(Investor’s Business Daily)
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, rose late Tuesday after the Dow Jones Industrial Average made history. Nio and Tesla set all-time highs, while Apple rebounded. Hot IPO stocks Corsair Gaming and Palantir Technologies continued their recent surges.
The Dow Jones Industrial Average advanced 1.5%, or 454 points. The S&P 500 rallied 1.6%, while the tech-heavy Nasdaq composite moved up 1.3%. The Dow Jones industrials topped the 30,000 level for the first time in history.
Among the Dow Jones leaders, Apple (AAPL) rose 1.2%, while Microsoft (MSFT) advanced 1.8%. Meanwhile, Salesforce.com (CRM) is once again approaching a new buy point amid Tuesday’s 1.2% rally.
Tesla (TSLA) jumped 6.4% to hit to another all-time high, while Chinese rival Nio (NIO) briefly raced to new highs. But Nio reversed 3.4% lower, ending a three-day win streak.
Stocks in or near buy zones in the stock market rally are Advanced Micro Devices (AMD), FedEx (FDX), and Zumiez (ZUMZ).
Hot IPO stocks Corsair Gaming (CRSR) and Palantir Technologies (PLTR) ended Tuesday more than 100% above their recent buy points.
Dow Jones Futures Today
Late Tuesday, Dow Jones futures rallied 0.3% vs. fair value, while S&P 500 futures moved up 0.3%. Nasdaq 100 futures gained 0.6% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange traded funds, Innovator IBD 50 (FFTY) fell 0.5% Tuesday. The Nasdaq 100-linked Invesco QQQ Trust (QQQ) ETF traded up 1.4%. Meanwhile, the SPDR S&P 500 ETF (SPY) climbed 1.6%.
Amid the coronavirus stock market rally, the tech-heavy Nasdaq is up 34.1% for the year through Tuesday’s close. Meanwhile, the S&P 500 is up 12.5%, while the Dow is up 5.3% year to date, through the Nov. 24 close.
According to IBD’s The Big Picture, the stock market returned to a new uptrend following a bullish follow-through day on Nov. 4.
Monday’s Big Picture commented, “In a sense, Monday’s trading reflected the market’s indecisive mood of the past couple of weeks. In that time, the stock market has been directionless, as it grapples with two prevailing themes on the coronavirus: While it applauds the fast development of Covid-19 vaccines, the market also fears the re-energized coronavirus will lead to another economic slowdown.”
Dow Jones Stocks: Salesforce’s New Buy Point
Dow Jones stock Salesforce.com is approaching a 271.02 buy point in a double bottom with handle, according to MarketSmith chart analysis. Shares rallied 1.2% Tuesday and are about 3% away from the new entry.
The cloud software company is the No. 1-performing stock on the Dow Jones Industrial Average, advancing 60.4% year to date.
Chip giant Advanced Micro Devices slipped 0.3%, easing away from an 88.82 buy point in a double bottom, according to MarketSmith chart analysis. Shares are about 2% away from the entry Tuesday. A potential handle entry offers a slightly lower buy point, at 87.15. Shares briefly topped that buy point on Monday.
According to IBD Stock Checkup, AMD stock boasts a perfect 99 IBD Composite Rating. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths.
Tuesday’s IBD Stock Of The Day, FedEx, broke out above a 293.40 buy point in a flat base Tuesday, but shares closed below the new buy point after paring gains.
FDX stock has a 96 IBD Composite Rating.
Top stock to watch Zumiez is in the 5% buy zone after Monday’s breakout above a rare buy point in an ascending base at 35.64. The 5% buy range tops out at 37.42. Shares advanced nearly 2% Tuesday.
The retail leader was featured in Friday’s Stock Spotlight column.
Chinese rival Nio advanced as much as 3.3% Tuesday before reversing sharply lower. The stock snapped a three-day win streak.
The stock set a record high Tuesday, reaching an all-time high at 57.20.
IBD Leaderboard stock Tesla raced to another all-time high Tuesday with a 6.4% jump, adding to Monday’s 6.6% surge. The stock set a fresh record high at 559.99.
On Nov. 18, shares broke out above a 466 buy point in an awkward cup with handle. The 5% buy zone tops out at 489.30, so the stock is well extended.
Hot IPO Stocks Continue To Surge
Hot IPO stocks Corsair Gaming and Palantir Technologies surged to more all-time highs Tuesday, as their torrid runs continued.
Corsair Gaming soared 13% Tuesday, ending more than 126% above a 22.60 buy point in an IPO base. Investors could take some profits amid the huge move.
Corsair is on IBD’s IPO Leaders stock list.
Palantir Technologies skyrocketed 13.2%, closing more than 100% above an 11.52 buy point in an IPO base. Similar to Corsair Gaming, it would be prudent to lock in at least some gains.
According to Leaderboard commentary, “Palantir Technologies is extended as it continues to rocket to new highs. It was cut to a quarter position Tuesday to lock in some profit.”
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple reversed higher Tuesday, rising 1.2% to recover a part of Monday’s 3% decline. Shares closed below their key 50-day line for the first time since Nov. 5, but are trying to retake that level.
Apple stock continues to trace a new base with a 138.08 buy point. An early entry exists at 125.49. But the top Dow Jones stock is starting to show signs of significant weakness.
The blue-chip giant is the No. 2-performing Dow Jones stock for 2020, with a 56.9% advance through Tuesday.
Software giant Microsoft moved up 1.8% Tuesday, as the stock regained its 50-day moving average line. Shares fell below that critical support level last week.
Year to date, Microsoft is one of the top Dow Jones stocks, advancing 35.6% through the Nov. 24 close.