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Dow Jones futures open Sunday night, along with S&P 500 futures and Nasdaq futures. The stock market rally had another strong week and was nearing a major test.

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A market pause would come as no surprise and could be healthy after strong gains on generally low volume over the past few weeks. Investors should be cautious about adding more exposure.

Diversified oil giant Exxon Mobile (XOM) sets up near-possible entries as energy stocks take the lead once again. Costco Wholesale (COST) has a cup-and-handle basis, although several key contenders report this coming week. UnitedHealth (UNH) has traded tightly within a buy zone creating another entry. Apple (AAPL) is nearing a breakout as AAPL stock outperforms other megacaps. Microsoft (MSFT) is approaching its 200-day moving average, which could offer an opportunity to initiate a position.

China EV startup Li car (LI) reports gains ahead of Monday’s open. LI stock is among the better EV stocks and has outperformed the giants BYD (BYDDF) and Tesla (TSLA) but needs to break above its 50-day moving average. BYD stock is below its 50-day moving average, while Tesla is just below its 200-day moving average.

UNH stock is on the IBD leaderboard and was Friday’s IBD stock of the day. MSFT stock is an IBD Long-Term Leader.

The video embedded in this article extensively discussed weekly market movements while also analyzing shares in Exxon Mobil, UnitedHealth, and Apple.

Dow Jones futures today

Dow Jones futures open at 6:00 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Keep in mind that overnight action in Dow futures and elsewhere doesn’t necessarily translate to actual trading in the next regular trading session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

stock market rally

The stock market rally closed at weekly highs despite some reversals during the week.

The Dow Jones Industrial Average rose 2.9% in trading last week. The S&P 500 index rose 3.25%. The Nasdaq Composite rose 3.1%. Small-cap Russell 2000 is up 5%.

The 10-year Treasury yield rose 1 basis point to 2.85%, but with some big moves during the week.

US crude futures rose 3.5% last week to $92.09 a barrel despite Friday’s decline. Gasoline futures rose 6.7%. Natural gas prices rose 8.7% on the week.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) is up 2.3% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) is up 3.1%. The iShares Expanded Tech-Software Sector ETF (IGV) was up 3%, with MSFT being the leading IGV holding. The VanEck Vectors Semiconductor ETF (SMH) rose 0.7%, recovering from sharp losses after the NVIDIA (NVDA) and micron (MU) Warnings.

The SPDR S&P Metals & Mining ETF (XME) is up 8.3% last week. The Global X US Infrastructure Development ETF (PAVE) is up 4.6%. The US Global Jets ETF (JETS) is up 3.5%. SPDR S&P Homebuilders ETF (XHB) is up 4%, its eighth consecutive weekly gain. The Energy Select SPDR ETF (XLE) is up 7.4% with XOM stock having a huge weight in XLE. The Financial Select SPDR ETF (XLF) rallied 5.4%. Health Care Select Sector SPDR Fund (XLV) is up 1.65% with UNH shares a huge holding.

Mirroring more of a speculative story stock, ARK Innovation ETF (ARKK) is up 3.25% and ARK Genomics ETF (ARKG) is up 3.8% over the past week. Tesla stock is a key position in Ark Invest’s ETFs. Cathie Wood’s Ark also owns some BYD shares.

The five best Chinese stocks to watch right now

Stocks near buy points

XOM shares rose 6.3% last week to 93.99, moving back above the 50-day moving average. Shares of the energy giant close on a trendline off their early June peak. The official buy point is 105.67, but that would be well above the 50-day moving average. Volume was light last week and hasn’t been great for the last month as Exxon stock rallied. Earnings growth continues to boom.

COST stock fell 0.6% over the past week to 537.21. Stocks are drifting lower in a grip with a buy point of 552.81, according to MarketSmith analysis.

Consider this smaller rival BJ’s Wholesale (BJ) reports next Thursday. Walmart (WMT), which owns the storage chain Sam’s Club, will appear on Tuesday morning target (TGT) reported on Wednesday.

UNH shares rose 1.6% to 543.70. The health insurance giant is still within reach of a buy point of 518.80 while still below the April 14th high. UnitedHealth stock has not forged a three-week tight pattern, only surpassing the weekly moving limit. But investors could still use 545.84 as an alternative buy point.

