Stock Market Week Ahead: Key Events and Index Changes
This coming week promises to be eventful for the stock market, with several major events and index changes on tap.
Upcoming Events:
- Sunday Evening: Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures open for trading (Note: Overnight activity may not reflect regular market performance).
- Key Earnings: Watch out for earnings reports from Eli Lilly, Oracle, Adobe, and Broadcom.
- Tesla Shareholder Meeting: The Tesla shareholder meeting could generate news and impact the stock price.
- Federal Reserve Outlook: The Fed’s latest rate decision will be closely watched.
Stock Market Rally:
The previous week saw the Nasdaq and S&P 500 reach record highs, while the Russell 2000 fell below its 50-day moving average. Despite some weakness in overall market breadth, several stocks displayed bullish signals.
Nvidia Takes the Lead: Nvidia stock soared to a record high last week, surpassing Apple in market value and even reaching a $3 trillion valuation. A 10-for-1 stock split for Nvidia is scheduled for after Friday’s close.
S&P 500 Rebalance:
S&P Dow Jones Indices announced changes to the S&P 500 index on Friday evening. CrowdStrike, KKR, and GoDaddy will be added, replacing Robert Half, Comerica, and Illumina. These changes will take effect before the market opens on Monday, June 24th, as part of the regular quarterly S&P index rebalancing.
Index Inclusion and Exclusion:
CrowdStrike and KKR stocks rose on the news of their S&P 500 inclusion, while GoDaddy also saw a gain. However, Dell Technologies and Palantir Technologies, considered potential candidates for the index, experienced a slight decline after being passed over.
IBD Stock Watchlist:
Keep an eye on Nvidia and Eli Lilly, both of which are featured on the IBD Leaderboard. Additionally, Nvidia is on the IBD 50 and both Nvidia and Broadcom are on the IBD Big Cap 20.pen_sparktunesharemore_vert
