Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally came under pressure last week, with the Nasdaq and speculative growth names hardest hit.
The House passed the $1.9 trillion Biden stimulus plan early Saturday, including $1,400 stimulus checks as well as a $15 minimum wage that can’t be included under Senate rules.
This is a time to be defensive and looking for stocks that are holding up well. Taiwan Semiconductor (TSM), General Motors (GM), RH (RH), Target (TGT) and InMode (INMD) are worth watching to see if they can form proper bases while the market sorts itself out.
The market rally, under pressure, is at a turning point. Regaining key support levels would signal renewed strength. But a Nasdaq break below last week’s low would send a bearish signal.
Dow Jones Futures Today
Dow Jones futures will open at 6 p.m. ET Sunday, along with S&P 500 futures and Nasdaq 100 futures.
Coronavirus cases worldwide reached 114.06 million. Covid-19 deaths topped 2.53 million.
Coronavirus cases in the U.S. have hit 29.13 million, with deaths above 523,000.
An advisory panel late Friday recommended that the FDA give emergency approval for the Johnson & Johnson (JNJ) coronavirus vaccine. The FDA is expected to approve the one-shot vaccine promptly. That will provide another shot in the arm for vaccination efforts.
Vaccinations hit a record 2.2 million on Friday.
Stock Market Rally
The stock market rally had a lot of wild intraday swings, with the major indexes finishing with notable decline, near weekly lows.
The Dow Jones Industrial Average fell 1.8% in last week’s stock market trading after hitting a record high Wednesday. The S&P 500 index sank 2.5%. The Nasdaq composite tumbled 4.9%.
The 10-year Treasury yield rose 9% to 1.46% after briefly topping 1.6% on Thursday. While good news for many financials, higher rates weighed on growth stocks.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) tumbled 6.6% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) plunged 7.8%. The iShares Expanded Tech-Software Sector ETF (IGV) slumped 6.8%, with Zoom Video stock a key component. The VanEck Vectors Semiconductor ETF (SMH) fell 5.1%, with TSM stock the top holding.
Reflecting more-speculative story stocks, Ark Innovation ETF plummeted 14.8% and Ark Genomics ETF…
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