Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. Bitcoin remained active.
The stock market rally ended up with slim weekly gains or losses on the major indexes, but that belies the big daily and intraday swings and continued sector rotation.
Five Stocks To Watch
Nvidia (NVDA) arguably is actionable now, breaking a downtrend Friday and in range from its 50-day line. However, Nvidia earnings are on tap Wednesday. That earnings report and NVDA stock’s reaction will be important for the broader semiconductor sector. Several chip stocks are on the edge of early entries, including equipment makers ASML (ASML) and Lam Research (LRCX).
Google stock is perhaps the best-looking big-cap tech right now. The megacap is in range from its 10-week line and breaking a short trend line. The relative strength line for GOOGL stock is near a record high as well. Facebook (FB) also is looking healthy.
FCX stock is still extended but is one of several mining stocks that have struggled over the past couple weeks. Will mining stocks and commodity plays take a breather or keep running?
Roblox stock is just extended after Friday’s breakout. Can RBLX stock hold its breakout in the coming days? That would be a good sign for new issues and breakouts generally.
Tesla stock is nowhere near actionable, stuck below its 200-day line. But how TSLA stock fares still matters. If the EV giant rebounded powerfully, it would be a positive sign for highly valued growth stocks. If Tesla stock breaks down, it could spell a much longer slump for ARK-style companies and weigh on the Nasdaq and broader rally.
Bitcoin had an extremely volatile week, even by its standards, with a massive decline followed by big up and down swings. So did Bitcoin rivals such as Ethereum and Dogecoin.
Tesla CEO Elon Musk continued to swing Bitcoin up and down with various tweets, including a Sunday tweet that the “true battle is between fiat & crypto” currencies. Meanwhile, China’s government issued multiple statements cracking down on using Bitcoin or other cryptocurrencies. Over in the U.S., the Treasury wants cryptocurrency transactions of $10,000 or more reported to the IRS to crack down on tax evasion.
Bitcoin peaked at $64,829.14 on April 16. As recently as May 16, the digital asset traded above $49,000. By Wednesday morning, Bitcoin tumbled to just above $30,000, then raced back to above $40,000 hours later. On Friday, Bitcoin slumped again toward $35,000. It’s currently trading at $38,000.
With Bitcoin plunging, so did related stocks such as Coinbase (COIN). The cryptocurrency exchange, which came public just over a month ago, tumbled 13% to 224.35, hitting fresh lows. COIN stock debuted via a direct listing on April 16, hitting 429.54 within a few minutes and then heading lower.