Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures.
The stock market rally had a huge week, with the Nasdaq boasting its best weekly gain since March. The major indexes surged Thursday on a Fed-friendly inflation report. On Friday, a shift away from defensive names intensified, with many medicals and other defensive or defensive growth plays falling sharply.
While buying opportunities in leading stocks are limited, investors should be looking to add exposure gradually.
Arista Networks (ANET), Pure Storage (PSTG), Mobileye (MBLY), Shift4Payments (FOUR) and Flex (FLEX) are tech companies with robust growth but with reasonable valuations. Flex and recent IPO MBLY stock are in traditional buy zones. FOUR stock flashed an aggressive entry while Arista Networks and Pure Storage are setting up.
Arista Networks and MBLY stock are on the IBD Leaderboard watchlist. PSTG stock and Flex are on the IBD 50. ANET stock is on the IBD Big Cap 20.
The video embedded in this article discussed a pivotal week for the market rally, and analyzed Cigna (CI), Flex and MBLY stock.
Megacap stocks came on strong last week, but from off or near bear-market lows. Apple (AAPL) and Microsoft (MSFT) reclaimed their 50-day moving averages.
One big laggard is Tesla stock, which hit a two-year low last week. Tesla (TSLA) faces demand concerns in China, but much of the pressure may stems from CEO Elon Musk’s wild start to owning Twitter.
Graphics and data-center chip giant Nvidia (NVDA) headlines a still-active earnings season. Strong Nvidia earnings and guidance, along with results from semiconductor equipment maker Applied Materials (AMAT), could keep the chip rebound going, a positive sign for the market rally. NVDA stock has rallied powerfully over the past four weeks, but is still well below its 200-day line.
The price of Bitcoin traded below $17,000 on Friday evening, down sharply for the week after hitting a two-year-low $15,554.48 on Wednesday. Cryptocurrency exchange FTX, seen as an industry white knight…