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Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were higher after the market closed on Monday. The stock rally was given a strong boost following full FDA approval of the Pfizer Covid-19 vaccine. But an annual Fed summit focused on rising inflation is looming later this week.
X
On Monday, the Dow Jones Industrial Average rose 0.6%. The S&P 500 climbed 0.85% and the Nasdaq climbed 1.55%; both indices have reached historic highs.
Among the leaders of the Dow Jones, Apple (AAPL) rose 1% on Monday, while Microsoft (MSFT) rose 0.1% in today’s stock market. Home deposit (HD) remains below a new buy point after a recent breakout attempt.
You’re here (TSLA) rose nearly 4%, rebounding from a recent buy point. The leader in electric vehicles is back in the purchasing range.
After the closing Monday, the cybersecurity leader Palo Alto Networks (PANW) posted strong results for the fourth fiscal quarter. The shares jumped more than 7% in extended trading. Best buy (BBY) will report before the market opens on Tuesday.
Among the best stocks to buy and watch, Free market (MELI), Nvidia (NVDA) and Break (SNAP) are in or near new shopping areas.
Microsoft, Nvidia and Tesla are stocks in the IBD ranking. Nvidia is also an IBD SwingTrader share. Nvidia and Snap were listed in this week’s Stocks Near A Buy Zone column. Snap was also the IBD action of the day for Monday.
Dow Jones Futures Today: Fed summit looming
After the stock market closed on Monday, Dow Jones futures were up 0.2% from fair value, while S&P 500 futures were also up 0.2%. Futures on the Nasdaq 100 traded up 0.2%. Keep in mind that trading futures contracts on Dow Jones and elsewhere does not necessarily translate into actual trading in the next regular trading session.
On Thursday, the Federal Reserve will meet virtually for an annual summit usually held in Jackson Hole, Wyo. Fed Chairman Jerome Powell will speak on Friday and is expected to reveal details of how long the currently higher inflation is expected to last, and what the Fed is expected to do about it.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 35335.71 | +215.63 | +0.61 |
| S&P 500 | (0S & P5) | 4479.51 | +37.84 | +0.85 |
| Nasdaq | (0NDQC) | 14942.65 | +227.99 | +1.55 |
| Russel 2000 | (IWM) | 219.61 | +4.09 | +1.90 |
| MICI 50 | (FFTY) | 46.42 | +1.12 | +2.47 |
Last Modified: 4:16 PM ET 8/23/2021 |
||||
Among exchange-traded funds, the Innovator IBD 50 (FFTY) rose 2.45% on Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1.5% on Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.9%.
The stock market rally continues
The three major stock indexes – the industrials Dow Jones, the Nasdaq and the S&P 500 – continued to rebound from their 50-day support levels on Monday. The Nasdaq and S&P 500 extended their winning streak to three sessions.
Friday’s Big Picture noted a bullish rationale amid last week’s volatility. “Stock market bears might worry about the shrinking Nasdaq scale, the Fed’s plans and the capricious action of many leading growth stocks. But the bulls certainly have reason to feel well in the face of the uptrend Bullish sentiment fell earlier in the week when Investors Intelligence’s weekly survey of stock market newsletters fell to 51.1% from 56.4%.
For more stock market commentary, check out The Big Picture from IBD.
Stock ETF strategy and how to invest
Pfizer Covid-19 Vaccine Gets FDA Approval
Early Monday, the Covid-19 vaccine from Pfizer (PFE) and BioNTech (BNTX) has received full approval from the FDA. The Food and Drug Administration’s clearance on Monday, for people 16 and older, is the agency’s first full approval of a Covid-19 vaccine. The decision was expected this week, the Wall Street Journal and other news outlets reported.
Pfizer jumped 2.4%, while BNTX stock rose 9.6%.
Bitcoin price exceeds $ 50,000
The price of Bitcoin briefly exceeded $ 50,000 on Monday before losing some gains. Bitcoin traded around $ 49,200 in Monday night trading, according to Coindesk.
Grayscale Bitcoin Trust (GBTC) rose nearly 1% on Monday. The ETF is back above its 50-day moving average, but remains around 30% of its 52-week high.
Dow Jones Stocks to Buy and Watch: Home Depot
Dow Jones leader Home Depot is trying to break above the 333.55 buy point of a handle mug, but is below the buy point, according to IBD MarketSmith’s chart analysis. The 5% buy zone goes up to 350.23.
Shares fell 0.55% on Monday.
Stocks to buy and watch: Mercado Libre, Nvidia, Snap
Mercado Libre rose 1.3% on Monday. Latin America’s largest e-commerce company continues to chart a mug with handle with a point of purchase of 1,899.43. MELI stock holds just above a buy point of 1,755.05 created by the August 5 earnings spread.
Graphics chip maker Nvidia breaks the buy point of 208.85 on a flat basis, according to IBD MarketSmith’s chart analysis. Stocks rose 5.5% on Monday and are just outside the 5% buy zone that goes up to 219.29. On Friday, the stock broke an early entry at 207.43.
Nvidia is an IBD ranking stock. Exposure to Nvidia was increased for another quarter as it continues to advance after its battered earnings last week.
The chip giant posted quarterly profits higher than analysts’ estimates last week. The company earned adjusted $ 1.04 per share on sales of $ 6.51 billion in the quarter ended Aug. 1. On an annual basis, Nvidia’s profits jumped 89% while sales jumped 68%.
IBD SwingTrader Snap stock is back in the buy range above a 73.69 buy point in a consolidation. Stocks are also rebounding from their critical 50-day moving average line. The stock rose 3.8% on Monday. Snap was the IBD action of the day Monday
The IBD Stock Checkup shows that SNAP stock holds a strong rating of 93 out of a Perfect IBD Composite Rating of 99. The IBD Composite Rating identifies stocks with a mix of strong fundamental and technical characteristics.
IBD Live: a new tool for daily stock market analysis
Tesla shares
Tesla stock rose 3.8% on Monday. Stocks have regained their aggressive buy point of 700.10 deep in a correction from last week’s weakness and are back in the buy range. Meanwhile, a wide and deep base continues to take shape.
On January 25, Tesla stock hit a record high at 900.40, after climbing 93% from a buy point of 466 in a handle mug.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple rose 1% on Monday, extending a three-session winning streak. Apple stock is back above a 148 trendline buy point and within the buy range. The stock hit an all-time high on Aug. 18 at 151.68 before reversing lower.
Software giant Microsoft rose 0.1% early Monday, closing just above new highs on Friday. Microsoft is about 15% above the base cup buy point of 263.29.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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