Apple shares rose 4.1% last week to 172.12. It was the sixth consecutive weekly gain, but all hit low volume. On the upside, the line of relative strength has made several new highs, reflecting AAPL stock’s outperformance versus the S&P 500. Apple stock is heading towards a double bottomed buy point of 179.71. Technically, stocks are about to hit a trend line entry. Ideally, AAPL shares would forge a hold.

MSFT stock is up 3.2% to 291.91, but unlike Apple, it’s still below its 200-day moving average. A large move above the 200-day moving average could present an opportunity to enter MSFT stock as a long-term leader. The RS line is not far off the 2022 high, even as MSFT stock is well below its late November record high of 349.67.

Li car receipts

According to FactSet, Wall Street expects a net loss of 2 cents a share on revenue of $1.4 billion in the second quarter. That’s compared to a 1 cent loss last year to $780.4 million.

Li Auto has been profitable for the past three quarters, but Covid shutdowns took their toll on second-quarter production and shipments. Li Auto currently has only one model, the hybrid SUV Li One.

But it has started selling the premium hybrid SUV, the L9, with deliveries slated to begin later this month. Pre-orders have been strong, with Li Auto forecasting L9 shipments of 10,000 or more in September.

LI stock fell 3.4% last week to 32.49, which gave it more room against its 50-day moving average and continued a downtrend that started in late June. This was followed by a huge surge from early May. The shares closed in the top half of their weekly range. Li Auto stock would have a new base with a buy point of 41.59 if it starts building the right side. A strong move above the rising 50-day level could offer an early entry.

Tesla vs. BYD: EV giants are now frenemies

Tesla and BYD stock

Tesla shares rallied 4.1% last week to 900.09. That’s back above its 200-day moving average and reclaiming its 40-week moving average on Friday. A break of the 200-day moving average and the 4th August high of 940.82 would provide an aggressive entry for TSLA stock. The official buy point is 1,208.10.

BYD shares fell 0.2% to 36.69 last week, trading tight but below the 50-day moving average. The Chinese EV and battery giant has a base buy point of 43.71. A decisive move above the 50-day level would provide an early entry.

According to reports, BYD is supplying Blade batteries to Tesla Berlin. Blade-powered Model Ys are slated to roll off the assembly line in a few weeks. Meanwhile, BYD will begin deliveries of the Seal sedan, a much cheaper rival of the Model 3, in the next few weeks. BYD will also begin deliveries of the Atto 3 in Australia in a few days, entering a new one as part of a huge international expansion Market.

Analysis of the market rally

The stock market rally had a few unsightly intraday reversals Monday and Thursday but ultimately delivered solid gains for the major indices.

The Dow Jones, S&P 500 and Russell 2000 have decisively cleared their early June highs and joined the Nasdaq. The Russell 2000 is just above its 200-day moving average, closely followed by the S&P 500 and Dow Jones. The Nasdaq has a little more work to do to reach this long-term level if it hits the 13,000 level.

A breach of the 200-day moving average would be evidence that the current uptrend is more than a significant bear market rally. A pause or pullback would not come as a surprise after a sharp rise in the major indices, largely on lackluster volume. Friday’s rally, an inside day for the S&P 500 and Nasdaq, came with very little volume.

A pause or modest pullback over several days or a few weeks could be constructive, but the market will do what it will.

Energy stocks continue to look strong but will rise or fall with underlying oil and natural gas prices.

A wide range of medical professionals are doing well. Chip makers, lithium games, some steel games, transportation and more show positive action.

Time the market with IBD’s ETF market strategy

What now

As Invest with Rules’ Scott Bennett told IBD Live on Friday, investors don’t need to hit the brakes, but they might want to slow down.

Be careful about adding exposure on the very short term as the market rally may be stretched out and face another key area of ​​resistance. Taking partial profits is still a good strategy and a way to prevent new purchases from increasing engagement.

Still, some quality stocks continue to give buy signals or establish themselves. Investors should get involved in this market and look for new opportunities. So keep building those watch lists.

