Dow Jones Futures: Stock Market Rally Passes Inflection Point; Apple,

Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally passed an inflection point, making a decisive move higher in the past week.

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Investors should be adding to their positions with careful buys, not rushing to ramp up exposure.

Apple (AAPL), Exxon Mobil (XOM) and Chevron (CVX) made bullish moves Friday following earnings. Exxon and CVX stock offered early entries above their 50-day lines as they move up the right side of proper bases.

Apple stock became the first megacap to reclaim the 200-day line, while its relative strength line is already at a new high. With earnings risk off the table, investors could use this as a potential aggressive buy, perhaps a place to start a position in AAPL stock.

ON stock moved past a trendline entry on Friday, while its RS line is at a new high. That would usually be a buy signal for this leading chip play, though volume has been light. However, Onsemi (ON) earnings are due before Monday’s open, making any new purchase highly risky.

China EV makers Nio (NIO), Xpeng (XPEV) and Li Auto (LI) should report July deliveries before Monday’s open. China EV and battery giant BYD (BYDDF) will likely follow a day or two later. All four are ramping up capacity and starting deliveries of new models in the next few weeks or months. BYD began the sale of the Seal sedan on Friday, taking on the Tesla (TSLA) Model 3.

ON Stock is on the IBD Big Cap 20. Exxon was Friday’s IBD Stock Of The Day. Apple stock and Chevron are Dow Jones components.

The video embedded in this article looks at Apple, Exxon Mobil and Vertex Pharmaceuticals (VRTX).

Dow Jones Futures Today

Dow Jones futures 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

Stock Market Rally

The stock market rally fell to start the week, amid a Walmart (WMT) profit warning and other concerns. But the major indexes moved sharply higher over the last three days, closing at weekly highs.

The Dow Jones Industrial Average rose 3% in last week’s stock market trading. The S&P 500 index popped 4.3%. The Nasdaq composite leapt 4.7%. The small-cap Russell 2000 jumped 4.25%.

The 10-year Treasury yield tumbled 14 basis points to 2.64%, the lowest since early April and continuing a steep decline from the June 14 peak of 3.48%. The yield curve is inverted from the 1-year to the 10-year, with even the six-month rate (2.89%) well above the 10-year Treasury yield.

U.S. crude oil futures rose 4.1% to $98.62 a barrel last week after topping $101 a barrel at one point Friday. The front-month oil contract still skidded 6.8% in July.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) leapt 6.1% last week, while the Innovator IBD Breakout…