S&P 500 stocks Nvidia (NVDA) Costco Wholesale (COST) and General Electric (GE), along with Urban Outfitters (URBN) and Datadog (DDOG), are in focus this week.
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The stock market is still in a confirmed uptrend as the rally continued Friday after a pullback Thursday. The S&P 500 and Nasdaq composite snapped long win streaks on Thursday, but rebounded Friday to close higher for the week.
Meanwhile, leading stocks continue to flash buy signals or set up. Technology has let the way, but a variety of sectors are showing strength, including aerospace and retail.
These five stocks, including three S&P components, are trading around buy points. Nvidia stock and Datadog stock are on IBD Leaderboard and the IBD 50.
S&P 500: Nvidia Stock
Nvidia stock rose nearly 3% to 483.35 in Friday’s market action, climbing 7.4% for the week.
NVDA stock has formed a double-bottom base and topped the 476.09 buy point on Friday, according to MarketSmith analysis. The buy zone for Nvidia stock extends to 499.89, according to IBD Leaderboard.
The relative strength line has also hit a new high on a weekly chart.
Thursday marked Nvidia’s first up day in above-average volume in more than two months. However, the weak close offset some of that.
NVDA stock has gained 230% in 2023, easily leading the S&P 500.
Nvidia reports third-quarter earnings and revenue on Nov. 21. Analysts expected EPS to balloon 478% to $3.35. Sales are forecast to skyrocket 172% to $16.11 billion.
Meanwhile, Nvidia will release new chips for the China market, according to various sources, after the U.S. government curbed exports of its high-end AI chips.
The S&P 500 stock ranks first in IBD’s Electric-Semiconductor Fabless industry group. NVDA has a 99 Composite Rating out of 99. Shares of Nvidia have a 99 Relative Strength Rating, an exclusive gauge for share-price movement. The EPS Rating for the S&P 500 component is 93.
Urban Outfitters Stock
URBN shares advanced 1.4% to 35.40 on Friday. On the week, Urban Outfitters stock declined 1.1%. Shares have formed a cup-with-handle base with a 36.10 buy point,…
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