Dow Jones futures, S&P 500 futures, and Nasdaq futures are set to open Sunday evening. The upcoming Nvidia (NVDA) earnings have implications for the stock market rally and a plethora of artificial intelligence plays. OpenAI’s recent ouster of Sam Altman raises questions for Microsoft and other AI stocks, including Microsoft (MSFT), Google parent Alphabet (GOOGL), Meta Platforms (META), Palantir Technologies (PLTR), and Super Micro Computer (SMCI). The stock market rally saw a strong week, buoyed by tame inflation and falling Treasury yields. While the market paused late in the week, a pause or pullback could be constructive and present opportunities for some leaders to forge handles or other entries.
The Nasdaq is on the cusp of entering a “power trend,” which could occur as soon as Monday. Power trends are a time to be aggressive yet disciplined in the market. Key stocks like Nvidia, Microsoft, Meta, and Google are all in buy areas, with PLTR and Super Micro around entry points.
Earnings from Nvidia could have a significant impact, highlighting the importance of monitoring these key stocks. Meanwhile, various ETFs representing different sectors also saw considerable gains and advances last week, reflecting the market’s broader strength.
In terms of individual stocks, Nvidia’s earnings, due Tuesday night, are highly anticipated, with investors looking for commentary on the impact of tighter China export controls. Meanwhile, Microsoft, Meta, and Google stocks also have significant developments to watch. The stock market rally continues to act favorably, with investors maintaining focus on new setups, Nvidia earnings, and upcoming earnings reports from other key players. Keeping abreast of market dynamics and the latest news remains crucial as the market direction continues to unfold.
