Chip Stocks Consolidate While Tesla Retreats After Deliveries Miss
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The stock market pulled back last week but rebounded on Friday. Several AI chip stocks like Nvidia are working on potential bases while Tesla retreated.
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Nvidia fell last week but is forging a new base. Taiwan Semiconductor, Broadcom, and other chip plays are also consolidating.
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Tesla stock tumbled on weak Q1 deliveries and questions about its $25K EV plans. But it popped late Friday as Musk set an event to unveil a robotaxi.
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The market rally is still rangebound overall. Investors should watch leading stocks closely for emerging setups, but may want to wait for a broader breakout.
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Key indexes found support near their 10-week lines and reclaimed their 21-day moving averages on Friday. The Nasdaq and S&P 500 are just below recent peaks.