Dow Jones futures were little changed after Monday’s tech-fueled stock market rally ahead of this week’s heavily-anticipated Fed minutes. Apple stock reclaimed a buy point, while Tesla made a bullish move after reporting record vehicle deliveries. Twitter stock soared after Tesla Chief Executive became the largest shareholder in the social media company.
Stock Market Today
On Monday, the Dow Jones Industrial Average climbed 0.3% and the S&P 500 moved up 0.8%. The tech-heavy Nasdaq composite outperformed, rallying 1.9%. Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) advanced 2.1%, and the SPDR S&P 500 ETF (SPY) rose 0.9% Monday.
U.S. Stock Market Today Overview
|Last Update: 4:32 PM ET 4/4/2022|
Electric-vehicle leader Tesla (TSLA) raced more than 5.5% higher Monday after the company’s announcement over the weekend. Twitter (TWTR) soared 27% after Tesla Chief Executive Elon Musk took a 9.2% stake in the social media company for $2.89 billion.
Dow Jones financial leader American Express (AXP) — along with Arista Networks (ANET), Broadcom (AVGO), IBD Leaderboard stock Darling Ingredients (DAR), Regeneron Pharmaceuticals (REGN) and Shell (SHEL) — are Monday’s top stocks to buy and watch.
Elsewhere among the Dow Jones leaders, Apple (AAPL) rallied 2.4% and Microsoft (MSFT) traded up 1.8% in today’s stock market. American Express, a Dow Jones stock to watch, is approaching a buy point.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. Darling Ingredients and Tesla stock were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Futures Today: Oil Prices, Treasury Yields, Fed Minutes
After Monday’s close, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year U.S. Treasury yield rose to 2.41% Monday. U.S. oil prices jumped more than 4% Monday, as West Texas Intermediate crude traded near $104 a barrel.
Minutes from the Federal Reserve’s March policy meeting are due out at 2 p.m. ET Wednesday. On March 16, the Federal Reserve hiked its key interest rate for the first time since 2018. Policymakers revealed their expectation for a total of seven quarter-point rate hikes this year and at least three more in 2023.
Stock Market Rally: What To Do Now
On Monday, stock market put in a positive performance Monday with the tech-heavy Nasdaq charging higher. During market uptrends, you should gradually raise exposure in stocks, as you sync your portfolio and mindset with the stock market action. As always, be mindful of potential sell rules and don’t let losses surpass more than 7%-8% on any individual trade.
Friday’s The Big Picture column commented, “Oil and gas stocks dominated the upside again in the MarketSmith Growth 250, but it’s hard to find actionable stocks because they’ve been running higher for a while. The sector is filled with extended stocks. The same holds true for mining, steel, fertilizer and shipping stocks, which continue to show relative strength. The main challenge for investors at this point is finding good setups. Don’t force the issue by buying laggard stocks in an industry group.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Buy And Watch: American Express
Dow Jones financial stock American Express is tracing a cup with handle with a 194.45 buy point. Shares rose 0.3% Monday, ending about 3% away from the latest entry.
Keep an eye on the stock’s relative strength line. Amid its recent ascent, the RS line is nearing its old highs, but does have some work cut out for it ahead of a potential breakout. The RS line measures a stock’s price performance vs. the S&P 500. The RS line should hit a new high on the breakout day or shortly thereafter to confirm the strength of stock’s breakout.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Arista, Broadcom, Darling, Regeneron, Shell
Arista Networks moved out of buy range past a double bottom’s 133.97 buy point after rising 2.3% rise Monday, according to IBD MarketSmith charts.
Chip giant Broadcom gained 1.25% Monday, snapping a three-day losing streak. The stock continues to hold above an early entry at 614.74. Shares continue to rally up the right side of a 13-week cup base. The cup base’s proper buy point is 677.86.
IBD Leaderboard stock Darling Ingredients finished Monday in buy range past a 80.31 cup-with-handle buy point. Shares dipped 2.6% Monday.
Biotech leader Regeneron Pharmaceuticals remains in buy range above a 673.96 flat-base entry in the wake of a March 16 breakout move. REGN shares tested the buy point on March 23 before regaining the buy point on March 24. The 5% buy zone tops out at 707.66. The stock was up 0.5% Monday.
Oil-and-gas producer and Friday’s IBD Stock Of The Day, Shell, is within striking distance of a flat base’s 56.23 buy point. Shares rose 0.2% Monday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock surged 5.6% Monday after the company reported record vehicle deliveries. Shares of the EV giant are closing in on a cup base’s 1,208.10 buy point and are about 5% away from the latest entry. Be on the lookout for a potential handle to offer a more risk-optimal entry.
On Saturday, Tesla said that it delivered a record 310,000 vehicles globally in the first three months of the year. That was up about 68% from the same period a year ago. Wall Street expected deliveries of around 309,000, but some estimates predicted 317,000 in the first quarter. CEO Elon Musk tweeted, “This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy. Outstanding work by Tesla team & key suppliers saved the day.”
The stock traded as high as 1,243.49 on Nov. 4. and ended Monday just 8% away from that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares jumped 2.4% Monday, retaking a double bottom’s 176.75 buy point and closing in the 5% buy area that goes up to 185.59.
Software leader Microsoft rallied 1.8% Monday, as shares continue to build the right side of a new base formation.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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The post Dow Jones Futures: Apple Retakes Entry, Tesla Eyes Buy Point And Twitter Soars On Musk Stake appeared first on Investor’s Business Daily.