The upcoming week will see Dow Jones futures, S&P 500 futures, and Nasdaq futures opening on Sunday evening. Investors will be keeping an eye on Tesla’s China EV rivals and Nvidia CEO Jensen Huang over the weekend, with the highly anticipated jobs report set to be released during the week.
Last week, the stock market rally experienced losses as major indexes broke key levels. Software stocks were hit hard due to weak guidance from companies like Salesforce.com and Nutanix. Concerns about AI and tech plays were raised as Dell Technologies also saw a decline. Despite the overall pressure on leading stocks, there was a bullish push towards the end of the week.
China EV makers such as Nio, Li Auto, XPeng, and Zeekr are expected to report May deliveries, while EV and battery giant BYD will announce May sales. Nvidia CEO Jensen Huang will kick off Taiwan’s Computex event, where AI capabilities will be a key focus.
Investors will be eagerly awaiting CrowdStrike’s earnings report on Tuesday, which will be important for the cybersecurity and software sectors. The earnings calendar will be busy throughout the week, culminating in the release of the May jobs report on Friday.
Despite the recent losses, the stock market rally showed signs of resilience towards the end of the week. The Nasdaq hit a record high, while the Dow Jones and S&P 500 faced challenges. The small-cap Russell 2000 saw a slight rise, while ETFs like IGV, SMH, and ARKK experienced declines.
China EV sales are expected to show improvement in May, with companies like Nio and BYD reporting strong sales figures. Tesla stock continues to face challenges, but BYD has reclaimed key technical levels and is working towards a fresh base.
As the market enters June, investors are advised to wait for more clarity before making new investments. Keeping watchlists updated and being prepared to act swiftly is crucial in the current market environment. Stay informed with daily updates and analysis to navigate the market effectively.