Read The Big Picture every day to keep up to date with market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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EDMONTON | William Dufour and Joshua Roy hardly knew each other before the start of the Junior Ice Hockey World Championship. However, the chemistry was immediately on the ice and was also transferred to the ice on Thursday against the Slovaks.

• Also read: Jan Mysak praises Mason McTavish

• Also read: The third time is good for Thomas Bordeleau

The two hockey players from the greater Quebec City area – Roy hails from Saint-Georges-de-Beauce and Dufour from Quebec City – had first met briefly during Team Canada’s junior selection camp for the December tournament and finally canceled.

“We played each other a few times growing up, but he was from Beauce and I was from Quebec and I was a year older. I think that we had to face each other six or seven times in total,” Dufour explained yesterday when he met in the lobby of the hotel on Saturday night where ECJ and he were enjoying a day off on the eve of their confrontation with the Czechs.

However, since their arrival in Edmonton, the two ice hockey players have formed a great friendship.

“He’s probably my best friend on the team. We’re the only two who are from Quebec, so we sat on the plane together. We often said to each other on the bench that we would like to play together. »

INSTANT CHEMISTRY

Her wish was granted on Thursday night when head coach Dave Cameron decided to experiment as the game was in the bag for his side, leading 8-1 after 40 minutes.

Roy was thus removed from the first line, which was completed by Mason McTavish and Connor Bedard to find himself with Dufour and Zack Ostapchuk in what was theoretically a third attacking unit. They scored two goals.

“I think we’ve had chances to score in every one of our performances. That’s what we said to ourselves on the bench, we wanted to create something with every presence. It is certain that we want to play together again tomorrow [samedi soir] but it’s not our decision. »

On the TSN mic yesterday, head coach Cameron gave no details on the identity of the player who would complete the McTavish-Bedard duo on Saturday night – it was Brennan Othmann, who did it in Thursday’s third period.

However, the latter confirmed that goalkeeper Dylan Garand will play against the Czech Republic.

OPTIMISTIC

After a poor start against Latvia on Wednesday, Canada made their mark on Thursday by beating Slovakia 11-1.

“We didn’t have the start we expected,” admitted Dufour, and many have wondered about us. On the other hand, we did so well against Slovakia that I think people’s questions have been answered. The Czechs are an excellent ice hockey club and offered Finland good competition [une défaite de 4 à 3 en tirs de barrage]. We’re not stressed, we know they have a good team, but we have confidence in our abilities. »

California has set itself one hell of an ambitious goal of building its offshore wind industry. By 2045, the Golden State wants to achieve 25,000 megawatts of offshore wind power, about as much as all of Europe today.

The goal, set by the California Energy Commission on Wednesday, is the largest commitment yet by any state to develop wind farms off its shores. The goal is even more monumental when you consider that the US’ fledgling offshore wind industry has so far only gained a foothold on the East Coast.

So far there are two small projects off the coasts of Rhode Island and Virginia that can only generate 42 megawatts of electricity. The first commercial wind farm to be built off the coast of Massachusetts received federal approval from the Department of the Interior just last year. The pipeline of new projects continues to grow mainly on the east coast; Virginia regulators last week approved plans to build what will be America’s largest wind farm to date.

The largest commitment ever made by a state

The reason the east coast has such a big lead is because of geography. On the west coast, sea depths drop off steeply relatively close to shore compared to the east coast. This makes it difficult to attach turbines to the seabed. In the past, turbines could not really be installed in waters deeper than 60 meters. To solve this problem, California is looking to new floating turbines, which are still under development. Such technologies could unlock around 60 percent of the country’s offshore wind resources that would otherwise have been unattainable.

These turbines could help California overcome one of the stumbling blocks in its effort to transition to 100 percent clean electricity by 2045. The state already produces more solar energy than anyone else. But it needs another power source to fill up after sunset. The California Energy Commission is hoping offshore wind can step in to provide enough renewable energy by evening.

Reaching 25,000 megawatts of offshore wind capacity by 2045 could power 25 million homes, says the California Energy Commission. It has also set a short-term goal of developing up to 5,000 megawatts of capacity by 2030.

The Biden administration is building offshore wind power to expand across nearly every coast along the continental US — from the Pacific Northwest and California to the Gulf of Mexico and the length of the east coast. The goal is for turbines rising above the ocean to generate 30,000 megawatts of clean electricity for the United States by the end of the decade.

