Dow Jones futures soared on Sunday night. The S&P 500 futures and Nasdaq futures also surged forward, even though coronavirus cases continue to rise in the U.S. Global Covid-19 infections have already topped 13 million.
The stock market rally was quite strong during the last week, even during the pandemic. The Nasdaq and growth stocks hit high. Mega caps Microsoft, Apple, and Amazon.com also continue to increase sharply, along with Tesla and Netflix stocks.
JPMorgan Chase, Netflix, and Domino’s Pizza are among the big companies kicking off earnings season. On Friday, Domino’s stock entered a buy zone.
At the same time, Tesla lowered the price of its Model Y crossover by $3,000, settling at $49,900 for the base version. This may be a sign of weak demand for the brand-new Tesla Model Y. On Friday, Tesla also set its annual shareholder meeting and Battery Day for Sept. 22.
Meanwhile, reports say that Analog Devices is negotiating to buy Maxim Integrated for more than $17 billion. The semiconductor deal could be finalized by Monday. In such a case, it would be one of the biggest takeovers of 2020.
How much did the U.S. stocks gain?
Dow Jones futures jumped by 0.65% versus its fair value. The S&P 500 futures soared by 0.55%, while Nasdaq 100 futures gained 0.6%.
On the other hand, Apple stock skyrocketed by 5.4% last week, with Microsoft stock gaining 3.6% and Amazon stock rallying by 10.7%. Apple currently has a $1.66 trillion market cap, with Microsoft stock at $1.62 trillion and Amazon stock just below $1.6 trillion.
Netflix stock surged forward by 15% after the prior week’s 7.55% pop. Meanwhile, Tesla stock skyrocketed by 28% after a 26% run.
After a couple of months of sideways action, Domino’s stock jumped by 6.5% to 398.31, breaking past a 395.09 buy point. Several other top stocks are also at or near buy points.
