Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were slightly higher late Monday. Tesla stock jumped on an analyst upgrade, while tech giants Nvidia, Square, Uber and Twitter are approaching new buy points.
On Monday, the tech-heavy Nasdaq composite fell 0.4%. The S&P 500 moved down less than 0.1%, while the Dow Jones Industrial Average traded down 0.2%.
Tesla (TSLA) jumped 3.7% Monday, rebounding from Friday’s 1% fall.
Among the top stocks to buy and watch, IPO leader Roblox (RBLX) broke past an early buy point Monday, while Nvidia (NVDA), Square (SQ), Twitter (TWTR) and Uber Technologies (UBER) are approaching new entries.
Boeing and Microsoft are IBD Leaderboard stocks, while Uber is an IBD SwingTrader stock. Roblox and Square were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were up less than 0.1% 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.
U.S. Stock Market Today Overview
Last Update: 4:30 PM ET 4/12/2021
On Sunday, Fed Chair Jerome Powell commented, “I think it’s highly unlikely that we would raise rates anything like this year,” in an interview with CBS “60 Minutes” journalist Scott Pelley.
Powell also commented that vaccinations and federal stimulus have substantially brightened the economic outlook. He added the economy was at an “inflection point” and “about to start growing much more quickly.”
In a down note for investors, he also claimed that “some asset prices are overvalued.”
The 10-year Treasury yield briefly topped 1.68% early Monday, before closing just above 1.67%, according to the CBOE.
Stock Market Rally: Dow, S&P Hit New Highs
Amid the current stock market rally, the Dow Jones Industrial Average and S&P 500 climbed to new high ground on Friday before easing Monday.
Meanwhile, the tech-heavy Nasdaq sits just off its all-time highs amid the index’s recent strength.
Friday’s Big Picture commented, “The distribution day count was wiped clean as a result of Friday’s gains. Distribution days for the S&P 500 on March 18 and March 23 were removed because the index rallied more than 5% from the closing price on each of those days. The Nasdaq’s March 23 distribution day was removed for the same reason.”
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Dow Jones Stocks: Boeing
Inside the Dow Jones Industrial Average, Boeing is back in buy range above a 244.18 buy point in a cup base. The 5% buy range goes up to 256.39.
On Monday, shares declined more than 1% to 249.52 and are about 2% above the entry.
Stocks To Buy: Roblox
IBD Leaderboard stock Roblox is approaching an IPO base’s 79.20 buy point, according to IBD MarketSmith chart analysis. Shares are also climbing above an aggressive entry at 72.96 amid Monday’s 4.4% advance.
According to Leaderboard commentary, “Roblox is forming an IPO base but remains far from the buy point. It has cleared an aggressive buy point at 72.96 and is above it.”
Five Stocks Flashing Buy Signals; Tesla Faces Key Test
Stocks To Watch: Nvidia, Square, Twitter, Uber
Graphics-chip maker Nvidia continues to move up the right side of a new cup base, offering a 615 buy point. Shares are just 1% away from the new buy point amid Monday’s 5.6% surge.
Square rallied 1.4% Monday, extending a win streak to nine days. Shares are approaching a 283.29 buy point in a cup base. Last week, Square stock broke out above a trendline entry around 242.
According to IBD Stock Checkup, Square stock boasts a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Social media leader Twitter is tracing a new cup base, offering an 80.85 buy point. Be on the lookout for a potential handle to offer a lower entry.
Shares slipped 0.4% Monday, adding to Friday’s slight loss. The stock is about 13% away from the new entry.
Uber Technologies is constructing a consolidation with a 64.15 buy point. Shares are also approaching an early entry at 61.12.
The stock jumped over 3% Monday after Uber reported record gross bookings for March, signaling a pickup in demand for its ride-hailing business. The company reported an annualized run rate of $30 billion, up 9% from the previous month.
“As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability,” the company said. “We continue to believe that Uber is on track to reach quarterly adjusted EBITDA profitability in 2021.”
Tesla stock raced 3.7% higher Monday after Canaccord Genuity’s Jed Dorsheimer upgraded Tesla stock to buy and boosted his price target to 1,071, one of the highest on Wall Street, from 419. Dorsheimer predicted the energy generation and storage business will accelerate 25% to $8 billion in revenue by 2025.
The EV giant was featured as Monday’s IBD Stock Of The Day.
Shares of Tesla regained their key 10-week moving average, a critical resistance level, for the first time since late February. Tesla is forming a new base, but it is too early for a new risk-optimal buy point. If the stock is able to decisively gain its 50-day line, then an aggressive entry could emerge.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple fell 1.3% Monday, snapping its seven-day win streak.
Apple stock is rebounding from its 40-week line and back above its 10-week line. On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.
Software giant Microsoft moved up 0.1% Monday. Microsoft is trading at the top of the 5% buy range past a flat base’s 246.23 buy point that tops out at 258.54.
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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