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Dow Jones Futures: Equity rally diverges as tech stocks sell off; Focus on earnings

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Dow Jones futures were slightly higher Monday night after tech stocks sold off as President Biden picked Jerome Powell as Fed chairman for a second term. Tesla stock climbed nearly 2% on Monday, while Lucid Motors and Rivian slipped. And Zoom’s profits exceeded estimates late.




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On Monday, the Dow Jones Industrial Average rose less than 0.1% after slashing its gains. The S&P 500 was down 0.3%, while the Nasdaq sold 1.3% after briefly hitting a new high.

Among the leaders of the Dow Jones, Apple (AAPL) rose 0.3% on Monday, while Microsoft (MSFT) fell 1% in today’s stock market. Nike (OF) is just at a new point of purchase after a recent breakout attempt.

Head of electric vehicleYou’re here (TSLA) gained nearly 2% on Monday. Pair EVRivien (RIVN) slipped by more than 8%, while Lucid engines (LCID) fell by more than 7%. Chinese leaders in electric vehicles Li Auto (TO) andXpeng Engines (XPEV) are close to the points of purchase.

Among the best stocks to buy and watch, Alphabet (GOOGL), Amazon (AMZN), apple and Nucor (Naked) are in new shopping areas.

Microsoft, Nucor and Tesla are stocks in the IBD ranking. Amazon was featured in this week’s Stocks Near A Buy Zone article. Apple is an IBD SwingTrader share.

Dow Jones Futures Today: Powell chosen as Fed chief

After the market closed on Monday, Dow Jones futures were up 0.15% from fair value, while S&P 500 futures were up 0.2%. Futures contracts on the Nasdaq 100 increased 0.2% from fair value. Remember that prolonged, pre-trade action on futures contracts on Dow Jones and elsewhere does not necessarily translate into actual trading performance in the next regular trading session.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 1.2%, while the SPDR S&P 500 ETF (TO SPY) fell 0.3% on Monday. The innovator IBD 50 (FFTY) fell almost 5%, its largest day-on-day drop since September 28.

Early Monday, President Joe Biden announced he was appointing current President Jerome Powell for a second term. Fed governor Lael Brainard will be named vice chairman. The announcement comes as the inflation rate has peaked in 30 years and has become a hot political topic. In response, the 10-year Treasury yield jumped above 1.62%, ending a three-day losing streak.


Stock ETF strategy and how to invest


Stock exchange rally

The stock market performed poorly on Monday as the Nasdaq and S&P 500 reversed after hitting new highs.

On Monday, The Big Picture commented, “In contrast, it was a brutal day for software stocks. Eight of the last 10 players in the industry group were in software, with the computer software company being the worst. “

For daily stock market commentary, be sure to check out The Big Picture from IBD.


Five best Dow Jones stocks to watch right now


Some stock market leaders mistreated

Coinbase (PIECE OF MONEY) fell more than 5%, but remains stretched past a buy point of 280.71 in a double bottom. The main cryptocurrency exchange could add a handful to a wide and deep cup base that dates back to the company’s inception in April. COIN stock is still around 7% above its key 10-week moving average.

Roblox (RBLX) cratered nearly 11% on Monday, reversing all-time highs in massive volume. Shares remain around 16% above a 103.97 buy point in a consolidation.

Unity software (U) fell 6.6% on Monday and is already around 16% from Thursday’s all-time high of 210.

Zoom on video revenues

2020 scholarship winner Focus on video communications (ZM) released third-quarter earnings and sales that beat estimates after the close on Monday. Zoom’s profits rose 12% to $ 1.11 per share on revenue of $ 1.05 billion. Analysts expected the company to earn $ 1.09 per share on sales of $ 1.018 billion, representing year-over-year increases of 10% and 31%, respectively. Zoom shares jumped 9% in extended trading before retreating and trading over 6%.

