Editorial StaffDow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally retreated last week, with losses picking up steam Friday, led by Apple, Google and Tesla stock. Major indexes retreated to or below key levels while some promising new buy signals fizzled.
Apple stock sold off Friday after a federal judge ruled that Apple (AAPL) must allow external payments for app developers such as Epic Games, creator of popular online game Fortnite. The Apple-Epic ruling also hit Google parent Alphabet (GOOGL), with Google Play revenue also in doubt. Roblox (RBLX), Unity Software (U) and Electronic Arts (EA) are among the potential winners.
Apple and Google stock fell back to key support levels, while EA stock neared a buy point. Roblox stock triggered an aggressive buy signal and is close to another resistance area.
Meanwhile, Tesla (TSLA) has released its FSD Beta V10 to select drivers. CEO Elon Musk said this past week that it will “blow your mind,” a phase he often uses to describe upcoming self-driving features. Democrats also released a plan for big EV subsidies that Tesla will be eligible for, though union-made vehicles would be favored.
Tesla stock fell Friday amid the market retreat to just above an aggressive buy point.
Finally, keep an eye on chip-equipment makers Entegris (ENTG), Applied Materials (AMAT) and KLA (KLAC). After month of sideways action, Entegris and AMAT stock flashed early entries on Friday before fading. KLA stock flirted with a breakout.
Still, the recent market action suggests investors should be a bit more defensive, limiting new buys and perhaps curtailing overexposure.
Apple stock, Tesla, Unity Software and Google are on IBD Leaderboard. Google stock and Entegris are on IBD Long-Term Leaders. ENTG stock was Friday’s IBD Stock Of The Day.
The video embedded in this article discussed the weekly stock market action and analyzed Apple, Floor & Decor (FND) and ENTG stock.
Dow Jones Futures Today
Dow Jones futures will open at 6 p.m. ET. 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.
Source: Investors.com
