Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally saw modest losses last week, but is struggling to find support as a Wednesday rebound fizzled Friday.
The S&P 500 index fell below its 50-day moving average. Apple (AAPL) also broke through the 50-day line, but industrials, including fellow Dow Jones giant Caterpillar (CAT), as well as miners, steelmakers and materials firms were big losers.
But growth stocks had a solid week overall. Microsoft (MSFT), unlike fellow tech titan Apple stock, rallied from its 10-week line. Small caps held key support.
Oil and gas stocks had a big week, with Devon Energy (DVN) clearing an early entry and flirting with an outright breakout. Specialty footwear plays Crocs (CROX), Deckers Outdoor (DECK) and Boot Barn (BOOT) rallied, with the latter two actionable. Chipotle Mexican Grill (CMG) is among several restaurant chains trying to get back on the investing menu.
But there’s the rub. Will the stock market rally find support at current levels, or will the pullback turn into an outright correction?
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET on Sunday. So will S&P 500 futures and Nasdaq 100 futures xx%.
Coronavirus cases worldwide reached 228.41 million. Covid-19 deaths topped 4.69 million.
Coronavirus cases in the U.S. have hit 42.79 million, with deaths above 690,000.
Stock Market Rally
The stock market rally had a solid middle of the week but started poorly and ended that way.
The Dow Jones Industrial Average edged down 0.1% in last week’s stock market trading, after already falling below its 50-day line. The S&P 500 index sank 0.6%. The Nasdaq composite gave up 0.5%, thanks to Friday’s 0.9% retreat. The small-cap Russell 2000 edged up 0.4%.
Apple stock fell 1.95% last week, nearly all of that on Friday, weighing on the Dow Jones, S&P 500 and Nasdaq composite. Microsoft retreated Friday, but still rose 1.4% for the week, giving a boost to the major indexes.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 1.75% last week, rebounding from notable losses early on. The Innovator IBD Breakout Opportunities ETF (BOUT) gave up 0.3%. The iShares Expanded Tech-Software Sector ETF (IGV) dipped 0.1%, even with MSFT stock as a major component. The VanEck Vectors Semiconductor ETF (SMH) shed 0.5%, with AMD stock a major component.
SPDR S&P Metals & Mining ETF (XME) tumbled 5.3% and Global X U.S. Infrastructure Development ETF (PAVE) retreated 2.2%. U.S. Global Jets ETF (JETS) ascended 2.4%. SPDR S&P Homebuilders ETF (XHB) fell 0.85%. The Energy Select…
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