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The Dow Jones Industrial Average jumped 550 points on Tuesday, as IBM surged on earnings results. Apple stock appeared to rise in morning trading. And tech giant Netflix is expected to release its results after the close on Tuesday.
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Among the leaders of the Dow Jones, Apple (AAPL) rose 1% on Tuesday, while Microsoft (MSFT) rose 0.2% in today’s stock market. Coke (KO) and Mcdonalds (MCD) are close to points of purchase. IBM (IBM) broke earnings estimates on Monday night.
You’re here (TSLA) threatened to fall after Monday’s bullish reversal, sliding about 0.5% on Tuesday morning. Netflix (NFLX) fell 1.5% ahead of earnings after the stock market closed.
Among the best stocks to buy and watch, Advanced micro-systems (AMD), BioNTech (BNTX) and AutoNation (AN) are located in or near shopping areas.
Microsoft and Tesla are stocks in the IBD ranking. BioNTech is an IBD SwingTrader share. AMD was listed in this week’s Stocks Near A Buy Zone column, while AutoNation was Monday’s IBD stock for the day.
Dow Jones today
The Dow Jones Industrial Average rose 1.6% on Tuesday, while the S&P 500 gained 1.35%. The tech-rich Nasdaq extended its gains in midday trading, up 1.1%.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) rose 1.6% on Tuesday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.8% on Tuesday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 1.2%.
The stock market rally weakens
The S&P 500 remains below its all-time highs, as the Nasdaq looked to end a five-day losing streak on Tuesday. The Dow Jones industrialists broke their 50-day moving average with heavy losses on Monday and remain below it.
Monday’s Big Picture column noted: “It was a tough selling day on Monday, but the sale shouldn’t have been a big surprise as the yellow flags have been around for a while.”
For more stock market commentary, check out The Big Picture from IBD.
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Dow Jones Stocks to Buy and Watch: Coca-Cola, McDonald’s
Dow Jones Coca-Cola and McDonald’s stocks are near new buying points after Monday’s market close. Coca-Cola is trading around 1% from a 56.58 buy point in a flat base after Tuesday’s 0.5% gain.
McDonald’s is trading below a buy point of 238.28 on a flat basis, according to IBD MarketSmith’s chart analysis, after Tuesday’s 0.7% rise. The stock dropped its key 50-day moving average during Monday’s sell-off.
Dow Jones Profits: IBM
Dow Jones IBM stock reported strong second quarter results after the close on Monday. The company reported adjusted EPS of $ 2.33 on sales of $ 18.7 billion.
Stocks jumped more than 4% on Tuesday. IBM stock plots a flat base with a buy point of 152.94.
Netflix Earnings
After the market closes on Tuesday, Netflix’s results are expected. Market leader FANG is expected to earn $ 3.18 per share on sales of $ 7.3 billion, representing increases of 100% and 19%, respectively, from the period last year.
In the last quarter, profits climbed 139% on revenue of $ 7.1 billion.
Netflix stock continues to build a double bottom base with a buy point of 563.66. Shares slipped 1.5% on Tuesday morning and are about 7% off the buy point.
So far, the stock has not participated in this year’s stock rally. Year to date, Netflix stock is down 1.5%, while the Nasdaq is up more than 10% through Monday’s close.
Stocks to buy and watch: AMD, BioNTech, AutoNation
Chip giant Advanced Micro Devices plots a mug base with handle that shows a buy point of 95.54, according to graphical analysis from IBD MarketSmith. Shares lost around 1% on Tuesday.
AMD stock was featured in this week’s Stocks Near A Buy Zone column.
According to the IBD Stock Checkup, AMD stock has a strong rating of 95 out of a perfect IBD composite rating of 99. The IBD composite rating identifies stocks with a mix of strong fundamental and technical characteristics.
The IBD BioNTech ranking stock is rebounding from its 50-day moving average, but the Covid-19 vaccine stock is now out of a new buy zone after Monday’s 4.8% rally. According to the ranking analysis, BioNTech cleared a trendline after falling near 222, offering a new entry at a price point similar to the 50-day line. Stocks edged around 2% on Tuesday morning.
BioNTech is also an IBD SwingTrader share.
Monday’s IBD stock of the day AutoNation is trying to break above a buy point of 107.07 after the firm’s strong second quarter results before the open. Shares closed just below the buy point in the middle of Monday’s 3.65% advance. The stock rose nearly 4% on Tuesday morning, falling back into the buy range.
On the upside, the stock’s RS line is right next to new highs, indicating substantial outperformance of the stock market relative to the broader market. The RS line is expected to hit a new high on the day of the breakout or soon after.
IBD Live: a new tool for daily stock market analysis
Tesla shares
Tesla stock slipped 0.5% on Tuesday, on a falling pace after Monday’s 0.3% rise. The electric vehicle giant is again testing support around its 200-day long-term moving average. Another strong show of support at these levels would look bullish for the stock’s outlook.
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 1% on Tuesday, on the verge of ending a three-day losing streak. The stock hit an all-time high last week at 150.00.
Apple stock is back in the 5% buy zone from an entry of 137.17 in a cup base, according to IBD MarketSmith’s chart analysis.
Microsoft continues to trade solidly above the buy point of 263.29 cups. Stocks gained 1.5% on Tuesday. The stock is extended above the 5% buy zone, which climbs to 276.45.
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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