S&P 500 Nasdaq Aim To Retake Key Level; These 2 Dow Giants Are Near Buys

Futures for the S&P 500 index, Nasdaq 100 and Dow Jones industrial average rose solidly Sunday evening.

XAutoplay: On | OffThe S&P 500 index and Nasdaq composite ended last week just below their 50-day moving averages. Meanwhile, Dow giants Microsoft (MSFT) and Wal-Mart (WMT) dipped just below buy points. E-commerce giant JD.com (JD) kicks off another big week for Chinese internet earnings, with Alibaba (BABA) and Tencent (TCEHY) later this week.

S&P 500 futures rose 0.4% vs. fair value. Nasdaq 100 futures climbed 0.6% and Dow futures 0.4%.

Microsoft

Microsoft cleared a 72.99 flat-base buy point in mid-July. A few days later Microsoft reported blowout June-quarter earnings, fueled by strong cloud-computing gains as it becomes a growing rival to Amazon (AMZN) and its mammoth Amazon Web Services. But Microsoft shares didn't move much on those results and by the end of the month had slipped just below its entry area. Last Thursday, shares closed right at their 50-day moving average. But the software and cloud giant rebounded Friday, rising 1.5% to 72.50.

Wal-Mart

Wal-Mart sold off along with many top grocery sellers as Amazon announced its June 16 deal to buy Whole Foods Market (WFM). But Wal-Mart, which has made big investments in e-commerce, didn't fall much further and began rallying from a July 10 low. The stock cleared a cup-base buy point of 80.57 on Aug. 3. Wal-Mart held just above that entry until Friday, when it edged down to 80.40.

Wal-Mart reports Q2 results on Thursday, with analysts expecting a 1% EPS dip to $1.06 and a 2% revenue rise to $122.8 billion.

JD.com

JD is a major e-commerce rival to Alibaba, which reports earnings on Thursday. Alibaba's archrival Tencent, has a big stake in JD.com as part of a strategic alliance. Tencent, which owns the super-app WeChat, reports on Wednesday.

Analysts expect JD to report EPS doubling to 8 cents with revenue up 34% to $13.2 billion.

JD shares are well extended from an early April breakout.

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