Finance

Market is hot; 6 large-cap stocks in buy range


Dow futures, S&P 500 futures and Nasdaq futures will open Sunday night.




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Stocks enjoyed another strong week of rebound, with strong gains across the board as the Federal Reserve pivots to a 2024 interest rate cut. The Dow hit an all-time high, while the S&P 500, Nasdaq Composite, small-cap Russell 2000 and S&P all hit new all-time highs. The Midcap 400 Index hit 52-week highs.

The Big Seven are lagging behind overall, but don’t count them out. Many teams have been consolidating after huge gains.

Tesla (Tesla) shows an upward reversal and breaks through the early entry point. Nvidia (NVDA) to regain the buying point. Microsoft (Microsoft Corporation), apple (AAPL), amazon.com (Amazon) and meta platform (Mehta) are in the buying area.In fact, Google parent company letter (Google) is the only top seven stock not currently in the buy range.

Of course, in this broader market rally, investors should pay attention to a large number of leading stocks and sectors. There are still some buying opportunities, but there are also reasons to consider taking some profits.

Amazon stock, Microsoft, Nvidia, Meta are all rising IBD rankings.Apple stock, Amazon and Nvidia all rising swing trader.Microsoft stock is now online IBD Long-Term LeaderNvidia, Microsoft, Meta stocks are all in IBD50.

The video embedded in the article discusses the big market week and analyzes Tesla stock, monday.com (Minnidi) and steel power (STLD).

Steel Power is Friday Daily IBD Stock MNDY stock is Thursday’s pick.

Dow Jones Futures Today

Dow Jones futures, S&P 500 futures and Nasdaq 100 futures open at 6 p.m. ET on Sunday.

Remember what you did that night Dow Jones Futures and other places that won’t necessarily translate into actual transactions on the next regular basis stock market Meeting.


Join IBD experts as they analyze leading stocks and markets on IBD Live


Stock market rebounds

The stock market rally continued, with the major averages rising for a seventh straight week.

The Dow Jones Industrial Average rose 2.9% last week stock market trading, a record high. The S&P 500 rose 2.5% and the Nasdaq rose 2.85%, both reaching their highest levels since January 2020.

The small-cap Russell 2000 index rose 5.55% and the S&P MidCap 400 index rose 4.3% to a new 52-week high.

Invesco S&P 500 Equal Weight ETF (RSP) sprinted 3.9%, while the First Trust Nasdaq 100 Equal Weight Index ETF (QQ) reaches 5%. That’s much better than the Nasdaq 100’s performance of 3.35%, which was weighed down by sluggish gains in large-cap tech stocks.

After a quasi-market pause, all of these indexes and ETFs (even the Nasdaq 100) posted their best weekly performance since the week of November 3 as a fresh market rally unfolded Follow-up days.

The Nasdaq is extending from its 50-day line, closing 7.6% above that level. It’s probably too early to worry about this in the market rally, but it’s worth watching. Many stocks are extending, either from a traditional buy point or straight up from a bottom.

The CBOE Volatility Index remains near its lowest level in nearly four years. Market fear indicators show little or no fear, which is another potentially yellow sign.

The 10-year Treasury yield plunged 32 basis points to 3.93%, the largest five-day drop since March, and the 10-year Treasury yield fell below the 4% level.

Meanwhile, the dollar has tumbled, in part because the Federal Reserve has been more dovish than the European Central Bank and Bank of England.

U.S. crude futures rose 20 cents to $71.43 a barrel on Friday, after hitting their lowest level since June the previous week.

ETF

Among growth ETFs, iShares Expanded Tech-Software Sector ETF (IGV) rose 2%, with Microsoft stock a major component. VanEck Vectors Semiconductor ETF (SMH) soared 7.1%, hitting a record high. NVDA stock is the number one holding.

The ARK Innovation ETF reflects the more speculative story stocks (alke) rose 3.9% last week, with the ARK Genomics ETF (arkg) soared 8.2%. Tesla stock remains the top holding of the Ark Invest ETF.

