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Stock market rally fades

by Jonathan Adams
stock market

Dow Jones futures rose slightly, along with S&P 500 futures and Nasdaq futures

Dow Jones futures rose slightly late Thursday, along with S&P 500 futures and Nasdaq futures. The coronavirus stock market rally faded into Thursday’s close, though the major indexes had a strong week. Tesla (TSLA) soared on second-quarter delivery figures, while Akamai Technologies (AKAM), Teladoc Health (TDOC), Taiwan Semiconductor (TSM) and Atlassian (TEAM) all cleared buy points. After the close, Regeneron Pharmaceuticals (REGN) fell on weak results for a possible coronavirus treatment.

Tesla stock held the bulk of Thursday’s gains, capping a huge week for itself and other electric-vehicle plays such as Nio (NIO). Looking ahead, second-quarter Tesla earnings results could spur the S&P 500 index to add TSLA stock. Beyond that, Tesla faces no production constraints but questions about future demand remain.

Teladoc stock cleared two buy points Thursday, while Akamai stock surged to a new high. Taiwan Semiconductor stock also broke out past a clear buy point. Atlassian stock cleared an early entry, just below an official buy point from a brand-new flat base.

On the downside, Regeneron and partner Sanofi (SNY) fell late Thursday. Both REGN stock and SNY stock had closed near buy points.

Tesla stock, TEAM stock and TDOC stock are on IBD Leaderboard. TSM stock is on the IBD 50, along with many other semiconductor companies.

Dow Jones futures rose a fraction vs. fair value. S&P 500 futures advanced 0.1%. Nasdaq 100 futures climbed 0.2%. DJIA futures trade until 1 p.m. ET on Friday, then resume trading at 6 p.m. ET Sunday. Dow Jones futures trading may be relatively muted with U.S. stock exchanges closed Friday, in observance of the Fourth of July holiday. But stock markets in Asia, Europe and elsewhere are open.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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