TRENDING: Futures Loom After Iran Attack Kills U.S. Trrops
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Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. An Iran attack killed two U.S. service members as Tehran Google-parent Alphabet, Tesla, Intel, GE Vernova and Interactive Brokers headline a big week of earnings, along with an AMD AI event.
The stock market saw losses this past week, but they were concentrated in the Nasdaq and especially AI stocks. Space Exploration Technologies ( SPCX), better known as SpaceX, dived well below its IPO price. But many stocks in the medical, financial, energy and transportation sectors are showing strength.
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Still, investors should be playing more defense than offense, cutting losers and continuing to take profits.
Interactive Brokers ( IBRK) reports Tuesday night with GE Vernova ( GEV) tap early Wednesday. Google-parent Alphabet ( GOOGL) and Tesla ( TSLA) are scheduled for late Wednesday and Intel ( INTC) is due Thursday evening
Also, Advanced Micro Devices ( AMD) will hold the AMD Advancing AI event on Wednesday, with CEO Lisa Su a featured speaker. Also, expect big jet orders during the week around the biennial Farnborough Air Show.
Iran Attack Kills Two U.S. Troops
Crude oil prices will remain in focus after surging last week.
On Saturday, an Iran missile attack killed two U.S. troops and wounded several at a Jordan air base, the deadliest day for the U.S. since the first few days of the Iran war. One service member is missing. Iran also launched heavy attacks on Kuwait, striking an oil facility, in response to ongoing U.S. strikes.
A top Iranian official said Tehran is suspending all commitments under the 60-day ceasefire, saying the tentative peace deal is effectively dead due to escalating U.S. attacks. Several days ago, President Donald Trump said he considered the ceasefire "over."
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq-100 futures.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Rally
The stock market rally had a down week, but with the Nasdaq down far more than the other key indexes. Outside of AI there was a fair amount of resilience or outright strength.
The Dow Jones Industrial Average gave up 0.9% in last week's stock market trading. The S&P 500 index slumped 1.55% to just below its 50-day line. The Nasdaq composite tumbled 2.9%, diving below its 50-day line, with the Nasdaq-100 index down 4.1%, almost undercutting early June lows. The small-cap Russell 2000 fell 0.5%.
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Provided by Nasdaq Last Sale.
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Real-time quote and/or trade prices are not sourced from all markets.
(Market Close)
The Invesco S&P 500 Equal Weight ETF ( RSP) slipped 0.45%.
A wide range of chip and AI buildout stocks sold off this past week, including Dell Technologies ( DELL), Sandisk ( SNDK), Micron Technology ( MU), though Dell did find support off its 50-day line on Friday. Many AI names look broken.
Real economy names had a strong week. Among those flashing buy signals were truckers like J.B. Hunt Transport Services ( JBHT), banks such as Goldman Sachs ( GS), payment stocks including Flywire ( FLYW) and big pharma names Merck ( MRK), Eli Lilly ( LLY) and Johnson & Johnson ( JNJ).
Software names are trying to hold up and set up.
The 10-year Treasury yield fell three basis points to 4.54%.
U.S. crude oil futures spiked 15.5% to $82.49 a barrel last week amid heavy U.S.-Iran attacks and few tankers traveling through the Strait of Hormuz. Resurgent oil prices could hit transportation and other real-economy stocks that have been coming up.
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ETFs
Among growth ETFs, the CapForce IBD 50 ETF ( FFTY) lost 4.6% last week. The iShares Expanded Tech-Software Sector ETF ( IGV) gained 0.4%. The VanEck Vectors Semiconductor ETF ( SMH) plunged 8.9%.
ARK Innovation ETF ( ARKK) slumped 6.3% last week and ARK Genomics ETF ( ARKG) declined 3.5%. Tesla is the No. 1 holding across ARK Invest funds, with Cathie Wood loading up on SpaceX since its IPO.
SPDR S&P Metals & Mining ETF ( XME) shed 5.15% last week. The Energy Select SPDR ETF ( XLE) jumped 4.7% and the Health Care Select Sector SPDR Fund ( XLV) edged up 0.2%. The Industrial Select Sector SPDR Fund ( XLI) dropped 1.4%. The Financial Select SPDR ETF ( XLF) was up 1%.
Best Growth Stocks To Buy And Watch
SpaceX And Tesla
Last week SpaceX dived 14.7% to 123.99, falling far below the $135 IPO price. A scrubbed Starship launch Thursday night didn't help, but space and AI companies are no longer in favor.
SpaceX now has a $1.64 trillion market cap, down $1 trillion from the June 16 closing peak of $2.64 trillion. Notably, SPCX's market cap is only modestly above Tesla's at $1.43 trillion. That could undermine hopes that SpaceX will eventually buy Tesla at a fat premium.
Tesla stock sank 6.6% for the week, now clearly below all key moving averages. Shares have sold off since the EV maker reported stellar Q2 delivery figures on July 2. Strong sales bode well for Thursday's earnings report. But TSLA stock's valuation is largely based on hopes for robotaxis and robotics.
Five Stocks Near Buy Points In Tough Market
Google, GE Vernova, Intel, Interactive Brokers, AMD
Google is the first hyperscaler to report Q2 results, so earnings, guidance and capital spending plans will be key for the hard-hit AI sector. Intel and GE Vernova are notable players as well.
Google stock hit resistance at the 50-day line midweek, then tumbled on Gemini AI model delays. A decisive move above the 50-day line could provide an early entry.
universal chart
(googl)
Provided by Nasdaq Last Sale.
Last update:
Real-time quote and/or trade prices are not sourced from all markets.
(Market Close)
GEV stock reclaimed its 50-day line on Friday. A strong earnings reaction could offer a buying opportunity. Intel stock has fallen well below its 50-day line.
Interactive Brokers held its 50-day line on Friday as it works on a short consolidation.
AMD will be in focus on Wednesday with its AI event. Shares dived 11.1% last week, but came off Friday's lows to nearly hold the 50-day line. A strong move above the 50-day and 21-day lines could offer a pullback entry.
Why This IBD Tool Simplifies The Sear ch For Top Stocks
What To Do Now
The stock market is difficult right now. The AI trade is heavily damaged, even with Friday's half-hearted bounce among some names. While many non-AI groups are showing strength, market volatility and the risk of renewed sector rotations make new buys tricky.
Earnings season and U.S.-Iran news add to the uncertainty.
Investors can try some new buys, but might consider smaller position sizes and a tight lease on losses. Don't feel obliged to make any purchases. Definitely dump losers and follow sell rules on winning positions that have come under pressure.
Work on watchlists. A large number of stocks are in buy areas or setting up, so have those on your radar.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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