Today, the DC Circuit Court issued its ruling on the Federal Communications Commission side reallocating a portion of the 5.9 GHz band. It’s a big win for the FCC and a big loss for the auto industry, which has promised to use the airwaves to improve safety through a technology called “vehicle-to-vehicle” (V2V) or “vehicle-to-everything.” (V2X) to improve ) communication.

The problem, as Judge Justin Walker hilariously put it, is that this technology never really existed. It was one of those “just around the corner” innovations that were always promised but never really delivered. It was a fantasy, and today the court is basically saying that.

The problem, as Judge Justin Walker hilariously put it, is that this technology never really existed

But first, a little history lesson: In 1999, the FCC agreed to allocate 75 megahertz of spectrum in the 5.9 gigahertz band for so-called dedicated short-range communication services (DSRC) to be used to improve traffic safety through V2X technologies.

Broadly speaking, V2X allows vehicles to send and receive messages about road conditions, such as: B. speeding cars, weather or traffic jams. It could also help prevent accidents by using this information to make decisions, e.g. B. the initiation of emergency braking.

Some experts say widespread deployment of the technology could help accelerate the adoption of autonomous vehicles, which could use V2V communications to bolster their ability to “see” their surroundings and make better driving decisions.

But the auto industry was slow to develop V2X technology and adoption has been piecemeal. Mercedes installed V2V equipment in both the 2017 E-Class and 2018 S-Class. General Motors also introduced V2V in the 2017 Cadillac CTS. Other automakers began to look closely at a newer technology called Cellular V2X (C-V2X), which uses existing cellular networks to send communications.

The auto industry has been slow to develop V2X technology and adoption has been piecemeal

In 2017, the Trump administration announced it was scrapping an Obama-era mandate that would have required new cars to be equipped with V2V technology. And last year, tensions escalated when the FCC unveiled a new plan to use some of the spectrum reserved for V2X to extend Wi-Fi instead. FCC Chairman Ajit Pai called V2X “an unfulfilled promise” and suggested making the lower 45MHz of the band available for unlicensed applications like Wi-Fi and dedicating the upper 20MHz to C-V2X.

Automakers campaigned against the decision, arguing that Wi-Fi’s use of parts of the spectrum would harm connected-car technology. Their argument basically boiled down to this: We want to deploy V2V technology – the Alliance for Automotive Innovation has promised 5 million pieces of V2V technology over the next five years – but we can’t until the FCC promises part of the spectrum to use WiFi.

Looking ahead to the year 2022, no vehicle on the road today uses V2V technology in any meaningful way. “Over the next twenty years, intelligent transportation systems did not evolve in the way the FCC had hoped,” Walker writes in his decision. “As of 2020, ‘no commercially marketed vehicles’ used the 5.9 GHz band to provide vehicle safety features.”

The petitioners in this case are the Intelligent Transportation Society of America and the American Association of State Highway and Transportation Officials, and they advocate keeping 5.9 GHz for transportation purposes only. They allege that the FCC has violated the Transportation Equity Act for the 21st Century, which they say gives the Department of Transportation veto power over the FCC’s frequency allocation board. But Judge Walker dismisses that argument.

The judge addresses the petitioners’ claim that they need more than 30 MHz of spectrum

Walker also supports the FCC’s statement that the remaining 30MHz of spectrum is sufficient for intelligent transportation systems, while noting that new technologies such as “radar, lidar, camera and sensors” will help make up the difference.

And addressing the petitioners’ claim that automakers and technology companies need more than 30MHz of spectrum for these “not yet available technologies”, the judge notes that “the petitioners have not yet alerted us to any significant developments in this area – to-arrive technologies.”

I can’t tell you how many times we’ve been told that V2V technology is coming. At every CES for the past decade, the promised innovations have been demonstrated: cars that can see through walls!; Cars that can talk to traffic lights!

But as the FCC argued and Walker acknowledged, those promised innovations never materialized. Thankfully, there’s still time to get something on the road – and a smaller portion of the spectrum to do so.

