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

Dow Jones futures will open Sunday, 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.

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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.

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 will open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 90.04 million. Covid-19 deaths topped 1.93 million.

Coronavirus cases in the U.S. have hit 22.68 million, with deaths above 381,000.

New U.S. Covid cases topped 300,000 for the first time on Friday, while fears grow of more-infectious coronavirus mutations.

Stock Market Rally