Dow Jones futures and S&P 500 futures declined slightly Sunday night, while Nasdaq futures fell modestly. The stock market rally is teetering, with last week’s short-lived rebound quickly fizzling.
The stock market rally is still standing, but is bruised and wobbly. The major averages are testing key support areas, though the Nasdaq has held its 200-day line so far.
The Nasdaq has lagged the S&P 500 index since last February, with that underperformance increasing over the past two months.
Apple (AAPL) stock and Apple iPhone chipmaker Qualcomm (QCOM) are two growth stocks holding up relatively well, while Tesla (TSLA) China rival Xpeng (XPEV) is right at an early entry. Meanwhile, DE stock is setting up, while SM Energy (SM) broke out Friday.
Goldman Sachs (GS), Charles Schwab (SCHW) and Signature Bank (SBNY) report before Tuesday’s market opening. GS stock fell below its 200-day moving average on Friday, though it’s technically in a base. Schwab stock is extended. SBNY stock is at the edge of a buy zone.
Xpeng stock is on the IBD 50 list. Deere (DE) was Friday’s IBD Stock Of The Day.
The video embedded in this article discussed the volatile market action as well as SM stock, On Semiconductor (ON) and Deere.
Dow Jones Futures Today
Dow Jones futures lost 0.1% vs. fair value. S&P 500 futures dipped 0.2%. Nasdaq 100 futures fell 0.5%.
Crude oil futures rose slightly.
U.S. markets will be closed Monday in observance of the Martin Luther King Jr. holiday, though other exchanges around the world are open.
China’s central bank cut its one-year lending rate by 10 basis points to 2.85%, the first cut since April 2020.
That monetary push comes amid a slew of economic data. China’s economy expanded 4% in the fourth quarter vs. a year earlier, better than views for 3.3% but down from Q3’s 4.9% pace. GDP expanded 8.1% for the full year. December industrial production climbed 4.3% vs. a year earlier, slightly better than forecasts. But retail sales grew just 1.7%, less than half of estimates for 3.8%.
Meanwhile, China’s ultra-low birth rate fell to 0.75% in…