Dow Jones Futures: Five Stocks In Buy Zones; What Tesla Investors Need To Focus On
ED CARSON
Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. U.S.-China trade talks, Apple WWDC and a possible Tesla robotaxi launch are on tap this coming week.
The stock market had a strong week with the S&P 500 and Nasdaq clearing recent ranges. Recent IPO eToro (ETOR), Shopify (SHOP), Palantir Technologies (PLTR), JPMorgan Chase (JPM) and Toast (TOST) are stocks in buy areas.
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Tesla (TSLA) plunged as CEO Elon Musk's feud with President Donald Trump blew open. Investors, however, should focus on the Tesla chart.
EToro stock is on the IBD Leaderboard watchlist. Palantir and Toast stock are on the IBD 50. Palantir stock is on the IBD Big Cap 20. Toast was Friday's IBD Stock Of The Day.
Key Events This Week
Treasury Secretary Scott Bessent and two other top Trump officials will meet Monday with Chinese counterparts in London, Trump said Friday afternoon. That follows Trump's call with President Xi Jinping on Thursday.
Apple (AAPL) will hold its Worldwide Developers Conference (WWDC) starting Monday, though expectations are low. Apple stock has been struggling.
The May CPI inflation report is due early Wednesday, with PPI data on Thursday and inflation expectations on Friday.
The much-anticipated Tesla robotaxi launch in Austin, Texas, reportedly will start Thursday.
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.
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Stock Market Rally
The stock market rally had a solid week despite Thursday's downside reversal as Musk and Trump feuded.
The Dow Jones Industrial Average rose 1.2% in last week's stock market trading. The S&P 500 index climbed 1.5%. The Nasdaq composite rallied 2.2%. The small-cap Russell 2000 leaped 3.2%.
The S&P 500 and Nasdaq have cleared recent highs and are closing in on all-time peaks.
The Dow Jones has reclaimed its 200-day line and briefly hit a three-month high Friday. The Russell 2000 is at three-month highs, still below the 200-day.
Many leading stocks broke out or flashed buy signals, while others set up or extended breakouts.
The 10-year Treasury yield climbed nine basis points to 4.51% after hitting a one-month-low 4.32% intraday Thursday.
U.S. crude oil futures jumped 6.2% to $64.58 a barrel last week.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) gained 3.1% last week. The iShares Expanded Tech-Software Sector ETF (IGV) rose 2.2%, with Palantir stock a key holding. The VanEck Vectors Semiconductor ETF (SMH) bounced 5.4%. ARK Innovation ETF (ARKK) soared 8.4% last week. Tesla stock is the No. 1 holding across ARK Invest's ETFs. Cathie Wood's ARK also owns a lot of Palantir.
SPDR S&P Metals & Mining ETF (XME) jumped 7.2% last week. The Health Care Select Sector SPDR Fund (XLV) advanced 1.3%. The Industrial Select Sector SPDR Fund (XLI) climbed 1.5%. The Financial Select SPDR ETF (XLF) edged up 0.6%, with JPMorgan stock a major holding.
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Stocks In Buy Zones
EToro stock jumped just over 16% to 68.70 last week, spiking 9.8% Friday to a record close. The stock, crypto and options trading platform, which has a strong social component, is profitable and growing at a torrid pace. ETOR stock came public at 52 in mid-May and has forged an IPO base with a 74.28 buy point. ETOR stock is actionable from Wednesday's high of 66.55 with Thursday's high of 71.48 also in play.
Shopify stock rose 3.9% to 111.41 last week. The e-commerce software play has a 112.38 cup-with-handle buy point. Friday's 6.1% gain broke the downtrend from the top of the base, offering an early entry. The relative strength line is lackluster, however.
Palantir stock fell 3.1% to 127.72, including Thursday's 7.8% tumble below the 125.25 cup-with-handle buy point. But shares rebounded 6.5% on Friday to regain the buy zone, according to MarketSurge.
JPMorgan stock edged up 0.7% to 265.73 this past week, finding support at the 21-day. JPM stock has been holding tightly above a 254.67 double-bottom buy point for a month. Investors could use 269.52 as a handle entry.
Toast stock rose 4.3% to 44.01 last week, with a Thursday-Friday push off the 21-day line offering an entry. The restaurant software maker had pulled back gradually after hitting a record 45.56 on May 16.
Tesla Stock
Tesla stock dived 14.7% to 295.58 last week, plunging Thursday to round-trip an aggressive entry and undercut key moving averages. Shares did reclaim the 50-day line on Friday, but hit resistance around the 200-day.
TSLA stock plunged on the Musk-Trump feud, with weak EV sales also a drag. Looking ahead, the Tesla robotaxi launch has huge implications for the EV giant.
Investors should be aware of these factors, but ultimately take their cue from the chart. Right now, Tesla stock is damaged, though not broken. Shares need to recover the 200-day and 21-day line, but probably also need some time to repair.
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What To Do Now
The stock market rally is acting well, with the S&P 500 and Nasdaq nearing highs. A flurry of stocks offered opportunities to add exposure or to replace exiting laggards.
Some leaders did have big sell-offs, notably Tesla, so you can't be complacent.
Still, it's a time to be heavily or fully invested. Work on watchlists to identify new stocks moving into position.
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