This week ahead || 1 Aug

NEWS

Dow Jones Futures: Stock Market Rally Passes Inflection Point; Apple, Exxon Flash Buy Signals

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally passed an inflection point, making a decisive move higher last week.

Investors should be adding to their positions with careful buys, not rushing to ramp up exposure. Markets are showing solid and improving technical action, but also appear to be betting on an optimistic economic scenario.

Apple (AAPL), Exxon Mobil (XOM) and Chevron (CVX) made bullish moves Friday following earnings. Exxon and CVX stock offered early entries above their 50-day lines as they move up the right side of proper bases.

Read about it here.

Ukraine Latest: Hypersonic Russian Weapons; Grain Magnate Killed

Vladimir Putin said Russia’s navy would soon be fitted with powerful “Zircon” hypersonic cruise missiles, which can fly at five times the speed of sound. He signed an expansive new naval doctrine and vowed to respond “with lightning speed to anyone who decides to encroach on our sovereignty and freedom.”

Read about it here.

China EV Sales Set To Double As Nio Stock, Xpeng Rally On Subsidy Hope

Xpeng (XPEV), Nio (NIO) and Li Auto (LI) are gearing up to report China EV sales for July before Monday's U.S. stock market open. Chinese EV giant BYD (BYDDF) also reports July sales in early August, amid hopes for another huge month.

Nio stock and its startup peer Xpeng reversed higher amid subsidy news Friday. A state council meeting confirmed a renewal of the purchase tax exemption for electric vehicles, according to a CnEVPost report late Friday. The exemption was set to expire at the end of 2022. Beijing had strongly hinted at such a move in recent months.

Read about it here.

Exxon, Chevron post blowout earnings, oil majors bet on buybacks

The two largest U.S. oil companies, Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX), posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.

The U.S. pair, along with UK-based Shell (LON:RDSa) and France's TotalEnergies, combined to earn nearly $51 billion in the most recent quarter, almost double what the group brought in for the year-ago period.

Read about it here.