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Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, were higher before the market opened on Tuesday, as Tesla shares trade back in the buy range. Best Buy and Palo Alto Networks surged on their results.
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Among the leaders of the Dow Jones, Apple (AAPL) edged down before market on Tuesday, while Microsoft (MSFT) rose 0.2% in today’s stock market. Home deposit (HD) remains below a new buy point after a recent breakout attempt.
Giant EV You’re here (TSLA) sought to add to Monday’s bullish gains, rising 0.7% in pre-market trading. 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. Stocks jumped more than 11% in pre-market trading. Best buy (BBY) announced before the market opens on Tuesday. Shares jumped 5% in pre-market trading.
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
Before the market opened on Tuesday, Dow Jones futures were up 0.1% from fair value, while S&P 500 futures were up less than 0.1%. Futures on the Nasdaq 100 traded up 0.1%. 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.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) was flat on Tuesday before market after rising 2.45% on Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 0.3% on Tuesday morning. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.2%.
The stock market rally continues
The three major stock indexes – the industrialists of the Dow Jones, the Nasdaq and the S&P 500 – sought to continue their rebound from the 50-day support level with modest gains on Tuesday morning. The Nasdaq and S&P 500 have sought to extend their winning streak to four sessions.
Monday’s Big Picture commented: “What looked like a bad week for the stock market last week turned out to be pretty good as the Nasdaq composite reduced a weekly loss from 2.7% to 0.7%. Bullish weekend reminded investors of the importance Indeed, many investors who collected cash early last week – as the Nasdaq threatened to break its 50-day moving average – were putting money to work Thursday and Friday, and maybe a little more Monday.
For more stock market commentary, check out The Big Picture from IBD.
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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 were flat before Tuesday’s open.
Stock market benefits: Best Buy, Palo Alto
Best Buy retailer and cybersecurity leader Palo Alto Networks announced their results ahead of Tuesday’s opening.
Best Buy jumped 5% in pre-market trading after the company reported strong second-quarter results. The stocks are charting a consolidation with a buy point of 128.68.
Palo Alto jumped more than 11% on Tuesday morning following the company’s better-than-expected fiscal fourth quarter results. The title is expected to reach a new high on Tuesday.
Stocks to buy and watch: Mercado Libre, Nvidia, Snap
Mercado Libre traded slightly higher ahead of Tuesday’s open, seeking to add to Monday’s 1.3% gain. 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 has passed the buy point of 208.85 on a flat basis and is expanding, 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 shares rose 0.3% before market on Tuesday. 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 0.3% on Tuesday morning. 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 appreciated 0.7% before market on Tuesday, which should add to Monday’s 3.8% gain. 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 shares were down slightly on Tuesday morning after Monday’s 1% gain extended 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 0.2% early Tuesday and is right off Friday’s new highs. 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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