Dow Jones futures edged higher Sunday night, along with S&P 500 futures and Nasdaq futures. The Federal Reserve meeting and AI events from Nvidia (NVDA) and Microsoft (MSFT) headline the coming week.
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The stock market rally had a mixed week. The Dow Jones and S&P 500 were little changed while the Nasdaq and small-cap Russell 200 retreated below their 21-day lines. Software stocks, which looked promising early in the week on Oracle (ORCL) earnings, sold off Friday on Adobe (ADBE) guidance.
A trio of big events are on tap for the coming week. The Federal Reserve will meet Tuesday-Wednesday, with policymakers giving their latest projections for Fed rate cuts on Wednesday afternoon.
Nvidia will hold a four-day GTC Conference starting Monday, with a new AI chip and a slew of other AI announcements. Microsoft willhold its “New Era Of Work” event on March 21, showcasing AI features and more.
The Fed rate outlook will have a huge impact on financial markets, but the Nvidia and Microsoft events are key for the AI rally as well, especially after Adobe rocked AI software plays.
Nvidia and Microsoft are huge players in artificial intelligence. Their unveilings, announcements and partnerships could have a big positive or negative impact on tech companies including, but not limited to: Advanced Micro Devices (AMD), Super Micro Computer (SMCI), Arm Holdings (ARM), Arista Networks (ANET), ServiceNow (NOW), Oracle (ORCL), Google parent Alphabet (GOOGL) and many more.
Microsoft, Oracle, Google and ServiceNow stock offered buying opportunities during the week, but had backed off by Friday’s close. Arista Networks has a new base while ARM is working on one.
The current pullback and the big upcoming events offer reasons for investors to hold off on new buys in the very short term.
Nvidia stock, ARM and ServiceNow are on IBD Leaderboard. Microsoft stock is on the IBD Long-Term Leaders list. Nvidia, Arista Networks, ServiceNow, Microsoft and ARM stock are on the IBD 50. Nvidia, NOW, SMCI and Arista stock are on the IBD Big Cap 20. Arista Networks was Friday’s IBD Stock Of…
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