Dow Jones Futures: Market Rally At Key Levels; Nvidia Leads 6 Stocks Near Buy Points

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.


The stock market rally got off to a rough start in 2024, with the major indexes snapping nine-week losing streaks. But the S&P 500 and many leading stocks found support late in the week. Some stocks flashed buy signals.

Those could work but that’ll largely depend on whether the stock market rebounds. And equities will continue to take their cue from the bond market, especially with Treasury yields around the 4% level.

Magnificent Seven stock Nvidia (NVDA) rebounded Friday, moving close to a buy point as predictions that the AI chip giant could generate $100 billion in free cash flow in the next two years.

PulteGroup (PHM), Super Micro Computer (SMCI), Eli Lilly (LLY) and MercadoLibre (MELI), Snowflake (SNOW) also are showing constructive action.

The FAA temporarily grounded some Boeing 737 Max-9 jets on Saturday. That came after a Boeing (BA) 737 Max-9 jet operated by Alaska AirlinesALK lost some of its fuselage midair Friday. Alaska Air grounded its 65 Boeing 737 Max-9 jets Friday night.

Meanwhile, get ready for Big Tech and medical news with the CES tech show and JPMorgan Healthcare Conference are this week. Earnings season also will get underway, with JPMorgan Chase (JPM), Citigroup (C) and UnitedHealth (UNH) among the big names.

Nvidia stock is on IBD Leaderboard. Eli Lilly stock and MercadoLibre is on SwingTrader. Nvidia, Snowflake, Super Micro and MELI are on the IBD 50.

The video embedded in the article discussed the rough market start to 2024 and analyzed Nvidia, Spotify (SPOT) and PHM stock.

Dow Jones Futures Today

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

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

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