Dow Jones: Is The Rally Over For Features?

Futures contracts for the S&P 500 Index, the DJI, and the Nasdaq 100 Index will be available Sunday evening. It has been another rough week on Wall Street, with the Dow Jones leading losses as interest rates rose.

Today’s Dow Jones Futures

At 6 p.m. ET on Sunday, the Dow Jones and S&P 500 futures and the Nasdaq 100 futures will open. Because it was Good Friday in the United States, the stock exchanges in the country were closed on Friday, April 15. The European, Australian, and Hong Kong stock exchanges were also closed on Friday and will remain closed on Monday.

Banks in China will see a 25-basis-point reduction in their minimum reserve requirement beginning April 25, the People’s Bank of China said on Friday. However, most analysts were taken aback when it held its one-year medium-term lending rate at 2.85%.

Don’t think overnight activity in Dow futures and elsewhere translates into trade in the following regular trading session.

Rally in the Stock Market

The stock market rise has seen notable daily and intraday changes in the short time frame, but the overall trend remains unfavorable. On Wall Street last week, the Dow Jones Industrial Average fell by 0.8%, and The S&P 500 fell by 2.1%. Stocks on the Nasdaq Composite Index fell by 2.6%. The Russell 2000, a small-cap index, gained only 0.5 percent.

Last week, the price of U.S. crude oil futures rose about 9% to $106.95 per barrel. According to the New York Times, the European Union is considering a ban on Russian crude oil imports, which Germany and other EU member states have rejected. On April 24, the last round of the French presidential elections, the EU is expected to officially propose a Russian crude embargo. Crude oil prices might rise if the EU goes through with the plan. Russia’s natural gas supplies are now more critical to the EU than ever before.

ETFs

The Innovator IBD Breakout Opportunities ETF (BOUT) gained 0.8 percent last week, while the Innovator IBD 50 ETF (FFTY) fell 0.2 percent. In addition, investors in the iShares Expanded Tech-Software Sector ETF (IGV) lost 2.1 percent in value. Last but not least, the VanEck Vectors Semiconductor ETF (SMH) fell 3.5%, putting it at risk of dropping below its 2022 low point.

Metals and Mining ETF (XME) surged 7.3% to a new record last week. A 1.4 percent gain in the Global X U.S. Infrastructure Development ETF (PAVE) Jets ETF (JETS) gained 8 percent in the United States. They were closed below break-even for SPDR S&P Homebuilders ETF (XHB). There was a 0.4 percent rise in the Energy Select SPDR ETF (XLE), while the Financial Select SPDR ETF (XLF) fell 2.6%. The Health Care Select Sector SPDR Fund (XLV) dropped 2.9 percent from all-time highs.

The ARK Innovation ETF (ARKK) and the ARK Genomics ETF (ARKG) plummeted 2.7 percent last week, which reflects more-speculative narrative companies. However, the stock of Tesla is still Ark Invest’s top holding.

Stocks leading the market

It’s been a busy week for Tesla (NASDAQ:TSLA). The electric car company is expected to resume its Shanghai manufacturing shortly. In addition, a “poison pill” clause was put in place by Twitter (NYSE:TWTR) to derail Elon Musk’s takeover attempt of the social media company.

Among the five companies nearing purchase, points are Expedia (EXPE), Cheniere Energy (LNG), Merck, Edwards Lifesciences, and Check Point Software (CHKP). Investing in EXPE stock is a component of the current travel resurgence. The energy industry is still hot, and LNG stock leads the pack. A solid medical industry includes Merck stock and Edwards Lifesciences’s shares. A stronghold in the IT sector, CHKP is a market leader in cybersecurity.

A cup-with-handle purchase target for Tesla stock is in the works, but the chart is a jumble, and earnings are only one of the numerous concerns that are at play.

The IBD Leaderboard includes Cheniere Energy and Tesla. The IBD 50 list includes Tesla as well. The IBD Stock Of The Day was also Point. Check Point Software, Cheniere Energy, and EXPE shares are all discussed in the article’s attached video.