Dow Jones futures rose Monday morning, as the price of Bitcoin surged over the weekend. Treasury yields took a breather following Friday’s jump, while U.S. oil extended losses to trade below $109 a barrel. Tesla stock raced higher on news that the company wants to split its stock in the form of a stock dividend.
Among Dow Jones stocks, Apple (AAPL) fell more than 1% on reports that the company planned to cut production on some iPhones. Microsoft (MSFT) moved slightly higher in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, finished Friday in buy range after a recent breakout.
Tesla (TSLA) rallied more than 5% early Monday, on pace to recover from Friday’s modest loss.
Amid the stock market’s strengthening uptrend, IBD Leaderboard stock Arista Networks (ANET), Broadcom (AVGO), European Wax Center (EWCZ), GlobalFoundries (GFS) and CVS Health (CVS) are among Monday’s top stocks to buy and watch.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. European Wax featured in last week’s IPO Leaders column. And Broadcom was featured in last week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Before Monday’s market open, Dow Jones futures rose 0.2% vs. fair value, while S&P 500 futures moved up 0.25%. Nasdaq 100 futures gained 0.3% 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.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%, and the SPDR S&P 500 ETF (SPY) was up 0.25% before Monday’s open.
The 10-year U.S. Treasury yield ticked down to 2.48% Monday following Friday’s surge to 2.49%. U.S. oil prices extended losses Monday morning, as West Texas Intermediate crude slid over 5% to trade under $108 a barrel.
The price of Bitcoin surged over the weekend and into Monday morning trade, topping $47,500 before easing. Bitcoin traded around $47,300 in early trade Monday, after ending Friday at $44,400, according to CoinDesk. Year to date, Bitcoin is up about 2%.
Cryptocurrency exchange Coinbase (COIN) jumped 4% early Monday, while ProShares Bitcoin Strategy ETF (BITO) advanced 6%.
Stock Market Rally
The stock market posted mixed results Friday, as the Dow Jones industrials and S&P 500 ended with modest gains, while the Nasdaq edged lower. For more daily stock market commentary, check out IBD’s The Big Picture column.
Friday’s The Big Picture column commented, “Also encouraging? Following the prior week’s powerful advance that encapsulated follow-through days by both the S&P 500 and the Nasdaq, the market refused to surrender those gains.”
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: UnitedHealth
Managed care giant UnitedHealth shows a 500.10 buy point with a handle entry on a double-bottom base. Shares held in a buy range above that entry despite Friday’s slight loss. UNH shares rose 0.4% early Monday.
Bullishly, the stock’s relative strength line is near new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Arista, Broadcom, GlobalFoundries, CVS
IBD SwingTrader stock Arista Networks is in a buy range above a double bottom’s 133.97 buy point. Shares fell 0.9% Friday, according to IBD MarketSmith charts. The stock was unchanged early Monday.
Chip giant Broadcom tacked on 0.4% Friday, moving further above an early entry at 614.74. Shares continue to rally up the right side of a new cup base. The cup base’s proper buy point is 677.86. AVGO shares were flat Monday morning.
Last week’s IPO Stock Of The Week, European Wax Center, finished Friday just above a double bottom’s 31.59 buy point. EWCZ shares were flat early Monday.
GlobalFoundries is now extended above a cup base’s 73.35 buy point following Friday’s 3.6% advance. The buy area went up to 77.02. GFS stock inched higher Monday morning.
Recent IBD Stock Of The Day CVS Health continues to build a flat base with a 111.35 buy point and is about 2% away from the entry. CVS shares were flat Monday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock surged nearly 6% early Monday, racing closer to a cup base’s 1,208.10 buy point. Early Monday, Tesla said it will request shareholder approval for an increase in the number of Tesla shares to enable a stock split in the form of a stock dividend.
The stock traded as high as 1,243.49 on Nov. 4, but ended Friday about 19% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.4% Friday, extending a win streak to nine sessions. The stock rallied back above the 50-day line and is just below a double bottom’s 176.75 buy point. AAPL stock moved down 1.4% early Monday after Nikkei Asia reported the company is planning to cut production of its iPhone SE and AirPods due to weaker-than-expected demand.
Software leader Microsoft dropped 0.1% Friday, as shares battle to decisively reclaim their 200-day line. Microsoft shares rose 0.2% Monday morning.
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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