The major indexes are pausing at record highs while small caps are running back to two-year best, just what the market rally needs. There aren’t many stocks to buy, though Brazil’s Embraer flashed an early entry. AMD and Shift4 Payments showed positive action.

Market Rally Showing Constructive Action; Embraer, AMD, Shift4 In Focus

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After a bearish reversal in Thursday’s session, the stock market bucked the weakness and delivered a positive expectation breaker. How bullish should you be now? Mike Webster and Alissa Coram walk through this week’s technical action and stocks to watch in the Friday extended version of Stock Market Today.

Positive Expectation Breaker After Downside Reversal; Deckers, Nvidia, Netflix In Focus

The 10-year Treasury rose above some key levels after the flash Composite Purchasing Manager’s Index (PMI) came in stronger than expected. Nvidia faded off highs after the Nasdaq composite pared an intraday gain of nearly 1.2% to a loss of 0.4% by the close. Novo Nordisk, Crocs and Ryan Specialty are still holding near highs.

Nasdaq Reverses Lower After Strong Start; NVO, CROX, RYAN In Focus

The 10-year Treasury yield rallied a bit after the minutes from the May 1 Fed meeting were released. Just after the close, the yield was trading around 4.43%, up 2 basis points. Oil and gas stocks lagged badly, along with metals and mining stocks. Loar Holdings followed through after clearing an IPO base Tuesday; Monday.com is holding gains well after gapping up on earnings; Vertex Pharmaceuticals is near the top of a shallow cup base.

Stocks Step Back After Fed Minutes; Loar, Monday,com, VRTX In Focus

The major indexes had another quiet session, as investors await Nvidia earnings. But leading stocks continue to fare well. Eli Lilly broke out while Microsoft flashed a buy signal. Ares Management tumbled Tuesday on investor day, but pared losses to hold the buy zone.

Market Awaits Nvidia Earnings;  Eli Lilly, Microsoft, Ares Management In Focus

As a power trend starts, many stocks are giving second chances at buy areas. AppLovin held tight after earnings and has a look that can be found among many stocks today. Monolithic Power reaffirmed its breakout from last week after holding tight for a couple of days. Of course, Nvidia earnings are due after the close on Wednesday which puts a spotlight on chips. Finally, Booking.com is a little slower but shows strength outside of tech.

Market Rally Showing Constructive Action; Embraer, AMD, Shift4 In Focus

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