Dow Jones futures fell slightly early Tuesday, while S&P 500 and Nasdaq futures edged higher, led by Nvidia (NVDA) And Apple (AAPL). Meme stock Stoppage of play (GME) jumped before opening.
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The stock market rally is coming back from a holiday weekend after mixed action last week, with the Nasdaq hitting a new high while the Dow fell.
Nvidia stock continues its strong rise from last week as it inches closer to a $3 trillion valuation. Apple shares rose thanks to the rebound in iPhone sales in China. GameStop soared following a stock offering.
You’re here (TSLA) is in focus after proxy advisory firm Glass Lewis said shareholders should reject Elon Musk’s “excessive” $56 billion pay deal and a Texas reinstatement proposal.
Shoe stocks Exterior decks (BRIDGE) And On hold (ONO) grew thanks to analyst upgrades.
Sea Limited (SE) fell as the Singapore-based e-commerce and gaming giant faces an Indonesian antitrust investigation.
Viking funds (VIK) rose slightly as the new state-owned cruise operator earned several analyst initiations at Buy ratings. Viking reports its results early Tuesday.
Several key earnings reports are available this week, including How are you (HOW ARE YOU) after the close on Tuesday.
But the biggest news of the week might be Friday’s basic PCE price index, the The Fed’s main inflation indicator. This will be key to the Fed’s rate cut expectations, with a September cut essentially a no-brainer. Economists expect the core PCE price index to rise by a modest 0.2% in April. There is also a possibility of a slight downward revision in core inflation during the first three months of the year.
Nvidia and Cava shares are in progress MII classification. Pending stock is activated Swing Trader. Nvidia, On Holding and Deckers shares are on the stock market MII 50. Nvidia and Deckers shares are on the market IBD large cap 20.
Dow Jones Futures Today
Dow Jones futures fell 0.1% from fair value. S&P 500 futures rose 0.15%. Nasdaq 100 futures rose 0.3%.
The 10-year Treasury yield remained stable after rising five basis points to 4.47% last week.
Crude oil futures rose more than 1% to near $79 a barrel. Oil prices fell 2.3% last week to $77.22 per barrel.
Remember that pre-market action Dow Jones Futures and elsewhere does not necessarily translate into real exchanges during the next regular class sotck exchange session.
The Dow Jones Industrial Average fell 2.3% last week. stock market trading. The S&P 500 index closed slightly higher after briefly hitting a record high on Thursday. The Nasdaq Composite Index rose 1.4%, setting historic highs, led by Nvidia.
Join David Ryan and IBD experts as they analyze the top stocks on IBD Live Tuesday
Tesla vote
Tesla shareholders should reject CEO Elon Musk’s proposed $56 billion compensation package, proxy advisory firm Glass Lewis said.
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Glass Lewis said the pay deal was “excessive” and cited its “dilutive impact” on current shareholders. Investors first approved the pay deal in 2018, but a Delaware court overturned it earlier this year, saying shareholders weren’t adequately informed.
Elon Musk has hinted he could develop artificial intelligence and robotics outside of Tesla if he doesn’t get the pay deal reinstated, along with additional compensation to give him voting control of 25%. His startup XAI has already hired a number of Tesla employees.
Shares fell 1% before the open.
Tesla stock rose 1% last week to 179.24, above the 50-day line. TSLA stock is down 27.8% so far in 2024.
Tesla Vs. BYD: Electric vehicle giants vie for the crown, but which is the best buy?
Cava earnings
Cava is expected to report first-quarter earnings of four cents per share, compared with a loss of two cents a year earlier, according to FactSet. Revenue is expected to climb 21% from a year earlier to $246 million, buoyed by store openings. Same-restaurant sales are expected to increase just 1.6%, compared to 11.1% in the previous quarter and 28.4% in the year-ago quarter. Analysts expect Cava’s sales growth to improve to the mid-single-digit range for the remainder of the fiscal year.
Cava stock jumped 3% early Tuesday.
Shares jumped 7.3% to 82.93 last week, hitting new all-time highs. Cava is extended from any point of purchase.
NVIDIA Stock
Nvidia stock rose 3% pre-market. Last week, NVDA stock surged 15.1%, hitting a record high on another soaring earnings report and strong guidance.
The AI ​​technology leader is closing in on a $3 trillion valuation, with Nvidia closing Friday at $2.66 trillion.
Apple broth
Apple stock rose 2% early Tuesday. Its iPhone shipments in China soared 52% in April, thanks to deep discounts. That follows a 12% gain in March after a 37% drop in the first two months of 2024. Apple faces stiff competition from Huawei and other local phone makers.
AAPL stock has a consolidation buy point of 199.62, according to MarketSurge. A move above the May 22 high of 192.82 could serve as an early entry.
Apple stock has rallied in recent weeks amid expectations that it will unveil a number of AI features at its upcoming Worldwide Developers event.
Time the Market with IBD’s ETF Market Strategy
GameStop Stock
GameStop stock jumped more than 20% before the open. On Friday night, the mall-based video game retailer became a meme stock and revealed it had raised $933 million by selling 45 million shares. Once this offer is out of the way, the bulls are coming back in force.
GME stock had soared two weeks ago, but quickly erased those gains on Friday.
Deckers, waiting
DECK stock rose 2% after Truist upgraded the maker of Hoka running shoes and Ugg boots to a price target of 1,200. Deckers rose 14.2% Friday after strong earnings.
ONON climbed 2% after Truist upgraded the Swiss athletic shoe maker to a buy. On Holding jumped 4.7% on Friday, moving with Deckers, continuing its own advance since the May 14 results.
Read The big picture every day to stay in tune with the direction of the market and the main values ​​and sectors.
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