Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were slightly higher late Monday as treasury yields declined from recent highs. Tesla shares, Applied Materials and Nvidia led the stock market on Monday.
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On Monday, the Dow Jones Industrial Average rose 0.3%. The S&P 500 rose 0.7%, while the technically heavy Nasdaq composite outperformed 1.2%, even after declining profits.
Among the Dow Jones leaders, appeal (AAPL) rose 2.8% on Monday, while Microsoft (MSFT) rose 2.45% in today’s stock market. Boeing (BA) is back in the buying range after a recent breakthrough, while Nike (NKE) recovered a portion of Friday’s tumble.
Tesla (TSLA) rose to 6.8% on Monday after a large price target increase at ARK Invest before lowering profits.
Among the top stocks to watch are chip leaders Applied materials (AMAT), ASML (ASML), FMD instruments (MKSI), Nvidia (NVDA) and Qorvo (QRVO) is in or near buying zones in the current rally.
Meanwhile, it Alphabet (GOOGL), and Wayfair (W) also approaches new buying points. Alphabet was in this week’s Stocks Near A Buy Zone category, while Wayfair was the IBD 50 Stocks To Watch pick on Monday.
Alphabet, Microsoft and Nvidia are IBD Leaderboard shares. MKS Instruments was the IBD Stock Of The Day on Tuesday.
Dow Jones Today: Treasury Revenue
Following the close of the stock market on Monday, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, each rose about 0.1% to fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily actually trade in the next regular stock market session.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 32730.35 | +102.38 | +0.31 |
| S&P 500 | (0S & P5) | 3940.56 | +27.46 | +0.70 |
| Nasdaq | (0NDQC) | 13377.54 | +162.31 | +1.23 |
| Russell 2000 | (IWM) | 225.23 | -1.71 | -0.75 |
| IBD 50 | (FFTY) | 46.85 | +0.08 | +0.17 |
Last updated: 16:38 ET 22/02/2021 |
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On Friday, the treasury yield rose to 1.754% for ten years before closing at 1.732%. The 10-year Treasury yield fell below 1.7% to 1.684% on Monday.
Among the exchange-traded funds, the Innovator IBD 50 (FFTY) rose 0.2% on Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1.75% on Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.8%.
Market shares: Nasdaq re-tests key level
Amid the current rise in the stock market, the Dow Jones industrial average and S&P 500 indices hit two-day losing streaks with modest gains on Monday.
Meanwhile, tech giant Nasdaq is once again trying to seize its main 50-day moving average line, but fell short on Monday. Last Thursday, the Nasdaq composite gave up the key level. The Nasdaq will have to overcome this important hurdle to maintain its upward trajectory. The 50 day line is a critical potential resistance level. If the Nasdaq definitely clears it, new highs may be imminent.
IBD’s market outlook was upgraded to ‘confirmed rise’ on March 10, as the Dow Jones industrial average hit new highs.
Friday’s big picture said: “The weekly losses indicate increasing anxiety on Wall Street about the cost of money. Long-term interest rates have risen in percentage terms since early August. According to CBO market data more than tripled from 0.50% to about 1.75%.
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Dow Jones shares: Boeing, Nike
Within the Dow Jones industrial average, Boeing is once again above a 244.18 buying point in a cup base amid a three-day losing streak. Shares fell nearly 2% on Monday.
Meanwhile, Nike shares remain a flat base with a buying point of 148.05, according to IBD MarketSmith’s chart analysis. Shares are now about 6% off their buying point.
On Friday, Nike tumbled 4% after the mixed fiscal results for the third quarter. Nike rose 0.6% on Monday but remains below its 50-day line.
Chip supplies to check: Applied materials, Nvidia
Chip stocks are still some of the best tech names in the current stock market. The VanEck Vectors Semiconductor ETF (SMH) is a new IBD SwingTrader add-on on Monday amid a 2.3% rise.
Applied material continues to bounce back from its 50-day support level. Shares rose 3.9% on Monday and are just 4% off the new highs.
ASML jumped back above its 50-day line and rose 5.2% on Monday. Shares are off a potential base in week six. The minimum length of a cup bottom is six weeks, so a new point of purchase may arise at the end of the week.
Qorvo gained support on its 50-day line on Friday and continued its setback on Monday with a rise of 1.9%. Shares closed at a 191.93 buy-in, while an early entry exists at 185.96.
Last Tuesday, the IBD Stock Of The Day, MKS Instruments, ended just below its 177.46 buying point in a double bottom amid the 2.4% gain on Monday. The buying zone of 5% rises to 186.33.
According to IBD Stock Checkup, MKSI shares have a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors measure the quality of the fundamentals and technical benchmarks of a stock.
Chip giant Nvidia (NVDA) increased by 3.4%. The graphics chip maker may be on the right track for a new base, but it’s a little too early for a regular purchase. The outlook for the stock will be a strong day to regain the 50-day line.
Shares near buying zones: Alphabet, Wayfair
IBD Leaderboard shares Alphabet completed a five-week flat base on Friday, creating a new buying point at 2,145.24, according to IBD MarketSmith chart analysis. Shares are down about 6% from the new listing. GOOGL share rose 0.2% on Monday.
According to Leaderboard’s comments, “Alphabet has made better progress in recent times than other big capital technology techniques. Support at the 21-day line is the current chart action. The last base was the second phase.”
Monday’s IBD 50 Stocks To Watch choice, Wayfair, tries to break past a 343.09 buy point in a cup with handle. Shares rose 3.1% on Monday and are within the buy range.
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Tesla Stock
The Tesla share rose more than 6% before lowering profits to 2.3%, after Cathie Wood’s Ark Invest announced its new price target of 3,000 by 2025. The price target takes advantage of the expectation that the giant for electric vehicles will launch an autonomous robot taxi service based on its full price self-driving technological platform. According to Ark research, this could generate as much as $ 327 billion in revenue. The bull-case price target is 4000, while the bear-case 2025 price target is 1,500.
Shares in Tesla fell about 26% from their 52-week high on Monday. Tesla shares may form a new base, but it is too early for a new risk-optimal buying point.
On February 22, Tesla broke through its most important ten-week moving average line, a critical support level. On January 25, Tesla shares reached a record high of 900.40, after climbing to 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple advanced nearly 3% on Monday, losing a three-day loss that had resistance around the ten-week moving average line. Apple shares are returning from its long-term 40-week line and may soon try to get its ten-week line back.
On February 18, Apple shares caused the loss-cutting selling rule of 7% -8% when it dropped more than 7% below the 138.89 buy point in a handle with a cup.
Meanwhile, software giant Microsoft rose 2.45% on Monday, regaining its 50-day key line. Shares are back above their 232.96 buying point and approaching a 246.23 buying point in a new flat base.
Follow Scott Lehtonen on Twitter @IBD_SLehtonen for more information on growth stocks and the Dow Jones industrial average.
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