocks Sparkle
Gold futures rose 2.5% Monday and silver futures jumped 5.1% as investors rushed back into precious metals amid U.S.-China tensions and the intensifying Russia-Ukraine war.
Wheaton Precious Metals jumped 5.9% to 91.84, gapping above the 87.42 buy point of a flat base.
AngloGold Shanti soared 8.3% to 47.43, clearing buy points at 45.30 and 46.90.
Triple Flag Precious Metals, Eldorado Gold and Royal Gold raced above shorter-than-usual double-bottom bases.
Gold stocks were giving up some gains Tuesday along with gold prices.
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What To Do Now
The stock market rally is still in a range, but is resisting pressure. Many leading stocks are still working on handles or other entries, so investors want to build up their watchlists.
Some stocks are breaking out, such as Meta Platforms. But, as Nvidia stock has shown, the sideways market action can make breakouts tricky.
Gold stocks are shining, which isn't necessarily a great sign for the broader market rally.
Investors can make incremental moves, but may want to wait for the Nasdaq and S&P 500 to clear their recent ranges to be more aggressive
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.
