Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. AFRM stock surged Friday night on the payment firm’s new alliance with Amazon.com (AMZN), as the “buy now, pay later” option booms online. Tesla rival Li Auto reports early Monday.
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The stock market rally had a strong week, hitting record highs even as Fed chief Jerome Powell said a bond taper is likely to start soon.
Shopify (SHOP), Idexx Labs (IDXX), DocuSign (DOCU), Snap (SNAP) and Palantir Technologies (PLTR) are near buy points.
Affirm-Amazon Alliance
Amazon is teaming up with Affirm Holdings (AFRM) to offer an installment payment option at checkout. Affirm already has a relationship with Walmart (WMT) and many other websites. Still, AFRM stock shot up 36% Friday night in active trade on the news after rising 50% or more at one point. AMZN stock was little changed.
AFRM stock, which came public in January, has plunged from its February peak. But it was already up 20% so far this month, largely on the news that Square (SQ) would buy Australian “buy now, pay later” fintech AfterPay for $29 billion. SQ stock shot up in early August to record highs on the AfterPay deal and strong earnings, but pulled back to its 10-week line. Square stock could flash an aggressive entry with a decent gain next week, rebounding from the 10-week line further and clearing a downtrend.
Li Auto Earnings Due
Tesla (TSLA) rival Li Auto (LI) reports earnings before Monday’s open. Expect August sales next week from Li Auto and China EV rivals Nio (NIO), Xpeng (XPEV), BYD Co. (BYDDF). Li stock and Xpeng aren’t far from early entries in short consolidations, while BYD stock has an alternate handle in a long consolidation. Nio stock is trending lower.
Tesla China sales and exports for August will follow a little later. Tesla stock rose 4.65% to 711.92 last week, closing in on an aggressive buy point of 730.
DOCU stock, Tesla, Square and Snap are on IBD Leaderboard. DocuSign and SHOP stock are on SwingTrader. Snap stock is on the IBD 50. IDXX stock is on IBD Long-Term Leaders. Idexx Labs also was Friday’s IBD Stock Of The Day.
The video embedded is this article analyzes Shopify stock, Idexx Labs and CrowdStrike (CRWD), as well as reviewing the past week’s strong market rally.
Dow Jones Futures Today
Dow Jones futures will 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.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Coronavirus News
Coronavirus cases worldwide reached 216.15 million. Covid-19 deaths topped 4.49 million.
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Stock Market Rally
The stock market rally had a solid week, ending on a high note with the S&P 500 and Nasdaq at record highs.
The Dow Jones Industrial…
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