SPDR S&P Metals & Mining ETF (XME) rose 6%, a sharp rise reversal. Global X U.S. Infrastructure Development ETF (pave) soared 5.8%. US Global Jets ETF (Jeters) rose 4%. SPDR S&P Homebuilders ETF (Xin Hong) soared 7.05%. Energy Select SPDR ETF (XLE) rebounded 2.5%, Healthcare Select Sector SPDR Fund (XLV) rose 1.6%. Industrial Select Sector SPDR Fund (XLI) surged 3.7%.

Financial Select SPDR ETF (XLF) rose 3.4%, with the SPDR S&P Regional Bank ETF (Korea Real Estate Association) jumped 8.1%.


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Seven major stocks

Tesla shares rose 4% to $253.50 after briefly falling below their 50-day moving average. Shares cleared the trend line from July, providing an aggressive entry opportunity. Tesla stock also cleared a short-term high of $252.75, another early entry point. Volume has improved in recent days and weeks.

The buy point for Tesla stock is 278.98, five months away from a double bottom.

The downside is, relative strength line Tesla’s stock price has stopped falling but has been trending downward over the past few months.

Microsoft shares fell 0.9% this week to 370.73, but are back above 366.78 bottom of cup The buying point on Friday also returned to the 21st line.

Investors can buy MSFT stock here, no longer extending from the 50-day line.On the weekly chart, MSFT stock now has four intense weeks, the official buying point is 384.30. But a break above Wednesday’s high of 377.64 would be an attractive entry point.

Apple shares rose nearly 1% this week to 197.57, still within the 192.93 range buy some.

Bloomberg reported at the close on Friday that a growing number of Chinese government agencies and state-owned enterprises have banned employees from bringing Apple iPhones and other foreign devices to work. The first are several institutions in Beijing and Tianjin.

That signals growing headwinds for Apple’s sales in China, even as the Dow technology giant looks to diversify iPhone production into India and elsewhere.

Apple shares closed slightly lower on Friday and were slightly lower after the close.

Amazon shares rose 1.7% to 149.97, marking an eighth consecutive week of gains.According to data, the stock tested the 21-day line again this week, but continued to hold the 145.86 buy point. Market Smith Analysis.

Meta shares edged up 0.65% to 334.92, briefly testing the 50-day moving average but holding on to the 326.20 buy point.

Google stock fell 1.8% to 132.60, falling below its 50-day line before encountering resistance there. GOOGL stock price is not far from 139.42 Cup with handle Buy point despite the RS line at five-month lows.

Nvidia shares rose 2.9% to 488.90, rebounding from the 50-day line to recover 476.09 double bottom Volume was slightly higher on Wednesday and Friday, as well as throughout the week, something noticeably absent from Nvidia’s gains over the past few months.

The tech giant may also be working on a new flat base.

Intel (International Trade Centre) released an artificial intelligence chip on Thursday Advanced Micro Devices (AMD) did this a week ago. But Nvidia remains the leader in artificial intelligence chips, and it hopes to take another step forward early next year.


Tim the market with IBD’s ETF market strategy


Market rebound analysis

It is not advisable to chase rising stocks. Since late October, the market has rebounded strongly and the risk of retracement has increased.

Investors could have been buying stocks over the past week as the major indexes cleared recent ranges toward 2023 highs and small-cap stocks soared. A handful of stocks like Tesla and Nvidia offer buying opportunities, but many leading companies are stretched thin.

It’s hard not to get excited after a big move in the market and your portfolio. But keep your emotions in check. The weekend can be a good time to take a sober look at your holdings.

Depending on your investing style, you may want to take some of your profits in some expanding leading stocks, which could also provide cash for new purchases, perhaps diversifying your portfolio into industrials, metals, financials, construction products, etc.

Weekends are a great time to run screens and work on your watch list. A wide range of stocks and sectors are showing strong moves, perhaps the most since the 2020 rally. So it might take you a while to see them all.

This is a big problem.

read overall view Stay up to date with market direction and leading stocks and industries every day.

Follow Ed Carson on X/Twitter: @IBD_ECarsonThe thread is located at @edcarson1971 With the blue sky @edcarson.bsky.social Get stock market updates and more.

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