The Nasdaq composite was in the driver’s seat in afternoon trading Monday, up more than 1%, helped by strength in several Nasdaq 100-listed Chinese stocks like Pinduoduo (PDD), JD.com (JD) and Baidu (BIDU). The Dow Jones Industrial Average wasn’t as strong, up 0.1%, although Salesforce.com (CRM) was a nice gainer as money once again flowed into beaten-down technology stocks.
Chinese stocks rallied broadly Friday (but gave back early gains) on reports that Chinese regulators appeared willing to give the U.S. access to audits of U.S.-listed Chinese firms. Beijing on Saturday made more specific comments, proposing to revise confidentiality rules regarding audit oversight.
Leaderboard stock Tesla (TSLA) also had a good day in the Nasdaq 100 after the company reported Q1 delivery data over the weekend. Tesla broke out over last week’s high, giving some traders an aggressive entry. But keep in mind that TSLA stock has run up quite a bit from its March 14 low of 756.04, with much consolidation.
U.S. Stock Market Today Overview
|Last Update: 1:32 PM ET 4/4/2022|
Early Monday, CEO Elon Musk disclosed a 9.2% stake in Twitter (TWTR). Twitter stock jumped 25% on the news.
Apple stock was another nice gainer in the Dow Jones today, up 1.5%. Apple (AAPL) paid a visit to its 10-day moving average Friday and found support. It reclaimed a 176.75 double-bottom buy point today.
Outside the Dow Jones
Twitter was the best percentage gainer in the S&P 500, along with SolarEdge Technologies (SEDG), which reclaimed a 335.67 buy point. It’s been trying to break out since March 23, but volume hasn’t come into the stock yet.
Utilities, energy and financial stocks generally lagged in the S&P 500.
Starbucks (SBUX) gapped down after interim CEO Howard Schulz announced the suspension of share buybacks to invest more cash in the business.
At the New York Mercantile Exchange, WTI crude oil futures were up nearly 3% to around $1.02 a barrel. Oil fell roughly 13% last week, its biggest weekly loss in nearly two years. Last week, the Biden administration said it will release 1 million barrels a day from strategic reserves to help keep a lid on gas prices.
Inside the MarketSmith Growth 250, leading coal and shipping stocks were under the most pressure. In the coal group, Arch Resources (ARCH) looks like it could be ready for a first test of the 50-day moving average after a recent breakout; same with Warrior Met Coal (HCC). A bounce off the key support level with volume would put both stocks in an alternate buy zone.
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In the shipping group, Matson (MATX) and Danaos (DAC) fell sharply and are holding just above their 50-day lines.
Inside The IBD 50
Inside the IBD 50, Arista Networks (ANET) has emerged as an anomaly among tech stocks because of healthy fundamentals and technicals. ANET stock was up 2% and is now just 4% off its high as it forms the right side of a cup base.
In the investment management group, IBD 50 stocks Ares Management (ARES) and Blackstone (BX) continue to show relative price strength and are near buy points.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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