Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.
The stock market rally continued to act well in a holiday-shortened week, with the Dow Jones, S&P 500 and Russell 2000 all hitting record highs to close out a huge November.
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Will This Software Leader’s AI Agents Lift Stock To New Highs? Earnings May Tell.
Nvidia (NVDA) had a down week, but rebounded back toward its buy point Friday. Fellow tech titan Meta Platforms (META) and Apple (AAPL) flirted with entries on Friday as well.
Tesla (TSLA) fell for the week but is consolidating near highs as the next big Full Self Driving update starts to roll out.
On Sunday, China EV makers Nio (NIO), Li Auto (LI), XPeng (XPEV), Zeekr (ZK) and perhaps EV giant BYD (BYDDF) will report November sales.
It’s another busy week for software earnings, headlined by Dow giant Salesforce.com (CRM). Credo Technology Group (CRDO), Docusign (DOCU), nCino (NCNO), Guidewire (GWRE), Samsara (IOT) as well as cybersecurity plays SentinelOne (S), Okta (OKTA), Zscaler (ZS) and Rubrik (RBRK).
Nvidia and Meta stock are on IBD Leaderboard, with Tesla on the Leaderboard watch list. Nvidia stock is on SwingTrader. Samsara stock and Nvidia are on the IBD 50. Meta was Friday’s IBD Stock Of The Day.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Stock Market Rally
The stock market rally had a strong week and stellar month.
The Dow Jones Industrial Average rose 1.4% in last week’s stock market trading. The S&P 500 index and Nasdaq composite climbed 1.1%. The small-cap Russell 2000 gained 1.2%
For November, the Dow Jones surged 7.5% and the S&P 500 5.7%, their best monthly percentage gains in a year. The Nasdaq jumped 6.2% and the Russell 2000 spiked 10.8%.
The Nasdaq is the only one that did not set new highs during the week, but it’s close.
The 10-year Treasury yield tumbled 22 basis points for the week to 4.19% as bond traders grow more confident that President-elect Donald Trump will show overall fiscal restraint, with Elon Musk heading up efforts to improve government efficiency. The jobs report next Friday will cap a big week of economic data.
U.S. crude oil futures tumbled 4.55% to $68 a barrel last week.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) rallied 3.3% last week. The iShares Expanded Tech-Software Sector ETF (IGV) fell 1.2%. Salesforce stock is the largest holding in IGV, which also holds stakes in Docusign, nCino, Samsara, Zscaler, Guidewire and SentinelOne. The VanEck Vectors Semiconductor ETF (SMH) declined 1%. Nvidia stock is the dominant SMH holding.
ARK Innovation ETF (ARKK) rose 3% last week and ARK Genomics ETF (ARKG) jumped 9.4%. Tesla stock remains a big holding across Ark Invest’s ETFs. Ark’s Cathie Wood also has built up a big position in Nvidia stock and has a small stake in BYD.
SPDR S&P Metals & Mining ETF (XME) edged up 0.1% last week. The SPDR S&P Homebuilders ETF (XHB) climbed 2.5%. The Energy Select SPDR ETF (XLE) gave up 1.9% and the Health Care Select Sector SPDR Fund (XLV) bounced 2.2%.
The Industrial Select Sector SPDR Fund (XLI) advanced 1.1%. The Financial Select SPDR ETF (XLF) rose 1.2%.
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Nvidia, Meta, Apple Near Buy Points
Nvidia stock fell as low as 131.80 during the past week, skidding below the 21-day moving average and the 140.76 buy point. But shares avoided closing below the 50-day line and made further gains on Friday, ending the week down 2.6% to 138.25.
Nvidia’s growth remains strong. After a five-month pause, perhaps a final NVDA shakeout will turn into another advance. But that hasn’t happened yet.
Meta stock rose 2.7% for the week to 574.32, briefly retaking the 50-day line on Friday. A move above Friday’s intraday high of 578.46 would offer an early entry. Shares have a 602.95 flat-base traditional buy point.
Apple stock advanced 3.25% to 237.33. On Friday, shares briefly peeked above a 237.49 buy point from a flat base right next to another base.
Tesla Stock
Tesla stock fell 2.1% to 345.16 for the week, but popped 3.7% on Friday. Shares have been consolidating around two-year highs for the past couple of weeks.
Tesla appears to have begun rolling out FSD v13, after said Elon Musk said last weekend that it was “coming soon.” The EV giant has hyped-up expectations by predicting FSD v13 will show a six times improvement in terms of miles per driver intervention.
Elon Musk has said that he expects FSD to achieve true self-driving by mid-2025, though he’s said similar “this year” or “next year” statements for about a decade.
As the new FSD rolls out, take the anecdotal reports of its success or failings with a lot of salt.
TSLA stock has surged in recent weeks in part on hopes that self-driving is coming soon, with the Trump administration easing the regulatory path.
In other news, Tesla continues to ramp up incentives, especially in the U.S., as it tries to push 2024 deliveries about last year’s levels.
BYD, Nio and other China EV makers will report November deliveries on Sunday, with expectations that sales will show further gains vs. October. Tesla does not release monthly sales, but China deliveries appeared solid last week, with Tesla recently announcing a year-end discount on local Model Y sales.
What To Do Now
The stock market had an amazing November, with Donald Trump’s election fueling big gains, especially in many leaders. That’s extended a strong bull market starting from October 2022.
Stocks can keep rising, but don’t assume the past month is the new normal.
If you’re heavily invested in good stocks that are acting well, you don’t have to take a lot of action. Planting season is largely over. Continue to weed your portfolio of losers and laggards, while making incremental add-on or new buys.
Keep working on your watchlists and stay engaged.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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