After weeks of arguments, an agreement in principle was finally reached on Friday afternoon between the Canadian Union of Public Employees (CUPE), which represents the croupiers, and the Casino de Montréal.

• Also read: Casino de Montréal: Croupiers complain of deadlock in negotiations

The 545 croupiers and dealers, whose employment contracts expired on March 31, 2020, called for a “fair” collective agreement, according to the Canadian Union of Public Employees (CUPE). On May 21, 2022, they launched an indefinite strike that eventually lasted nearly three months.

During the negotiations, two important points for the croupiers caused discussion, namely the break time granted to the employees and their remuneration.

Details of the agreement have not yet been disclosed as the agreement is set to be presented to members at a members meeting in the coming weeks.

“The union and management negotiating committees are satisfied with this agreement and are confident that it will also work to the satisfaction of croupiers and dealers,” said Jean-Pierre Proulx, union representative at CUPE, in a press release on Friday.

For its part, Loto-Québec says it is “happy” to announce the completion of an agreement in principle.

“Loto-Québec is pleased to announce that on August 12, 2022 an agreement in principle was reached between the Casino de Montréal Croupiers and Croupières Association (affiliated with CUPE) and the Société des Casinos du Québec. Recall that since March 31, 2020, the croupiers’ employment contract has expired. The indefinite general strike was called on May 21, 2022,” we read in the company’s press release.

Billionaire investor George Soros’ mutual fund has bought stakes in Tesla Inc. and Ford Motor Co. and increased existing stakes in electric vehicle makers Lucid Group Inc. and Nio Inc., according to a filing late Friday.

The fund acquired 29.5 million shares of Ford F, up 2.21% in the period ended June, the filing showed. It snapped up almost 30,000 Tesla TSLA, +4.68% shares in a new position.

New positions for the fund also included bets on Twitter Inc. TWTR, +0.73%, the social media company that is in the middle of a row with Tesla CEO Elon Musk over their failed deal.

However, it sold some of its holdings in Rivian Automotive Inc. RIVN, -0.13%, and ended the period with just under 18 million shares from previous holdings of around 20 million shares.

See also: Rivian loses nearly $2 billion in the second quarter as spending surges

New holdings for the fund also included Las Vegas Sands Corp. LVS, +2.60% and Uber Technologies Inc. UBER, +0.71%

Among other things, the fund sold all of its shares in Bank of America Corp. BAC, +1.09% and Citigroup Inc. C, +0.70% and gaming company Take Two Interactive Inc. TTWO, +2.05%.

A violent schizophrenic who groundlessly attacked three passers-by on the streets of Montreal days after being released from hospital has been sentenced to four years behind bars, a judge ruled, emphasizing the importance of protecting the public.

“The present case is one of those cases where the mental state of the defendant makes him an increased danger, which requires prolonged isolation to ensure public protection,” commented judge Dennis Galiatsatos, before recently hearing Christian Tshibaka Kalenga in the Montreal Convicted Courthouse.

Target teenagers

Kalenga, a 39-year-old man with mental health issues, is known for his sometimes violent crimes, for which he has not been criminally charged in the past.

His last discharge from hospital was five days before his series of attacks, including one with an iron bar on a teenager.

Instead of taking his medication, Kalenga instead took methamphetamines. He then went after two sisters on the subway and hit one of them on the back of the head. Then, an hour later, he attacked a random teenager on the street.

“I will kill you,” Kalenga told him, punching the boy in the face.

“Alarming”

The teenager, who miraculously escaped without serious consequences, managed to escape. Kalenga was arrested a week later in connection with another incident but was recognized by police.

“Although he suffered from a legitimate psychiatric illness that undoubtedly contributed to his loss of control, the defendant had long been aware that methamphetamine use had the effect of aggravating or even inducing psychotic episodes related to his mental illness.” the judge.

And it was precisely because of his problems, coupled with his irresponsibility, that the judge handed down the sentence proposed by the Crown.

“It’s hard to imagine more repulsive and alarming behavior than attacking people on the subway and hitting an innocent victim on the head with an iron bar,” Justice Galiatsatos said.

The judge therefore imposed a harsh sentence, pointing out that “safety on subways and buses is non-negotiable in a peaceful and orderly society”.

Had the Crown not required 4 years, the penalty would have been greater, he added.

