The Stock Market Rally had a mixed week, with the Nasdaq and growth names taking a hit. The Nasdaq fell below its 50-day and 10-week moving averages, while Tesla and Nvidia are also below their 10-week lines. This decline in Nvidia stock is especially significant since it has been leading the AI-led market rally.
On the other hand, the S&P 500 saw a slight decrease but found support at its 10-week streak on Friday. The Dow Jones, in contrast, experienced a slight increase, defying the overall trend.
While the market rally is at risk of falling into a correction, it hasn’t reached that point yet. The boom is shifting, with technology stocks undergoing correction while other sectors like industries, infrastructure, housing, and energy are either maintaining their positions or gaining ground. Retail, travel, medical, transportation, and finance are among the sectors seeing growth.
Several stocks including Arista Networks, Denarius, Visa, SLP, Lenor, Martin Marietta, Delta Air Lines, Flowserve, Lululemon Athletica, and JP Morgan Chase are performing well or holding steady. Meanwhile, Cardinal Health, Kava Group, Home Depot, Stoneco, and In Holding are trading around buy zones with expected returns in the coming week.
Investors are advised to take a defensive approach in the current market environment. Tesla, Nvidia, and Martin Marietta are running IBD Leaderboard, SLB stock is on SwingTrader, and Tesla, SLB, Applied Materials, and ANET have shares in IBD Big Cap 20. Flowserve was Friday’s IBD Stock of the Day.
In summary, the stock market rally has been mixed, with some sectors experiencing declines and others remaining stable. The future direction of the market remains uncertain.
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