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Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower on Tuesday after Monday’s stock market surge. Tesla rebounded on Monday, while Zoom stock skyrocketed in earnings. Nio’s earnings missed estimates, causing it to drop sharply.
X
On Monday, the highly technological Nasdaq composite jumped 3%, its best day since November 4. The S&P 500 was up 2.4%, while the Dow Jones Industrial Average traded 1.95%.
Among the leaders of the Dow Jones, Apple (AAPL) rose 5.4% on Monday, while Microsoft (MSFT) has gained almost 2% in the current stock market. Visa (V) is in the buy range above a new buy point.
You’re here (TSLA) ran more than 6% higher on Monday, breaking a two-day slide.
After the market closes on Monday, Video zoom (ZM) published strong quarterly results. Zoom stock jumped 10% in extended trade. Meanwhile, China’s leading EV Nio (NIO) missed earnings estimates on Monday night.
Among the best stocks to watch, HR (HR) and Target (TGT) is approaching new buying points in the context of the current decline in the stock market.
Microsoft, Target and Tesla are IBD Leaderboard stocks. RH was the IBD title for Friday.
Dow Jones Futures today
Before the stock market opened on Tuesday, the Dow Jones and S&P 500 futures contracts fell about 0.35% each from fair value. Nasdaq 100 futures contracts lost 0.3% 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) | 31,535.58 | +603.21 | +1.95 |
| S&P 500 | (0S and P5) | 3,901.75 | +90.60 | +2.38 |
| Nasdaq | (0NDQC) | 13588.83 | +396.49 | +3.01 |
| Russell 2000 | (IWM) | 226.17 | +7.86 | +3.60 |
| IBD 50 | (FFTY) | 47.80 | +2.14 | +4.69 |
Last updated: 17:24 ET 01/03/2021 |
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On Saturday, the House passed the $ 1.9 trillion stimulus package, including 1,400 stimulus checks for many Americans.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) was up 4.8% on Monday. The Nasdaq 100 Invesco QQQ Trust ETF (QQQ) tracker rose 3%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 2.4%.
Stock market decline finds support
Looking at the current uptrend, November was a key month for the stock market. IBD’s The Big Picture reported the new uptrend after the market’s bullish tracking day on November 4. Meanwhile, the start of March saw the Dow Jones Industrial Average, Nasdaq and S&P 500 retreat from their records.
As of Thursday, the stock market’s heavy losses marked a change in character for the stock market, and so IBD’s market outlook was downgraded to “Trending Under Pressure”.
But Monday’s big gains are a clear step in the right direction. The Nasdaq recovered its key 50-day line, while industrialists in the S&P 500 and Dow Jones also found support around their 50-day lines. If this rebound continues, look for other top stocks breaking the correct high volume buy points.
According to Monday’s Big Picture, “Judging by Monday’s action, one could certainly venture that stocks remain an attractive option for global investors. The market also reminded IBD readers for a second day consecutive that another market – in particular, long-term US Treasuries – still matters a lot. “
In the midst of the market downturn, investors should play more defense than offense. Avoid new breakouts, unless they’re exceptional, and be sure to sell any stock that falls more than 7% below your buy price. Remember, you don’t have to wait for the 7% to 8% loss if the stock is clearly not performing well.
Focus on stocks that show strong relative strength during current weakness. They could be among the market leaders if the indices are able to continue their rebounds.
ETF stock market strategy and how to invest
Bitcoin price
Bitcoin rebounded on Monday, briefly rising above $ 49,500 before slashing gains. The price of Bitcoin traded around $ 48,600 in the evening, according to CoinDesk.
The price of Bitcoin hit a record high on February 21, reaching $ 58,332.
The Grayscale Bitcoin Trust (GBTC) ETF fell 23.8% last week, but still held above its 10-week support level. Bitcoin’s tracking ETF jumped 6.1% on Monday.
Dow Jones Shares: Visa
In the Dow Jones Industrial Average, Visa stock is in the buy range above a buy point of 211.69 in a mug with handle, according to IBD MarketSmith chart analysis. The 5% buy area rises to 222.27.
Shares rose 2% on Monday and are squarely in the buy range. The title ended a two-day losing streak.
Actions to watch: HR, target
Friday’s IBD stock RH is approaching a buy point of 524.11 on a flat basis. Shares rebounded 3.2% on Monday.
The IBD Leaderboard stock target plots a flat base with a buy point of 200.06, according to graphical analysis by IBD MarketSmith. The target rose 1.4% on Monday and is around 7% of the new entry.
According to the rankings commentary, “Target forms a flat base as it tests support at the 50-day moving average. The company releases its fourth quarter results on Tuesday.”
Nio earnings
Chinese EV leader Nio reported a loss per share of 14 cents on revenue of $ 1.02 billion, missing fourth-quarter bottom line estimates but slightly beating top forecast .
Nio is expected to cut its net loss to 7 cents by ADS from 39 cents a year ago, as revenue climbs 148% to $ 1.01 billion.
The company had previously revealed that fourth quarter 2020 deliveries jumped 111% to 17,353 vehicles, growing for the third quarter in a row after the outbreak of the pandemic in early 2020.
Nio Stock
Nio finished more than 25% from its 52-week high on Monday after falling 16.8% last week. Shares rebounded 8.7% on Monday.
Rival Tesla triggered a sell signal from a buy point of 57.30 when it fell more than 7% below the entry on February 18.
On Monday night, Nio stock fell more than 6% in overnight trading.
Focus on income
Zoom’s profits climbed to $ 1.22 per share on an adjusted basis, while revenue jumped to $ 882.5 million. Meanwhile, the company has released an optimistic outlook for the first quarter and full year 2022.
The company is expected to earn 79 cents per share on sales of $ 811.7 million, year-over-year increases of 427% and 331%, respectively.
Zoom Stock
Zoom stock found support around its long-term 200-day line on Monday, closing around 30% of its 52-week high.
Outside of Dow Jones futures, Zoom shares have jumped around 9% to around 444 shares and are climbing back to the right side of a new base.
IBD Live: a new tool for daily stock market analysis
Tesla stock
Tesla stock rose more than 6% on Monday, breaking a two-day losing streak. Stocks could form a new basis, but it is too early to identify a new entry.
Last week, the electric auto leader broke down on its key 10-week moving average line, 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. The shares are about 25% lower than ever.
Dow Jones Executives: Apple, Microsoft
Among the main stocks in the Dow Jones, Apple rose 5.4% on Monday. Apple stock remains below its 10 week line, but a strong rebound above the level would be bullish for the stock’s outlook.
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, Microsoft rose nearly 2% on Monday. The stock has found support at its buy point of 232.96 and is back in the buy range.
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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