The Dow Jones industrial average fell more than 100 points frequently before turning higher early Monday, while technology stocks jumped as Treasury yields fell from Friday’s highest. Tesla stock climbed more than 5% in the morning trading before reducing the loss to a price target of 3000 per share.
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Among the Dow Jones leaders, appeal (AAPL) rose 1% on Monday, while Microsoft (MSFT) rose 0.8% in today’s stock market. Nike (NKE) tried to bounce back from Friday’s tumble.
Tesla (TSLA) briefly jumped more than 5% on Monday after a large price target increase at ARK Invest.
Among the top stocks to watch, Alphabet (GOOGL), FMD instruments (MKSI) and Wayfair (W) is in or near buying zones in the current stock market.
Alphabet and Microsoft are IBD Leaderboard shares. MKS Instruments was the IBD Stock Of The Day on Tuesday. Wayfair was Friday’s IBD Stock Of The Day.
Dow Jones Today: Treasury Revenue
After the stock market opened on Monday, the Dow Jones Industrial Average turned 0.1% higher, while the S&P 500 rose 0.4%. The technological Nasdaq composition rose 0.8% in the morning trading after making some gains.
On Friday, the treasury yield rose to 1.754% for ten years before closing at 1.732%. The ten-year treasury yield fell below 1.7% on Monday and traded around 1.693% in the morning trade.
Among the exchange-traded funds, the Innovator IBD 50 (FFTY) traded 0.7% on Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 0.9% on Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.3%.
Stock Market Rally: Nasdaq Gives Key Level Up
Amid the current stock market upswing, the Dow Jones industrial average and S&P 500 indices slipped further than ever on Friday.
Meanwhile, the technological Nasdaq on Thursday gave up its main moving average line of 50 days and is about 7% below its everyday highs. 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: Nike
Within the Dow Jones industrial average, Nike shares form a flat base with a buying point of 148.05, according to IBD MarketSmith’s chart analysis. Shares are now about 7% off their buying point.
On Friday, Nike tumbled 4% after the mixed fiscal results for the third quarter. Nike rose 0.1% on Monday morning.
Shares to watch: Alphabet, MKS instruments, 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 0.1% 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.”
The IBD Stock Of The Day, MKS Instruments, gave up its 177.46 double-point buyout on Thursday in a double bottom and is about 3% lower than the new entry. The buying zone of 5% rises to 186.33. MKSI share rose 3% on Monday morning.
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.
Friday’s IBD Stock Of The Day, Wayfair, tries to break past a 343.09 buying point in a cup with handle. Shares rose 0.7% on Monday.
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Tesla Stock
Tesla shares rose more than 3% on Monday 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 action service that will be self-driving on its complete 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 of Tesla fell about 27% from their 52-week high on Friday. 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 shares, Apple piled up about 1% on Monday to see a three-day loss that had resistance around the ten-week moving average line. Apple shares are recovering 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, IBD Leaderboard shares rose 0.8% on Microsoft on Monday, in line with its 50-day line. Shares are just below their buying point of 232.96.
Follow Scott Lehtonen on Twitter @IBD_SLehtonen for more information on growth stocks and the Dow Jones industrial average.
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