Zoom stock closed around 50% of its 52-week high on Monday and well below its long-term 200-day line. The stock is also below its 50-day moving average.

Dow Jones Stocks to Buy and Watch: Apple, Nike

IBD SwingTrader Apple stock is out of 5% buy range beyond 153.27 buy point in a cup with handle, according to IBD MarketSmith chart analysis, after seven days consecutive. The 5% buy zone tops out at 160.93. Stocks cut their gains to just 0.3% on Monday.

Dow Jones retail leader Nike regained the 174.48 point buy point bullish from its cup base in the middle of Friday’s 2.1% rally. But stocks gave up that buy point during Monday’s 0.4% loss.

Stocks to buy and watch: Adobe, Alphabet, Amazon, Nucor

Adobe nearly broke a buy point of 659.29 in a handle cup following a breakout move on Nov. 4, as stocks jumped 2.6% on Friday. ADBE stock reversed from initial gains to fall 2.15% on Monday.

Alphabet remains just above a buy point of 2,925.18 on a flat basis, according to IBD MarketSmith’s chart analysis, after Monday’s 1.8% loss. The 5% buy zone extends to 3,071.44.

Amazon gave up its 3,605.55 points of purchase in a mug with handle after Monday’s 2.8% drop. The IBD Inventory Checkshow thatAMZN actions has a slight 83 out of a perfect 99 IBD Composite Rating.

The stock’s relative strength line is clearly moving away from recent lows following November’s gains, but is well below its July high. This indicates an underperformance against the S&P 500 over a longer period. Ideally, the RS line should hit a new high on the day of the breakout or shortly thereafter to confirm the title as the market leader.

IBD ranking action Nucor is trying to break above the 119.42 buy point of a cup with a handle in the middle of Monday’s 6% lead. Leaderboard noted that the price action warranted a boost from a quarter-size position to half-size.


Join the IBD experts as they analyze the major stocks in the current bullish stock market trend on IBD Live


Electric Vehicle Inventories: Li Auto, Xpeng, Lucid Motors, Rivian

Li Auto continues to build a mug with a handle that has a buy point of 34.93, but moves further and further away from the entrance. Shares rose nearly 2% on Monday, rebounding after three straight days of losses.

Xpeng Motors continues to trade below its 48.08 buy point in choppy cup base after Monday’s 1.1% rise. Early Tuesday, Xpeng will release its third quarter results. On November 19, Xpeng unveiled its new flagship smart SUV G9.

Lucid Motors shares fell 7.4% on Monday, restoring part of Friday’s 17.3% rise. LCID stock remains well expanded beyond a buy point of 28.49 in a cup base with handle.

Rivian’s initial hot public offering fell 8.2% on Monday after Ford engine (F) and Rivien decided to back down of a pact to build a specific electric vehicle.

RIVN shares closed on Monday at around 34% of their post-IPO highs. Remember that investors should be disciplined when buying new issues while waiting for an IPO base to form before considering a purchase. The recent weakness could be the start of its first base formation, but last week’s price action was not constructive given the huge downside reversal and high volatility.

Tesla shares

Tesla stock rose 1.7% on Monday, adding to Friday’s 3.7% gain and extending a five-session winning streak. Monday morning, CEO Elon Musk tweeted that the Model S Plaid, a luxury sedan with a range of 396 miles that can reach top speeds of up to 200 miles per hour, could reach China “around March.”

The shares traded as high as 1,243.49 on November 4, but the stock closed on Monday around 7% of its 52-week high. TSLA stocks remain well above a buy point of 764.55 in a handle cup, as well as earlier entries at 700.10 and 730. The chart also showed an alternate entry at 900.50.

Dow Jones Executives: Microsoft

Among the major stocks in the Dow Jones, software giant Microsoft fell 1% on Monday, reversing new highs for the session.

On October 18, Microsoft stock broke a flat base buy point of 305.94. The 5% buy area peaks at 321.24 so the stock is extended.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.

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