Stock futures jumped up slightly on Sunday ahead of the holiday-shortened week, along with Nasdaq futures and S&P 500 futures.
The stock market rally went separate ways last week, with Apple and other mega-cap techs thriving, which masked some underlying weakness.
This happened all because of the fact that the US President Joe Biden is all set to make public whether or not he will nominate Jerome Powell, a Federal Reserve chief, for a second term with inflation at a 30-year high. Finally, RIVN is consolidating after the initial post-RIVN IPO surge.
Apple stock, Tesla, and Microsoft drove the Nasdaq composite to record highs. The Nasdaq and especially the Nasdaq 100 are looking extended. But the Nasdaq advance decline has been weakening.
Meanwhile, the Dow Jones and Russell 2000 fell last week as the shaking oil prices and Treasury yields hit energy stocks and financials. They both blamed the renewed Covid restrictions, which are also hitting travel names.
Dow Jones futures rose 0.3% vs. fair value. S&P 500 futures climbed 0.3% and Nasdaq 100 futures advanced 0.3%.
The 10-year Treasury yield rose three basis points to 1.57%. However, Crude oil prices edged lower. It is important to remember that overnight action in the Dow Futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Stock Market Rally
The stock market rally seems to be bifurcated during the week, with the leading techs masking weakness elsewhere.
The Dow Jones Industrial Average sank 1.4% in last week’s trading, and the S&P 500 index edged up 0.3%. The Nasdaq composite rose 1.2%, with the Nasdaq 100 up 2.35%.
The 10-year Treasury yield fell five basis points last week to 1.54%, reversing lower from a midweek peak of 1.65%. Crude oil futures tumbled 5.8% to a seven-week low.
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