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Dow Jones Futures: Extended Stock Market Rally, Tesla Climax Run Are Volatile Mi…

2 months ago
in Stock
4 min read
Dow Jones Futures: Extended Stock Market Rally, Tesla Climax Run Are Volatile Mi…
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Dow Jones futures fell Sunday night, along with S&P 500 futures and Nasdaq futures. The stock market rally shrugged off early losses and stunning events on Capitol Hill to deliver another week of solid gains, fueled by stimulus hopes. But the major indexes are looking increasingly extended, raising the risks of a pullback.




X



Electric vehicles makers are in focus, with Nio (NIO) unveiling its ET7 luxury sedan and new battery technology Saturday at its annual Nio Day. On Friday, Nio stock cleared a buy point. Chinese rivals Xpeng (XPEV), Li Auto (LI), BYD Co. (BYDDF) are looking strong.

Meanwhile, Tesla stock appears to be in a climax run.

Baidu (BIDU) confirmed that it will create a company with Chinese automaker and Volvo parent Geely on electric vehicles with advanced driver-assist systems.

Apple (AAPL) and Hyundai plan to sign a deal by March to make self-driving electric cars around 2024 in the U.S., Korea IT News reported Sunday. That’s earlier than some reports in the past week or two.

CES, JPMorgan Healthcare Conference

Looking ahead to the coming week are two big conferences, both virtual this year: The CES tech extravaganza and the JPMorgan Healthcare Conference. Dozens of companies will present key technology, earnings guidance and other business developments at or around those conferences. General Motors (GM) and AMD (AMD) will be key CES presenters on Tuesday.

GM stock is in buy range from a bullish rebound of its 10-week line and moving above its 21-day exponential moving average, while working on a flat base. AMD stock also rebounded from its 10-week line and is still in range from that key level, even as it is just extended from a prior base. It’s also working on a short consolidation that could turn into a base-on-base.


IBD Stock Of The Day Flashes Climax Top Signals


Key Earnings Reports

Late next week earnings season starts to pick up with results from JPMorgan Chase (JPM), Citigroup (C), Delta Air Lines (DAL) and Taiwan Semiconductor (TSM).

JPMorgan stock is nearing the top of a long consolidation, while Citigroup is closing in on that level. TSM stock is well extended. Delta stock is finding support at the 10-week line as it consolidates following a rally from a bottoming base. A strong rebound could offering a buying opportunity for DAL stock, though the fundamentals are likely to grim well into 2021.

Tesla (TSLA) and TSM stock are on IBD Leaderboard.


Five Stocks Flashing Buy Signals


Dow Jones Futures Today

Dow Jones futures lost 0.55% vs. fair value. S&P 500 futures retreated 0.55%. Nasdaq 100 futures fell 0.4%.

The Bitcoin price, which nearly hit $42,000 on Friday, fell sharply Sunday, to below $35,000. Bitcoin is still worth more than twice what it was trading for a month ago.

Twitter (TWTR) permanently suspended President Donald Trump’s account. Twitter stock fell 3.7% late Friday. Shares sank 4.9% amid last week’s unrest, retreating below a buy point.

The House plans to vote this week on…



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