Dow Jones futures, together with S&P 500 futures and Nasdaq 100 futures, had been larger late Monday, as Treasury yields slid from latest highs. Tesla inventory, Applied Materials and Nvidia led the inventory market rally Monday.
On Monday, the Dow Jones Industrial Average superior 0.3%. The S&P 500 rose 0.7%, whereas the tech-heavy Nasdaq composite outperformed, rising 1.2% even after slashing positive factors.
Among the Dow Jones leaders, Apple (AAPL) rose 2.8% Monday, whereas Microsoft (MSFT) moved up 2.45% in today’s stock market. Boeing (BA) is again in purchase vary following a latest breakout, whereas Nike (NKE) gained again a portion of Friday’s tumble.
Tesla (TSLA) surged as a lot as 6.8% Monday after an enormous price-target hike at ARK Invest earlier than chopping positive factors.
Among the highest shares to observe, chip leaders Applied Materials (AMAT), ASML (ASML), MKS Instruments (MKSI), Nvidia (NVDA) and Qorvo (QRVO) are in or close to purchase zones within the present inventory market rally.
Meanwhile, Alphabet (GOOGL), and Wayfair (W) are additionally approaching new purchase factors. Alphabet was featured on this week’s Stocks Near A Buy Zone column, whereas Wayfair was Monday’s IBD 50 Stocks To Watch decide.
Dow Jones Today: Treasury Yields
After the inventory market shut Monday, Dow Jones futures, together with S&P 500 futures and Nasdaq 100 futures, had been up about 0.1% every vs. truthful worth. Remember that buying and selling in Dow Jones futures and elsewhere does not essentially translate into precise buying and selling within the subsequent common stock market session.
U.S. Stock Market Today Overview
Last Update: 4:38 PM ET 3/22/2021
On Friday, the 10-year Treasury yield spiked as excessive as 1.754% earlier than closing at 1.732%. The 10-year Treasury yield dropped underneath 1.7% Monday to shut at 1.684%.
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.2% on Monday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1.75% Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 0.8%.
Stock Market Rally: Nasdaq Tests Key Level Again
Amid the present inventory market rally, the Dow Jones Industrial Average and S&P 500 indexes snapped two-day shedding streaks Monday with modest positive factors.
Meanwhile, the tech-heavy Nasdaq is once more attempting to retake its key 50-day transferring common line, however fell brief Monday. Last Thursday, the Nasdaq composite gave up that key stage. The Nasdaq might want to overcome this key hurdle with a view to keep its upward trajectory. The 50-day line is a crucial potential resistance stage. If the Nasdaq decisively clears it, then new highs may very well be on the horizon.
Friday’s Big Picture commented, “The weekly losses hint at growing angst on Wall Street over the cost of money. Long-term interest rates have soared, on percentage terms, since early August. The yield on the benchmark U.S. Treasury 10-year bond has more than tripled from 0.50% to as high as 1.75%, according to Cboe market data.”
Dow Jones Stocks: Boeing, Nike
Inside the Dow Jones Industrial Average, Boeing is again in purchase vary above a 244.18 purchase level in a cup base amid a three-day shedding streak. Shares fell almost 2% Monday.
Meanwhile, Nike inventory continues to type a flat base with a 148.05 purchase level, in keeping with IBD MarketSmith chart evaluation. Shares at the moment are about 6% away from their purchase level.
On Friday, Nike tumbled 4% following the corporate’s mixed fiscal third-quarter results. Nike moved up 0.6% Monday, however stays beneath its 50-day line.
Chip Stocks To Watch: Applied Materials, Nvidia
Chip shares proceed to be a few of the finest expertise names within the present inventory market rally. The VanEck Vectors Semiconductor ETF (SMH) is a brand new IBD SwingTrader addition Monday amid a 2.3% rise.
Applied Materials continues to rebound from its 50-day assist stage. Shares rallied 3.9% Monday and are simply 4% from new highs.
ASML jumped again above its 50-day line, climbing 5.2% Monday. Shares are in week six of a possible base. The minimal size of a cup base is six weeks, so a brand new purchase level may emerge on the finish of the week.
Qorvo discovered assist at its 50-day line Friday and continued its rebound Monday with a 1.9% rise. Shares are closing in on a 191.93 purchase level, whereas an early entry exists at 185.96.
Chip large Nvidia (NVDA) superior 3.4%. The graphics-chip maker may very well be forming the suitable aspect of a brand new base, however it is a bit too early for a traditional purchase level. A powerful day to reclaim the 50-day line can be bullish for the inventory’s prospects.
Stocks Near Buy Zones: Alphabet, Wayfair
IBD Leaderboard inventory Alphabet accomplished a five-week flat base Friday, creating a brand new purchase level at 2,145.24, in keeping with IBD MarketSmith chart evaluation. Shares are about 6% away from the brand new entry. GOOGL inventory moved up 0.2% Monday.
According to Leaderboard commentary, “Alphabet has made better progress than other big-cap techs lately. Support at the 21-day line is defining the current chart action. The last base was second stage.”
Monday’s IBD 50 Stocks To Watch decide, Wayfair, is attempting to interrupt out previous a 343.09 purchase level in a cup with deal with. Shares rallied 3.1% Monday and are in purchase vary.
Tesla inventory surged greater than 6% earlier than chopping positive factors to 2.3% Monday after Cathie Wood’s Ark Invest introduced its new worth goal at 3,000 by 2025. The worth goal makes use of expectations that the electric-vehicle large will launch an autonomous robotaxi service constructed upon its full self-driving tech platform. It may usher in as a lot as $327 billion in income, according to Ark research. The bull-case worth goal is 4,000, whereas the bear-case 2025 worth goal is 1,500.
Shares of Tesla ended Monday about 26% off their 52-week excessive. Tesla inventory may very well be forming a brand new base, however it’s too early for a brand new risk-optimal purchase level.
On Feb. 22, Tesla broke down by means of its key 10-week transferring common line, a crucial assist stage. On Jan. 25, Tesla inventory hit a document excessive at 900.40, after climbing as a lot as 93% from a 466 purchase level in a cup with deal with.
Dow Jones Leaders: Apple, Microsoft
Among the highest Dow Jones stocks, Apple superior almost 3% Monday, snapping a three-day shedding streak that noticed resistance across the 10-week transferring common line. Apple inventory is rebounding from its long-term 40-week line and will quickly once more attempt to reclaim its 10-week line.
On Feb. 18, Apple inventory triggered the 7%-8% loss-cutting promote rule when it fell greater than 7% beneath its 138.89 purchase level in a cup with deal with.
Meanwhile, software program large Microsoft moved up 2.45% Monday, regaining its key 50-day line. Shares are again above their 232.96 purchase level and are approaching a 246.23 purchase level in a brand new flat base.
Be certain to comply with Scott Lehtonen on Twitter at @IBD_SLehtonen for extra on development shares and the Dow Jones Industrial Average.
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