Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, are showing minimal movement as the market gears up for Tuesday’s session, following modest gains in both the Nasdaq and S&P 500 on Friday. Monday proved to be an eventful day for key technology stocks, particularly Advanced Micro Devices (AMD), Nvidia (NVDA), Broadcom (AVGO), Apple (AAPL), and Tesla (TSLA), which all played significant roles in the market’s dynamics.
AMD saw a rebound of 3.6%, recovering some ground after a tough previous week; however, it still trades below its 50-day moving average. On the other hand, Nvidia enjoyed a 2.5% increase, moving steadily above its 50-day trendline, and is approaching a critical entry point around 194.49. Broadcom shares are also testing their 50-day average, gaining 3.3% and marking a positive streak over the past three sessions.
In contrast, Apple faced a 1.3% downturn, as it forms a handle on a cup base, setting a new target buy point at 280.90. Tesla’s shares increased by 1.5%, continuing their recovery from a previous dip near the 200-day moving average. The electric vehicle leader has work ahead to establish a fresh buy point but is making strides in the right direction.
As earnings reports start to roll in, ON Semiconductor (ON) and Medpace (MEDP) made headlines, with Onsemi experiencing a significant drop of over 6% in after-hours trading and Medpace also declining more than 5%. This week, several major corporations such as Cisco Systems (CSCO), Robinhood (HOOD), McDonald’s (MCD), and Coca-Cola (KO) will be in the earnings spotlight, along with Cloudflare (NET).
Adding to the market’s current climate, a brief government shutdown has postponed the January jobs report until Wednesday, where analysts anticipate an increase of 80,000 nonfarm payrolls, with a stable unemployment rate at 4.4%, according to FactSet. Meanwhile, the consumer price index for January is expected to show a 0.3% rise in core prices, excluding food and energy, when released on Friday, while retail sales figures for January are forecasted to show a 0.4% increase in overall spending.
In market performance on Monday, the Dow Jones Industrial Average saw a slight uptick of 20 points, with the S&P 500 adding 0.5% and the Nasdaq composite climbing 0.9%. Ahead of the Tuesday market open, Dow futures indicate a slight dip, while S&P futures are up marginally and Nasdaq 100 futures have also recorded a modest gain. It’s important to remember that movements in futures can sometimes diverge from actual trading outcomes as market conditions evolve.
The 10-year U.S. Treasury yield decreased to 4.19%, and oil prices saw an uptick, settling at around $64.40 per barrel.
As the market continues its rally, investors should take this moment to evaluate their strategies and remain informed about market trends, especially as opportunities for growth stocks emerge. Tracking daily stock movements and breakouts can be crucial in identifying new opportunities. For instance, Xometry (XMTR) recently broke past a significant entry point of 69, while Darden Restaurants (DRI) is nearing a pivotal 228.27 cup-base buy point, indicating strong potential for growth.
Stay engaged with market trends and stock performance to uncover new investment opportunities and enhance your portfolio’s potential.
