Dow Jones futures fell slightly early Friday, along with S&P 500 futures and Nasdaq futures, heading into 2021’s final trading day. The stock market rally faded to slim losses Thursday.
Tesla stock pared losses after finding key support at its 50-day line intraday. Meanwhile, EV rivals had a big day, led by China startups Nio (NIO), Xpeng (XPEV) and Li Auto (LI) shot up 10% to 15% as U.S.-listed Chinese stocks and hard-hit growth names rebounded broadly. China EV giant BYD (BYDDF) leapt 4.3%. Lucid Motors (LCID) and Rivian Automotive (RIVN) also had solid advances.
While Tesla (TSLA) lagged on Thursday, it led the EV charge in a powerful four-day rally after just undercutting a prior base. Tesla stock is close to a trend line buy point. XPEV stock and Li Auto arguably flashed aggressive entries in emerging consolidations.
Early next week, perhaps over the weekend, Tesla will report global fourth-quarter production and delivery data while Nio, Xpeng and Li Auto will release December delivery figures. BYD will likely release December sales later in the week.
Tesla stock is on IBD Leaderboard and the IBD 50.
Dow Jones Futures Today
Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures retreated 0.1% and Nasdaq 100 futures lost 0.1%.
Crude oil futures retreated nearly 2% before the open. Natural gas prices rose modestly after tumbling Thursday.
U.S. stock markets are open for a full trading session on New Year’s Eve. Some exchanges around the world were closed, including Germany’s, while others had half-day sessions . So trading volume, already light, could be downright anemic to close out 2021.
The official China manufacturing index rose to 50.3 in December, vs. views for an unchanged 50.1. Readings over 50 signal growth.
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 actionable stocks in the stock market rally on IBD Live
Coronavirus cases worldwide …….