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Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were slightly lower on Monday evening as the stock rally set records. Bitcoin jumped more than 18% after Tesla bought $ 1.5 billion worth of cryptocurrency. Tech titan Nvidia and Dow Jones leader Disney have passed the new point of purchase.
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The stock market added to the scorching gains of the past week, as the high-tech Nasdaq composite advanced 0.95%. The S&P 500 rose 0.7%, while the Dow Jones Industrial Average climbed 0.8%.
Among the leaders of the Dow Jones, Apple (AAPL) rose 0.1%, while Microsoft (MSFT) also rose 0.1%. Apple stock remains below its recent point of purchase, while Microsoft is now out of buying range. Nike (NKE) is approaching a new buy point after regaining a key bullish level in recent sessions. Disney (DIS) broke a new buy point on Monday amid a sharp rise.
You’re here (TSLA) rallied 1.3% on Bitcoin news Monday and is once again approaching all-time highs.
Among the main stocks in or near shopping areas, the chip giant Nvidia (NVDA) is in the buy range above an early buy point, while Dropbox (DBX) tries to cross a new point of purchase.
Apple, Microsoft and Tesla are stocks in the IBD rankings. Nvidia was today’s IBD stock, while Dropbox was Monday’s IBD 50 Stocks To Watch pick. Meanwhile, Nike was featured this week in Stocks Near A Buy Zone.
Dow Jones Futures Today: Biden Stimulus Talks
After the market closed on Monday, Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were below fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily translate into actual trading during the next regular trading session.
On Friday night, the House voted to confirm the fast track of President Biden’s $ 1.9 trillion stimulus package. The budget resolution allows Biden’s stimulus package to pass by a simple majority, instead of needing 60 Senate votes to avoid a filibuster.
President Joe Biden’s Twitter account stressed the importance of acting quickly, “We have no second to lose when it comes to providing the American people the relief they desperately need. I call on Congress to act quickly and pass the US bailout. “
Meanwhile, House Speaker Nancy Pelosi said the bill would be passed by the end of the month.
Among exchange-traded funds, Innovator IBD 50 (FFTY) jumped 2.4% on Monday. The Invesco QQQ Trust ETF (QQQ) linked to the Nasdaq 100 traded up 0.7%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.7%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow Jones | (0DJIA) | 31385.02 | +236.78 | +0.76 |
| S&P 500 | (0S and P5) | 3915.58 | +28.75 | +0.74 |
| Nasdaq | (0NDQC) | 13987.64 | +131.34 | +0.95 |
| Russell 2000 | (IWM) | 227.27 | +5.62 | +2.54 |
| IBD 50 | (FFTY) | 47.72 | +1.11 | +2.38 |
Last updated: 16:36 ET 08/02/2021 |
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Overheating stock rally?
Looking back on 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 4th. Meanwhile, in early February, the Dow Jones Industrial Average, the Nasdaq and the S&P 500 hit record highs. But is the stock market rally overheating?
Monday’s Big Picture warned: “Investors who bought on breakouts may enjoy the fruits of their trades, but must wonder if the stock market is over-fished. Nasdaq and S&P 500 are close to breaking through trendlines hitting the index’s rising highs. As the Big Picture has repeatedly noted, the deviation of the Nasdaq from its 50-day moving average is dangerously high. “
He continued, “If the stock market collapses, one of the first signs will be the erosion of major stocks. So far, these premium stocks are holding up well. The IBD 50 has risen 1.4% and is near new heights. “
With recent strength, investors may return to an offensive stance, knowing that there are still good reasons for caution. Look for stocks that exceed new purchase points, like Disney, Dropbox, and Nvidia.
Focus on stocks that have shown strong relative strength during recent weakness. They could be among the market leaders if the indices are able to continue their all-time high.
ETF stock market strategy and how to invest
Bitcoin price
The price of Bitcoin jumped over 18% to all-time highs on Monday after Tesla said it bought $ 1.5 billion worth of Bitcoin for “more flexibility to further diversify and maximize returns on our cash flow.” according to an SEC filing. The electric car leader has also said it will start accepting Bitcoin payments.
The price of Bitcoin hit $ 46,720 before reducing gains to around $ 46,200 in evening trading, according to Coindesk.
The Grayscale Bitcoin Trust (GBTC) has jumped over 20%, as it continues to rebound against its 50-day moving average line.
Dow Jones Stocks: Disney, Nike
Dow Jones Disney stock has broken out and is in the buy range above a buy point of 183.50 on a flat basis, according to IBD MarketSmith’s chart analysis. The 5% buying area goes to 192.68. Disney shares rose 4.9% on Monday.
Disney will release its results after the close on Thursday.
Elsewhere in the Dow 30, Nike is charting a new flat base with a buy point of 148.05. The title slipped 1.2% on Monday.
Nike shares have returned to their 50-day moving average line bullish in recent sessions.
Actions in or near shopping areas: Dropbox, Nvidia, ServiceNow
Monday’s IBD 50 Stocks To Watch pick, Dropbox, is trying to break above a 25.26 point buy point in a cup base. Shares rebounded to 3.5% on Monday before reversing slightly lower. The stock is just below the new point of purchase.
According to IBD Stock Checkup, Dropbox stock enjoys a perfect composite rating of 99 IBD. Composite rating – an easy way to identify top growth stocks – is a mix of key fundamental and technical metrics to help investors assess a stock’s strengths.
Dropbox ranks 42nd on the IBD 50 list.
The Nvidia IBD Leaderboard stock plots a flat base with a buy point of 587.76. The shares are just 2% from the entry in the middle of Monday’s 6.2% advance. But stocks are also moving above an early entry at 560.07. Investors could start with a small position at this alternate buy point.
According to the leaderboard commentary, “Nvidia wiped out an alternate entry from its January highs. Stock continues to operate on a flat or saucer base. Nvidia was brought down to a quarterback position on January 27 but is back. halfway with today’s movement. “
IBD Live: a new tool for daily stock market analysis
Tesla stock
IBD Leaderboard Tesla stock hit record highs on Monday, rising more than 1% following the company’s Bitcoin news.
The IBD Stock Of The Day column for January 8 reported that Tesla was showing several signs of a peaking peak amidst a sharply vertical run in recent weeks. But so far, the title shows extraordinary resilience after hitting record highs in recent weeks.
On January 25, Tesla stock hit a record high at 900.40. The shares are about 84% above a buy point of 466 in a handle-cup midway through Monday’s action.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple rose 0.1% on Monday, but remains below its 138.89 buy point in a cup with a handle. The shares abandoned entry on Jan.28.
Meanwhile, Microsoft rebounded 0.1% on Monday. Shares of the software giant have passed a buy point of 228.22 in recent sessions and are outside the 5% buy zone which climbs to 239.63.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and Dow Jones futures.
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