Dow Jones Futures: Stock Market Rally At Turning Point As Rebound

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally saw modest losses last week, but is struggling to find support as a Wednesday rebound fizzled Friday.

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The S&P 500 index fell below its 50-day moving average. Apple (AAPL) also broke through the 50-day line, but industrials, including fellow Dow Jones giant Caterpillar (CAT), as well as miners, steelmakers and materials firms were big losers.

But growth stocks had a solid week overall. Microsoft (MSFT), unlike fellow tech titan Apple stock, rallied from its 10-week line. Small caps held key support.

Oil and gas stocks had a big week, with Devon Energy (DVN) clearing an early entry and flirting with an outright breakout. Specialty footwear plays Crocs (CROX), Deckers Outdoor (DECK) and Boot Barn (BOOT) rallied, with the latter two actionable. Chipotle Mexican Grill (CMG) is among several restaurant chains trying to get back on the investing menu.

Chip stocks were mixed overall, but Entegris (ENTG) broke out while Advanced Micro Devices (AMD) is teasing a possible entry if the market rally cooperates.

But there’s the rub. Will the stock market rally find support at current levels, or will the pullback turn into an outright correction?

Microsoft stock, Devon Energy and Deckers are on IBD Leaderboard. Microsoft and ENTG stock are on IBD Long-Term Leaders. Crocs and DECK stock are on the IBD 50.

Five Stocks Setting Up Buy Opportunities From Key Level

Dow Jones Futures Today

Dow Jones futures open at 6 p.m. ET on Sunday. So will 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.

Coronavirus News

Coronavirus cases worldwide reached 228.55 million. Covid-19 deaths topped 4.69 million.

Coronavirus cases in the U.S. have hit 42.80 million, with deaths above 690,000.

The number of new cases in the U.S., after trending lower for several days, has leveled off. Much of that appears to be northern states such as Pennsylvania now seeing a delta wave, offsetting ongoing declines in southern states such as Florida.

On Friday, an FDA advisory panel overwhelmingly voted not to recommend booster shots for adults 16-64. But it unanimously backed booster shots for adults 65 and up, as well as adults at high risk of developing Covid. The FDA and CDC will now make their decision, but the panel’s vote suggests that booster shots will not be in offing for most adults.

Moderna (MRNA) and BioNTech (BNTX) fell modestly on Friday.

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

Stock Market Rally

The stock market rally had a solid middle of the week but started poorly and ended that way.

The Dow Jones Industrial Average edged down 0.1% in last week’s stock market trading, after already falling below its 50-day line. The S&P 500 index sank 0.6%. The Nasdaq composite…