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Dow Jones Futures Soar on Strong Weekly Gains and All-Time Highs
The stock market rally continues to gain steam as Dow Jones futures are set to open Sunday evening with impressive weekly gains and hitting all-time highs. The surge in the market is largely driven by expectations of Federal Reserve rate cuts and the ongoing artificial intelligence (AI) boom.
The Federal Reserve has reaffirmed its projections to cut rates three times by 2024. This has been bolstered by upbeat AI events from companies like Nvidia, Broadcom, and Microsoft. Micron Technology has also reported a surprise profit and strong guidance, thanks to AI tailwinds.
Leading stocks such as Uber Technologies, Eli Lilly, and CrowdStrike Holdings are setting up in consolidations, providing opportunities for investors to take advantage of actionable names using incremental buys. It is advised to avoid buying extended AI leaders in order to mitigate risks.
Major indexes have risen strongly, hitting record highs, although they did back off Thursday’s intraday highs. The small-cap Russell 2000 has hit a 23-month closing high before pulling back. Growth ETFs have also bounced back, including the tech-software and semiconductor sectors.
Stocks like Uber and CrowdStrike are nearing buy points, while Nvidia stock is on an 11-week gain streak. The market rally is based on positive news, with stocks from various sectors flashing buy signals.
Investors are encouraged to stay updated with The Big Picture to align with market direction and leading stocks. Following Ed Carson on Threads and Twitter can provide more insights and analysis for navigating the current market conditions.
