The stock market rally began the week with strong gains but ended on a disappointing note. The major indexes initially rose but faced resistance, with the Nasdaq leading losses on Friday. Market breadth was weak, and the Russell 2000 reversed lower towards six-month lows. Tech leaders started strongly but backed off, causing concern for the market rally. Investors are advised to be cautious about new buys as the market rally struggles and earnings season picks up steam. The article also highlights several stocks to watch, including Tesla, Lam Research, Applied Materials, KLA, and oil-services giant Schlumberger.
In terms of market performance, the Dow Jones Industrial Average climbed 0.8% for the week, while the S&P 500 index advanced 0.45%. The Nasdaq composite fell 0.2% due to its retreat on Friday. The Nasdaq initially cleared the 21-day and 50-day lines but fell back below these levels by the end of the week. The Dow Jones hit resistance multiple times at its 200-day line, while the Russell 2000 experienced a 1.5% weekly loss and ended at a six-month closing low. The article also mentions the performance of growth ETFs and provides an overview of the upcoming earnings reports for Tesla, ASML, Lam Research, and Schlumberger.
The stock market rally had high expectations at the beginning of the week, but these expectations were shattered by significant losses towards the end of the week. The CBOE Volatility Index, a measure of market fear, jumped on Friday, indicating that fear levels were reaching new highs and potentially signaling a bounce. The article discusses the performance of different ETFs and highlights key Chinese stocks to watch. In terms of upcoming earnings, Tesla’s Q3 earnings are expected to show a decline in EPS, although revenue should rise. The focus will be on Tesla’s gross margins and the company’s outlook for potential growth drivers. The article also provides information on the upcoming earnings reports for ASML, Lam Research, and Schlumberger. Additionally, it mentions stocks to watch such as Nvidia, Arista Networks, and Adobe.
