Dow Jones Futures: Biden Set To Pick Fed Chief As Market Rally Diverges; Time To Buy Rivian Stock?

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Dow Jones futures rose slightly Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally diverged last week, with Apple (AAPL) and other megacap techs thriving, which masked some underlying weakness. That comes as President Joe Biden is about to announce whether he will nominate Federal Reserve chief Jerome Powell for a second term with inflation at a 30-year high. Finally, Rivian Automotive (RIVN) is consolidating after the initial-post RIVN IPO surge. Is it time to buy this EV startup?




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Apple stock, Amazon.com (AMZN), Tesla (TSLA), Nvidia (NVDA) and Microsoft (MSFT) drove the Nasdaq composite to record highs. The Nasdaq and especially the Nasdaq 100 are looking extended. But the Nasdaq advance-decline has been weakening. Meanwhile, the Dow Jones and Russell 2000 fell last week as tumbling oil prices and Treasury yields hit energy stocks and financials. Blame renewed Covid fears and restrictions, which are also…

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