Stocks Rebound After Early 2024 Retreat; Nvidia Surges While Tesla Slumps
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The stock market rally rebounded this past week after a retreat to start 2024, with the S&P 500 and Nasdaq hitting resistance but not extended from key levels.
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Nvidia stock surged on a powerful breakout while Microsoft is just above a buy point. Novo Nordisk and MercadoLibre flashed buy signals during the week.
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Tesla stock extended its sell-off, breaking below several key support levels on negative headlines about price cuts and production suspensions.
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Market breadth remains a concern with the Russell 2000 still hitting resistance, but leadership has been broad with solid gains from equal-weighted indexes.
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Investors have had several opportunities to add market exposure over the past week as stocks found support and flashed buy signals, presenting a constructive backdrop.