Stock Market Update: Dow Jones Futures Dip, Nvidia Soars, and Juneteenth Holiday Shuts U.S. Markets
Tuesday was a relatively calm day for the U.S. stock market, with slight gains in major indexes. However, by Wednesday afternoon, Dow Jones futures had dipped by 0.1%, while S&P 500 and Nasdaq futures saw modest rises. This happened while U.S. markets were closed for the Juneteenth holiday, though global exchanges remained open.
Nvidia’s Impressive Surge
Nvidia (NVDA) showed significant growth, overtaking both Apple (AAPL) and Microsoft (MSFT) in market capitalization. This boost was mirrored by advances in other AI chip and server sectors. Both the Nasdaq and Nvidia stocks are nearing highly extended levels.
Breakouts and Early Entries
ELF Beauty (ELF) successfully broke out, and Palantir Technologies (PLTR) along with Super Micro Computer (SMCI) exhibited upward trends, presenting actionable investment opportunities. Goldman Sachs (GS) and Granite Construction (GVA) are either poised for early entries or have already reached actionable levels.
KB Home’s Earnings and IBD Highlights
KB Home (KBH) posted better-than-expected earnings on Tuesday, leading to a slight increase in its stock price during late trading, suggesting a rebound from the 50-day line. Nvidia and ELF Beauty are featured on the IBD Leaderboard, with Goldman Sachs listed on SwingTrader. Microsoft is recognized on IBD Long-Term Leaders, while Nvidia, ELF, and Palantir are part of the IBD 50. Additionally, Nvidia and Super Micro are included in the IBD Big Cap 20, and Granite Construction was named IBD Stock of the Day on Tuesday.
Market Analysis and Insights
An accompanying video provides a detailed analysis of Tuesday’s market performance, with a focus on ELF Beauty, Granite Construction, and Goldman Sachs stocks.
Dow Jones Futures Update
As of Wednesday, Dow Jones futures had fallen by 0.1% relative to fair value, while S&P 500 futures rose by 0.1%, and Nasdaq 100 futures increased by 0.2%. Dow futures are set to reopen at 6 p.m. ET.
Global Markets and Juneteenth Holiday
U.S. stock markets were closed on Wednesday in observance of the Juneteenth holiday, commemorating the emancipation of enslaved African Americans. Despite the U.S. closure, global exchanges remained active, although their performance might not directly impact the next U.S. trading session.
Summary
In essence, the stock market experienced a quiet day on Tuesday, highlighted by Nvidia’s impressive rise and various actionable stock opportunities. With Dow Jones futures slipping on Wednesday and U.S. markets closed for Juneteenth, investors should keep an eye on global market movements and be ready for potential opportunities in the next trading session.