Kalenga also hoped to serve a prison sentence to get the care he needs.

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• Nasdaq, S&P 500 post longest weekly winning streaks since November
• The S&P 500 is recouping 50% of bear market losses
• The S&P 500 is up 17.7% from its mid-June low

NEW YORK, Aug 12 (Portal) – Wall Street closed higher on Friday as signs that inflation may have peaked in July boosted investor confidence that a bull market may be underway and the Spurred the S&P 500 and the Nasdaq to post their fourth straight week of earnings.

The S&P 500 (.SPX) is up 17.7% from a mid-June low, with the latest gains coming on data this week showing a slower-than-expected rise in the CPI and a surprise fall in producer prices over the past month.

The S&P 500 broke above a closely watched technical level of 4,231, suggesting the benchmark index has recouped half of its losses since falling from its all-time high in January. A 50% retracement for some signals a bull market. Continue reading

“It’s really just a number, but it certainly makes investors feel better — at least those who bought near the bottom,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

“I wouldn’t declare this bear market a winner just yet. There’s probably still some bad news to come. But there is a very good chance that we have bottomed out.”

The Dow Jones Industrial Average (.DJI) was up 424.38 points, or 1.27%, to 33,761.05, while the S&P 500 (.SPX) was up 72.88 points, or 1.73%, to 4,280.15 and the Nasdaq Composite (.IXIC) up 267.27 points. or 2.09% to 13,047.19.

For the week, the S&P 500 was up 3.25%, the Dow was up 2.92% and the Nasdaq was up 3.8%.

Volume on US exchanges was 9.99 billion shares compared to the average of 11.04 billion for the entire session over the past 20 trading days.

While the S&P 500 and Nasdaq posted their longest weekly winning streaks since November, analysts noted that the Federal Reserve still has no work to do as it tries to tame inflation through aggressive rate hikes without triggering a recession.

“Markets certainly got some great inflation news this week,” said Dec Mullarkey, managing director of investment strategy and asset allocation at SLC Management in Boston.

“A win lap was appropriate in some ways, but it’s far from mission accomplished. It’s still going very slowly.”

Raindrops hang from a Wall Street sign in front of the New York Stock Exchange in Manhattan in New York City, New York, U.S. October 26, 2020. Portal/Mike Segar

Continue reading

Inflation could slow to 7% or a little below by year-end, but getting core inflation below 4%, which is double the Fed’s target, will be more difficult than markets expect, Mullarkey said.

Traders are pricing in a less hawkish Fed, with Fed fund futures showing a 55.5% chance of Fed policymakers raising rates by 50 basis points when they meet in September, rather than 75 basis points. FEDWACH

Wall Street was a sea of ​​green for the second straight day, all 11 major sectors of the S&P 500 rose, along with semiconductors (.SOX), small caps (.RUT) and Dow Transportation (.DJT). Growth stocks (.IGX) are up 2.1%, while value (.IVX) is up 1.4%.

Investors bought $7.1 billion worth of shares in the week ended Wednesday, according to a note from Bank of America, with U.S. growth stocks seeing the largest weekly inflow since December last year. Continue reading

Also optimistic was data showing that US consumer sentiment rose further in August from a record low this summer and US households’ near-term inflation outlook eased again on the back of falling gasoline prices. Continue reading

After a bumpy start to the year, better-than-expected second-quarter earnings from Corporate America bolstered optimistic sentiment for US equities.

Analysts collectively believe the S&P 500 posted 9.7% year-over-year earnings growth for the April-June period, much stronger than the 5.6% forecast for the quarter-end, per Refinitiv.

Banks (.SPXBK) rose 1.4%, extending its rally for the sixth straight week.

GlobalFoundries Inc (GFS.O) rose 11.9% after being included in BofA Global Research’s “US 1 list.”

Rising issues predominated on the NYSE at a 4.43 to 1 ratio; on the Nasdaq, a 2.76 to 1 ratio favored movers.

The S&P 500 posted five new 52-week highs and 29 new lows; the Nasdaq Composite posted 78 new highs and 39 new lows.

Reporting by Herbert Lash in New York Additional reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Edited by Arun Koyyur and Matthew Lewis

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