Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures fell early Tuesday as the Dow Jones Industrial Average approached all-time highs. Apple, the leader of the Dow Jones, is approaching a new buy point, while Tesla shares are testing a key level.
High-tech composite Nasdaq fell 0.5% on Monday. The S&P 500 rose 0.3% and the Dow Jones Industrial Average rose 0.7%.
Among the leaders of the Dow Jones Apple (AAPL) rose nearly 1% on Monday, while Microsoft Shares (MSFT) in today’s stock market are down 0.1%. Goldman Sachs (GS) is trading near the new buy point.
Tesla (TSLA) fell 3.5% on Monday, reclaiming much of Friday’s 4.8% gain. The electric car giant is testing a key support level.
Among the best stocks to buy and watch are Lam Research (LRCX), Nvidia (NVDA) and PayPal (PYPL) are in or near the shopping area.
Lam Research, Microsoft and Nvidia are among the IBD leaders. Apple and Goldman Sachs were featured in the “Stocks Close to Buy” column this week.
Dow Jones Futures Today
Ahead of the stock market opening on Tuesday, Dow Jones futures fell 0.15% from fair value, while S&P 500 futures fell 0.3%. Nasdaq 100 futures shed 0.35% from fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily mean real trading in the next regular stock market session.
US stock market review today
|Index||Symbol||Price||Profit Loss||% Change|
|S&P 500||(0S and P5)||4192.65||+11.48||+0.27|
Last updated: 5:30 pm ET 05/03/2021
Among ETFs, the Innovator IBD 50 (FFTY) climbed 0.6% on Monday. The Nasdaq 100 Invesco QQQ Trust ETF (QQQ) lost 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.2%.
Stock market rotation?
Amid the current rally in the stock market, the Dow Jones and S&P 500 industrial indices are approaching record highs amid moderate gains. Meanwhile, the high-tech Nasdaq is close to its all-time high after losses on Friday and Monday.
The Big Picture column on Monday said: “The price movement of the major stocks may look good, but the covert action has created a challenging environment for growth investors. If you have not been in sync with the market and your portfolio is having difficulty moving forward, there is no point in investing 100%. Free your laggards and hold on to your top performers. It’s okay to keep some money at this stage. “
For more commentary on the stock market, check out IBD’s publication The Big Picture.
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Dow Jones: Goldman Sachs
According to IBD MarketSmith charting analysis, Dow Jones Goldman Sachs is working on a new flat base with a buy point of 356.95. The stock is up 0.5% on Monday and is about 2% off entry.
The latter base is the formation of the second stage, which indicates that the stock may still be in an earlier part of the long-term rise in prices.
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
IBD MarketSmith charts show that IBD Leaderboard Lam Research shares a buy range above 603.70 buy pips on a flat bottom. The stock was down 0.5% on Monday and about 2% above its entry.
According to a comment on the leaderboard, “Lam Research is producing some results, including a few high volume days. But overall, the decline seems normal. ”
Nvidia closed Monday trades about 3% below its 615 buying points on the new cup base. The 5% buy zone rises to 645.75. The stock lost 1.15% on Monday.
PayPal, the leader in payments, continues to create a cup and handle, offering a point of purchase at 277.96. Shares fell 1.2% on Monday, extending the losing streak to three sessions. PYPL stock is just above its 50-day support level.
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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Tesla shares fell 3.5% on Monday, erasing much of Friday’s nearly 5% gain. Stocks are struggling to find support on their key 50-day line. If the 50-day support level does not work, further weakness is possible.
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 0.8% on Monday as the stock continues to move closer to the 135.63 buy-point cup.
Apple shares tried to break through last week’s earnings report but were turned down. Stocks are about 2% below entry.
Software giant Microsoft fell 0.1% on Monday, dropping for a fourth straight session. 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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