Dow Jones Futures: Stock Market Makes Bullish Move, Nvidia In Buy Area.

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. Warren Buffett’s Berkshire Hathaway (BRKB) reports Saturday morning followed by the conglomerate’s annual shareholder meeting.

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The stock market rally had a strong week, with the Nasdaq punching above a key level thanks to a tame jobs report and rebounding Apple (AAPL).

Nvidia (NVDA) regained a key level, flashing an early buy signal Friday, recovering from a midweek slide.

Palantir Technologies (PLTR), Astera Labs (ALAB), Arista Networks (ANET), Datadog (DDOG) and Constellation Energy (CEG) all have earnings on tap. All are AI-related plays that are setting up.

Nvidia stock is on IBD Leaderboard, SwingTrader and the IBD 50. ALAB stock is on the Leaderboard watchlist.

Berkshire Hathaway Earnings

Berkshire’s operating earnings per share should climb 21% to $4.47. Revenue is seen rising 2% to just over $87 billion.

Investors will want to know if Warren Buffett was a net seller of equities once again. The size of Berkshire’s stock buybacks and cash hoards also will be in focus.

Buffett will answer questions during Saturday’s annual shareholder meeting.

Berkshire stock edged down 0.3% last week to 400.60, below the 50-day line. BRKB stock has a 430 flat-base buy point. Investors could use a decisive move above the 50-day that could offer an early entry.

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.

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Stock Market Rally

The stock market rally had midweek wobbles but came on strong Thursday and Friday, helped by earnings reports and a tame jobs report.

The Dow Jones Industrial Average rose 1.1% in last week’s stock market trading. The S&P 500 index gained 0.55%. The Nasdaq composite rose 1.4%. The small-cap Russell 2000 jumped 1.7%.

The Nasdaq rallied above its 50-day line on Friday, jumping 2%. But for the third time in six sessions, the Nasdaq had a strong price gain with volume that was slightly lower than in the prior session. So there’s still no official follow-through day for the market rally attempt.

The S&P 500, Dow Jones and Russell 2000 moved above their 50-day lines Friday but closed below that key level, though the S&P is just below it.

Nvidia cleared an early buy point and a number of stocks are setting up, but there weren’t many buying opportunities Friday.

The 10-year Treasury yield tumbled 17 basis points to 4.5%, backing off from 2024 highs.

U.S. crude oil futures plunged 6.85% to $78.11 a barrel last week.

ETFs

Sector ETFs had modest moves but generally closed near weekly highs.

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) dipped 0.3% last week, with DDOG stock a member. The VanEck Vectors Semiconductor ETF (SMH) rose a fraction. Nvidia stock is the No. 1 holding.

SPDR S&P Metals & Mining ETF (XME) lost less than 0.1% in yet another tight weekly close. The Global X U.S. Infrastructure Development ETF (PAVE) climbed 0.4%. U.S. Global Jets ETF (JETS) dipped 0.1%. SPDR S&P Homebuilders ETF (XHB) stepped up 1.4%.

The Health Care Select Sector SPDR Fund (XLV) added 0.7%. The Industrial Select Sector SPDR Fund (XLI) nudged 0.1% higher. The Financial Select SPDR ETF (XLF) dipped 0.6%.

The big exception: The Energy Select SPDR ETF (XLE) slumped 3.3%.

Time The Market With IBD’s ETF Market Strategy

Nvidia Stock

Nvidia stock climbed 1.2% last week to 887.83, bouncing 3.6% on Friday. Shares reclaimed the 50-day line and cleared a trendline, offering an early entry. NVDA stock also briefly topped the April 30 high of 888.19, but didn’t close above it.

Nvidia stock has an official 974 buy point from a consolidation going back to the March 8 peak. Shares shrugged off Wednesday’s slide following lackluster guidance from rival Advanced Micro Devices and AI server partner Super Micro Computer (SMCI).

Nvidia earnings are due May 22.

AI Earnings

Palantir earnings are due Monday night. Analysts expect booming earnings growth and a solid revenue gain, with commercial sales in focus. PLTR stock popped 3.55% last week to 23.32, just below the 50-day line. A decisive move above that level after earnings could offer an early entry. Palantir stock has a 27.50 consolidation buy point, according to MarketSurge.

Datadog earnings are early Tuesday. Analysts expect 22% EPS and revenue gains, but have penciled in lower profit for the rest of the year. DDOG sank 5.5% last week to 124.27, falling below the 50-day line on Friday as Cloudflare (NET) plunged on lackluster guidance. Datadog has a 138.61 buy point from a flat base. Investors could use the April 26 high of 132.90 as an early entry.

Arista Networks earnings are late Tuesday. The networking leader had a big run in 2023, finally…