Dow Jones Futures: Why The Market Rally Is So Strong; Tesla Holds Buy
Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had another solid week, with growth and small-cap stocks leading once again. The S&P 500 index and Nasdaq composite hit record highs.
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Negative Tesla (TSLA) headlines are buying up on expanding crash probes and product delays, but Tesla stock held its buy point Friday.
PayPal (PYPL), Amazon.com (AMZN), Lululemon Athletica (LULU), Nike (NKE) and Applied Materials (AMAT) are all finding support near their 50-day moving averages, offering potential buying opportunities.
Tesla stock and PayPal are on IBD Leaderboard. PayPal stock also is on IBD Long-Term Leaders.
The video embedded in this article analyzes DocuSign (DOCU), PayPal and Lululemon stock.
Dow Jones Futures Today
Dow Jones futures will open Sunday at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.
Dow Jones futures will trade normally Sunday night and on Monday, but U.S. stock exchanges will be closed Sept. 6 for the Labor Day holiday.
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 220.78 million. Covid-19 deaths topped 4.57 million.
Coronavirus cases in the U.S. have hit 40.70 million, with deaths above 664,000.
Stock Market Rally
The stock market rally had another positive week, even though the major indexes were technically mixed.
The Dow Jones Industrial Average dipped 0.2% in last week’s stock market trading. The S&P 500 index edged up 0.6%. The Nasdaq composite climbed 1.5% after jumping 2.8% in the prior week. The small-cap Russell 2000 gained 0.7% after surging just over 5% in the week before.
But it was among growth stocks that the market rally really shined. The Innovator IBD 50 ETF (FFTY) popped 5.4% to a record high, clearing a long consolidation after running nearly 6% in the prior week. The Innovator IBD Breakout Opportunities ETF (BOUT) gained 1.7% last week.
The iShares Expanded Tech-Software Sector ETF (IGV) advanced 1%. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.5%.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rallied 2.5% and ARK Genomics ETF (ARKG) 2.8%. ARKK moved above its 50-day and 200-day lines while ARKG reclaimed its 50-day. Tesla stock is the No. 1 holding across ARK Invest ETFs.
Other sectors were generally lower.
SPDR S&P Metals & Mining ETF (XME) eked out a 0.3% gain, though many steelmakers had rough weeks. The Global X U.S. Infrastructure Development ETF (PAVE) retreated 1.7%. U.S. Global Jets ETF (JETS) sank 2.2%. SPDR S&P Homebuilders ETF (XHB) edged down 0.4%. The Energy Select SPDR ETF (XLE) retreated 1.4% and the Financial Select SPDR ETF (XLF) 2.3%
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