Dow Jones futures, along with S&P 500 and Nasdaq futures, saw a modest rise on Sunday night, reacting to the Federal Reserve’s preferred inflation report. Fed chief Jerome Powell expressed satisfaction with the data from Friday. The stock market rally had a strong week, with growth stocks like Nvidia experiencing a slight decline but remaining above support levels. Small caps led the gains, with the Dow Jones and S&P 500 reaching record highs. However, the Nasdaq saw a slight decrease as some tech giants pulled back.
Tech leaders like Microsoft, Meta Platforms, and CrowdStrike are showing bullish pullbacks, while new AI chip IPO Astera Labs is retracting from its record high. China EV companies such as Nio, Li Auto, and XPeng are expected to report their March and first-quarter deliveries early on Monday. Additionally, Tesla is anticipated to release its first-quarter deliveries on Tuesday.
The PCE inflation report for February was in line with expectations, keeping the possibility of a June Fed rate cut alive. Market futures for Dow Jones, S&P 500, and Nasdaq all showed positive gains. The official China manufacturing index for March reached its highest point in a year, indicating positive economic growth.
The stock market rally saw significant gains for the Dow Jones Industrial Average and the S&P 500, while the Nasdaq experienced a slight dip. Market breadth was strong throughout the week, with various ETFs showing mixed results. Nvidia stock saw a slight decline, while Astera Labs stock continued to pull back after its IPO.
Microsoft, Meta Platforms, and CrowdStrike stocks are near buy points, while Tesla stock is facing resistance at the 10-week line. Analysts are lowering earnings and delivery estimates for Tesla due to weak EV demand and increasing competition in the market. Overall, the stock market remains dynamic and investors should stay informed on the latest developments.
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