Dow Jones Futures: Stock Market Slashes Losses, But Tesla Gives Up Key Support Level

Dow Jones futures, together with S&P 500 futures have been greater late Monday, whereas Nasdaq 100 futures drifted decrease. Tesla inventory broke down by a key help degree with sharp losses Monday.


The inventory market slashed losses Monday. The tech-heavy Nasdaq composite closed down 0.4%. The S&P 500 misplaced 0.25%, whereas the Dow Jones Industrial Average eased 0.2% decrease.

Among the Dow Jones leaders, Apple (AAPL) bought off 0.9% Monday, whereas Microsoft (MSFT) declined 1.2% in today’s stock market. Goldman Sachs (GS) and JPMorgan (JPM) are in purchase zones after latest breakouts.

Tesla (TSLA) continues to battle, sliding over 2% Monday to once more fall beneath its key long-term 200-day transferring common line.

Among the highest shares to purchase and watch, Alphabet (GOOGL), ASML (ASML), Jefferies Financial Group (JEF) and Cameco (CCJ) are in or close to purchase zones.

ASML and Microsoft are IBD Leaderboard stocks. Jefferies was Wednesday’s IBD 50 Stocks To Watch decide. Cameco was Monday’s IBD Stock Of The Day, whereas Alphabet was featured on this week’s Stocks Near A Buy Zone column.

Dow Jones Futures Today

After the inventory market shut Monday, Dow Jones futures rose 0.1% vs. truthful worth, whereas S&P 500 futures inched greater. Nasdaq 100 futures moved down lower than 0.1% vs. truthful worth. Remember that buying and selling in Dow Jones futures and elsewhere would not essentially translate into precise buying and selling within the subsequent common stock market session.

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.2% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) misplaced 0.6%. Meanwhile, the SPDR S&P 500 ETF (SPY) dropped 0.25%.

Split Stock Market Rally

The Dow Jones Industrial Average and S&P 500 eased farther from their latest all-time highs following Monday’s modest losses, however stay inside putting distance. Meanwhile, the tech-heavy Nasdaq stays beneath its 50-day line Monday. The composite is about 6% off its document excessive.

Friday’s Big Picture column commented, “The stock market ended the week on a high note Friday despite disappointing retail sales data before the open. The Nasdaq composite jumped 2.3% in lower volume. But after finding support near the 13,000 level Wednesday, the index lost 2.3% for the week and is still below its 50-day moving average.”

For extra inventory market commentary, try IBD’s The Big Picture.

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Dow Jones Stocks: Goldman, JPMorgan

Dow Jones monetary chief JPMorgan is within the 5% purchase zone previous a 161.79 purchase level in a flat base, in line with IBD MarketSmith chart evaluation. Shares are about 2% above the entry amid a 0.4% rise in Monday’s motion.

On May 5, Dow Jones inventory Goldman Sachs broke out previous a 356.95 purchase level, coming into a purchase vary that goes as much as 374.80. Goldman shares gave up the entry on May 12 earlier than retaking the entry on Thursday. The inventory rose 0.1% Monday.

Stocks To Buy And Watch: Alphabet, ASML, Jefferies, Cameco

FANG inventory chief Alphabet is rebounding from its 50-day line. Shares prolonged their win streak to 3 classes amid Monday’s 0.5% acquire.

Alphabet is an IBD Leaderboard inventory. Per Leaderboard commentary, “Alphabet is in a buy zone as it stages a rebound from its 10-week line. It has also moved back above its 21-day exponential moving average, another encouraging sign.”

The inventory broke out on April 5 previous a 2,145.24 entry in a flat base. The 5% buy area goes as much as 2,252.50. So whereas shares are prolonged from that entry, they’re in purchase vary from help on the 50-day common.

IBD Long-Term Leader ASML is attempting to rebound from its important 50-day line, inserting the chip chief in a brand new purchase space. It is the second time since March that ASML has discovered help across the identical degree. The most up-to-date base fashioned from July to October. Shares slipped nearly 2% Monday.

ASML can also be an IBD SwingTrader inventory.

Jefferies is constructing a cup with handle, providing a 34.52 purchase level. Shares are preventing to carry their 50-day line amid Monday’s 0.5% loss.

According to IBD Stock Checkup, JEF stock boasts a robust 97 out of an ideal 99 IBD Composite Rating. The IBD Composite Rating helps buyers simply measure the standard of a inventory’s basic and technical metrics.

Monday’s IBD Stock Of The Day Cameco is within the 5% purchase zone previous a 19.81 purchase level in a cup base, in line with IBD MarketSmith chart evaluation. Shares rallied 3.5% Monday.

Bullishly, the inventory’s RS line made a new high Monday, confirming the uranium miner as a inventory market chief.

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Tesla Stock

Tesla inventory skidded 2.2% Monday, giving again part of Friday’s 3.2% climb. Shares are looking for help round their long-term 200-day transferring common, however are again beneath that key degree.

Over the weekend, Tesla CEO Elon Musk implied in a tweet that Tesla might have sold or will promote its remaining Bitcoin. He tweeted early Monday saying, “To clarify speculation, Tesla has not sold any Bitcoin.”

The worth of Bitcoin plunged to commerce as little as $42,102 earlier than paring losses. Bitcoin traded round $44,200 Monday night, in line with Coindesk. Bitcoin-tracking ETF Grayscale Bitcoin Trust (GBTC) dived 10% Monday and is about 39% beneath its all-time highs.

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.

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Dow Jones Leaders: Apple, Microsoft

Among the highest Dow Jones stocks, Apple misplaced 0.9% Monday, snapping a two-day win streak. Shares are again beneath their 50-day line.

Last week, the inventory triggered the 7%-8% loss-cutting promote rule from a 135.63 purchase level.

Software big Microsoft moved down 1.2% Monday, because it once more trades beneath a flat base’s 246.23 purchase level, in line with IBD MarketSmith chart evaluation. The purchase zone goes as much as 258.54.

Be certain to comply with Scott Lehtonen on Twitter at @IBD_SLehtonen for extra on progress shares and the Dow Jones Industrial Average.


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