March 31, 2024, 10:43 a.m.
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Brief news summary

Investors will react to the Federal Reserve's inflation report as stock futures open on Sunday evening. Dow Jones, S&P 500, and Nasdaq reached highs, with small caps performing well. Tech leaders like Nvidia, Microsoft, Meta Platforms, and CrowdStrike are retracing, while Astera Labs, a new AI chip IPO, is also pulling back. Several China EV makers will report delivery figures on Monday. European and Hong Kong markets are closed on Easter Monday. The stock market rally yielded gains, with record highs for Dow Jones and S&P 500. Market breadth was strong, with small caps performing well. Growth ETFs retreated but remained within previous gains. Nvidia stock declined after 11 weeks of growth, while Microsoft stock may rebound and Meta stock pulled back. CrowdStrike stock found support. Tesla stock had a slight increase but encountered resistance. Investors should search for promising stocks across sectors and consider defense as some leading stocks show sell signals.

Dow Jones futures, as well as S&P 500 and Nasdaq futures, are set to open on Sunday evening. Investors will have the opportunity to react to the Federal Reserve's inflation report, which Fed Chief Jerome Powell seemed pleased with. Despite a slight dip in growth stocks, the stock market rally had a solid week overall, with small caps leading the gains. Tech leaders like Microsoft, Meta Platforms, and CrowdStrike are experiencing a bullish pullback, while AI chip IPO Astera Labs is also pulling back. China EV makers Nio, Li Auto, and XPeng are expected to report their March and first-quarter deliveries early Monday, while Tesla will release their first-quarter deliveries on Tuesday. Expectations for Tesla are low, while Nio and Li Auto have recently cut their delivery targets. Overall, the market breadth was robust throughout the week, with several ETFs reaching record highs. Nvidia stock experienced a slight decline but is expected to consolidate before potentially forming a new base.

Astera Labs, on the other hand, has continued to pull back and could potentially form a short IPO base. Microsoft, Meta Platforms, and CrowdStrike stocks are featured on various influential stock lists. In terms of stocks near buy points, Microsoft and Meta stock are showing potential for a rebound, while CrowdStrike stock has found support around the 21-day and 10-week lines. Tesla stock has risen, but analysts continue to revise their earnings and delivery estimates due to weak EV demand. The stock market rally is broadening out and rotating in a constructive way, providing opportunities in various sectors. As tech leaders consolidate, investors are advised to cast a wide net and add promising names to their watchlists. Additionally, it's important to keep an eye on defense stocks and stay updated with the market direction and leading stocks and sectors.


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