The Dow Jones Industrial Average rose more than 300 points on Monday as Apple approached a new buying point. Tesla shares tumbled in morning trading, while rival Nio reported skyrocketing sales over the weekend.
Among the leaders of the Dow Jones Apple (AAPL) is up more than 1% on Monday and is again approaching a new buy point, while Microsoft Shares (MSFT) are up 0.4% in today’s stock market. Goldman Sachs (GS) is trading near the new buy point.
Tesla (TSLA) fell nearly 3%, threatening to regain some of Friday’s 4.8% gain. Rival Nio (NIO) reported weekend sales results.
Among the best stocks to buy and watch are Lam Explore (LRCX), Nvidia (NVDA) and PayPal (PYPL) are in or near the shopping area.
Alphabet and Microsoft are shares in IBD Leaderboard. Nvidia, PayPal and Tesla were featured in the “Stocks Near A Buy Zone” column last week.
Dow Jones today
On Monday morning, the Dow Jones Industrial Average rose 0.8% and the S&P 500 rose 0.6%. High-tech composite Nasdaq climbed 0.4% after lowering gains in morning trading.
Among ETFs, the Innovator IBD 50 (FFTY) gained 0.5% on Monday. The Nasdaq 100 Invesco QQQ Trust ETF (QQQ) is up 0.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.4%.
Stock Market Rally: Dow Jones Holds High
Amid the current rally in the stock market, the Dow Jones Industrial Average continues to hold record highs, while the S&P 500 is approaching new highs on Monday morning.
Meanwhile, the high-tech Nasdaq is close to its all-time high after Friday’s severe plunge.
Big Picture commented on Friday, “There was no clear explanation for the sale. Institutional investors tend to make adjustments to the portfolio at the end of the month, and they may have taken the opportunity to lock in some profit. In any case, the indices were holding back their growth. the last couple of weeks. This is after the S&P 500 rallied for four straight weeks and the Nasdaq rallied in April. “
For more commentary on the stock market, check out IBD’s publication The Big Picture.
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Dow Jones: Goldman Sachs
The Dow Jones leader Goldman Sachs is approaching the 356.95 buy point on a flat basis. In morning trading, shares rose 1%.
The investment banking giant is on the brink of rupture in 2021 and has grown by more than 30% to date.
Stocks to buy and watch: Lam Research, Nvidia, PayPal
Lam Research returned to the 5% buying zone, breaking the 603.70 buying level on a flat basis after falling sharply on Friday. The buying area climbed to 633.89. The stock gained 0.1% early Monday.
According to IBD MarketSmith chart analysis, IBD Leaderboard Nvidia shares closed on Friday just below 615 pips on the new cup base after minor losses. The 5% buy zone rises to 645.75. The stock is up 0.2% on Monday morning and is about 3% below entry.
According to a comment on the leaderboard, “Nvidia broke out of the cup after previous models failed. The breakout has stalled, but stocks are not in immediate danger. “
PayPal, the leader in payments, continues to create a cup and handle, offering a point of purchase at 277.96. Shares fell 0.1% on Monday, continuing a two-day losing streak.
According to the IBD Stock Checkup, PYPL shares are at a solid 89 out of 99 99 IBD Composite Rating. The IBD Composite Rating helps investors easily assess the quality of a stock’s fundamentals and technical performance.
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On a year-on-year basis, Nio’s April sales jumped 125% to 5,147 EVs, slowing sales growth from the 373% pace the company reported in March.
Nio shares rose nearly 1% on Monday morning as stocks struggle to re-establish their 50-day border. The stock remains roughly 40% below its 52-week high.
Tesla shares fell 2.5% Monday morning, threatening to regain some of Friday’s nearly 5% gain. Stocks are struggling to find support on their key 50-day line. The electric car giant is shaping a new cup with a handle, offering 780.89 points of purchase. But this is a late stage base.
Tesla shares hit an all-time high of 900.40 on January 25, up 93% from 466 buying points in the order book.
Dow Jones Leaders: Apple, Microsoft
Among the leading Dow Jones stocks, Apple shares rose more than 1% on Monday as the stock continues to move closer to the 135.63 ‘cup and handle’ buy point.
Apple shares tried to break through last week’s earnings report but were turned down. Stocks are about 3% below entry.
Shares of software giant Microsoft rose 0.4% on Monday morning, hoping to break a three-day losing streak. According to IBD MarketSmith’s chart analysis, the stock is once again in a 5% buying range, breaking past the fixed pivot buy point of 246.23, which tops out at 258.54.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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