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Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher on Monday night, as Treasury yields slid from recent highs. Tesla shares, Applied Materials and Nvidia led the stock rally 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 high-tech Nasdaq composite outperformed, rising 1.2% even after cutting gains.
Among the leaders of the Dow Jones, Apple (AAPL) rose 2.8% on Monday, while Microsoft (MSFT) rose 2.45% in the current stock market. Boeing (BA) is back in the buy range following a recent breakout, while Nike (NKE) recovered some of Friday’s fall.
You’re here (TSLA) jumped 6.8% on Monday after a sharp hike in the price target at ARK Invest before slashing gains.
Among the best stocks to watch, chip leaders Applied materials (AMAT), ASML (ASML), MKS Instruments (MKSI), Nvidia (NVDA) and Qorvo (QRVO) are in or near buy zones in the current stock rally.
In the meantime, Alphabet (Google T Wayfair (W) are also approaching new points of purchase. Alphabet was listed in this week’s Stocks Near A Buy Zone column, while Wayfair was Monday’s IBD 50 Stocks To Watch pick.
Alphabet, Microsoft and Nvidia are stocks in the IBD ranking. MKS Instruments was the IBD title for Tuesday.
Dow Jones Today: Treasury Bill Yields
After the market closed on Monday, Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were up about 0.1% each from fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily translate into actual trading during the next regular trading session.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 32730.35 | +102.38 | +0.31 |
| S&P 500 | (0S and P5) | 3940.56 | +27.46 | +0.70 |
| Nasdaq | (0NDQC) | 13377.54 | +162.31 | +1.23 |
| Russell 2000 | (Etc.) | 225.23 | -1.71 | -0.75 |
| IBD 50 | (FFTY) | 46.85 | +0.08 | +0.17 |
Last updated: 4:38 PM EST 03/22/2021 |
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On Friday, the 10-year Treasury yield climbed to 1.754% before closing at 1.732%. The 10-year Treasury yield fell below 1.7% on Monday to close at 1.684%.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) was up 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%.
Stock market rally: the Nasdaq tests its key level again
Amid the current stock rally, the Dow Jones Industrial Average and S&P 500 indices broke two-day losing streaks on Monday with modest gains.
Meanwhile, the highly technological Nasdaq is again trying to regain its key 50-day moving average line, but failed on Monday. Last Thursday, the Nasdaq composite dropped this key level. The Nasdaq will need to overcome this major hurdle in order to maintain its upward trajectory. The 50 day line is a critical potential resistance level. If the Nasdaq decisively erases it, new highs could be on the horizon.
IBD’s market outlook was revalued to a “confirmed uptrend” on March 10, as the Dow Jones Industrial Average hit new highs.
Friday’s Big Picture commented: “The weekly losses suggest growing angst on Wall Street over the cost of money. Long-term interest rates have climbed, in percentage terms, since early August. The yield on the US Treasury 10-year benchmark bond more than tripled from 0.50% to 1.75%, according to Cboe market data. “
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Dow Jones Stocks: Boeing, Nike
In the Dow Jones Industrial Average, Boeing is back in the buy range above a 244.18 buy point in a cut base amid a three-day losing streak. Shares fell nearly 2% on Monday.
Meanwhile, Nike stock continues to form a flat base with a buy point of 148.05, according to IBD MarketSmith’s chart analysis. Stocks are now around 6% of their buy point.
Nike fell 4% on Friday after the company’s mixed third-quarter results. Nike rose 0.6% on Monday, but remains below its 50-day line.
Chip stocks to watch: applied materials, Nvidia
Chip stocks continue to be among the top tech names in the current stock market rally. The VanEck Vectors Semiconductor ETF (SMH) was a new addition from IBD SwingTrader on Monday amid a 2.3% rise.
Applied Materials continues to rebound from its 50-day support level. Shares rebounded 3.9% on Monday and are only 4% from new highs.
ASML rose above its 50-day line, climbing 5.2% on Monday. The shares are in the sixth week of a potential base. The minimum length of a cup base is six weeks, so a new point of purchase could emerge at the end of the week.
Qorvo found support on its 50-day line on Friday and continued its rebound on Monday with a rise of 1.9%. The shares are approaching a buy point of 191.93, while an early entry exists at 185.96.
Tuesday’s IBD stock, MKS Instruments, finished just below its 177.46 buy point in a double dip amid Monday’s 2.4% gain. The 5% buy area rises to 186.33.
According to IBD Stock Checkup, MKSI stock enjoys a perfect composite rating of 99 IBD. IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical indicators.
Giant chip Nvidia (NVDA) grew 3.4%. The graphics chip maker could form the right side of a new base, but it’s a bit too early for a conventional point of purchase. A good day to recover the 50 day line would be bullish for the outlook for the stock.
Stocks near purchasing areas: Alphabet, Wayfair
IBD Leaderboard Alphabet stock closed a five-week fixed base on Friday, creating a new buy point at 2,145.24, according to IBD MarketSmith’s chart analysis. The shares are about 6% of the new entry. GOOGL stock rose 0.2% on Monday.
According to the leaderboard commentary, “Alphabet has made better progress than other large-cap tech lately. Support at the 21-day line defines the chart’s current action. The last base was the second step.”
Monday’s IBD 50 Stocks To Watch pick Wayfair is trying to break through a buy point of 343.09 in a handle mug. Shares rebounded 3.1% on Monday and are in the buy range.
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Tesla stock
Tesla stock jumped more than 6% before slashing gains to 2.3% on Monday after Cathie Wood’s Ark Invest announced its new price target at 3,000 by 2025. The price target uses expectations according to which the electric vehicle giant will launch an autonomous robotaxi service based on its full. autonomous technology platform. This could generate up to $ 327 billion in revenue, according to Ark Research. The bullish price target is 4000, while the 2025 bearish price target is 1500.
Tesla shares closed around 26% of their 52-week high on Monday. Tesla stock could form a new base, but it’s too early for a new risk-based optimal buy point.
On February 22, Tesla broke its main line 10-week moving average, a critical support level. On January 25, Tesla stock hit an all-time 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 nearly 3% on Monday, breaking a three-day losing streak that saw resistance around the 10-week moving average line. Apple stock is bouncing off its long-term 40 week line and may soon try to recover its 10 week line again soon.
On February 18, Apple stock triggered the 7% to 8% loss reduction sell rule when it fell more than 7% below its buy point of 138.89 in a cup with handle.
Meanwhile, software giant Microsoft rose 2.45% on Monday, regaining its key 50-day line. Stocks are back above their buy point of 232.96 and move closer to a buy point of 246.23 in a new flat base.
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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