Dow Jones futures saw a modest increase on Sunday night, accompanied by gains in S&P 500 futures and Nasdaq futures. Notably, Nvidia CEO Jensen Huang and Tesla’s Chinese electric vehicle (EV) competitors made headlines over the weekend. Additionally, investors are anticipating the upcoming jobs report this week.
Market Overview
The stock market experienced losses last week, with major indexes either breaking or testing crucial levels. However, there was a notable bullish surge on Friday. The software sector was particularly hard hit, with many leading companies facing significant setbacks.
Key Industry Developments
Nvidia’s CEO, Jensen Huang, delivered a speech ahead of Taiwan’s Computex 2024 electronics showcase, hinting at future advancements in artificial intelligence chips. Meanwhile, Advanced Micro Devices (AMD) CEO Lisa Su is set to deliver a keynote speech on Monday morning local time (Sunday night in the U.S.). Intel and Qualcomm are also scheduled for keynote presentations during Computex, which runs through Friday. Additionally, CEOs from Arm Holdings and Super Micro Computer will be presenting at the event.
China’s EV Market and Tesla Shareholder Concerns
Chinese EV manufacturers Li Auto, Nio, XPeng, Zeekr, and battery giant BYD reported increased deliveries in May, with Nio and the recently public Zeekr achieving new monthly records. In contrast, Tesla faces potential issues as non-U.S. shareholders may be unable to vote in the upcoming annual meeting due to technical problems, according to a Financial Times report. This affects approximately $17 billion, or 3% of shares, potentially influencing the outcome of CEO Elon Musk’s $56 billion pay package and a proposal to reincorporate Tesla in Texas from Delaware.
Earnings and Economic Reports
CrowdStrike’s earnings report on Tuesday night will be significant for the cybersecurity sector and the broader software industry. Investors also have a busy week ahead, culminating with the release of the May jobs report on Friday.
Stock Performance and Futures
Nvidia stock remains on the IBD Leaderboard, with Nvidia and ARM listed on the IBD 50. Additionally, Nvidia and Super Micro stock are featured on the IBD Big Cap 20.
Futures and Economic Indicators
As of today, Dow Jones futures rose by 0.2% compared to fair value, while S&P 500 futures increased by 0.3% and Nasdaq 100 futures also advanced by 0.3%. The 10-year Treasury yield slightly decreased to 4.49%. Crude oil futures saw a slight rise, following OPEC+’s decision on Sunday to extend production cuts into 2025.
The private Caixin manufacturing index increased by 0.3 points in May, reaching a two-year high of 51.7, slightly exceeding forecasts. This follows an unexpected contraction reported in the official manufacturing index a few days earlier.
Market Insights
It’s important to note that overnight movements in Dow futures and other indices do not necessarily predict actual trading outcomes in the next regular stock market session.
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