Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher late Monday. Tesla stock broke down through a key support level with sharp losses Monday.
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The stock market slashed losses Monday. The tech-heavy Nasdaq composite closed down 0.4%. The S&P 500 lost 0.25%, while the Dow Jones Industrial Average eased 0.2% lower.
Among the Dow Jones leaders, Apple (AAPL) sold off 0.9% Monday, while Microsoft (MSFT) declined 1.2% in today’s stock market. Goldman Sachs (GS) and JPMorgan (JPM) are in buy zones after recent breakouts.
Tesla (TSLA) continues to struggle, sliding over 2% Monday to again fall below its key long-term 200-day moving average line.
Among the top stocks to buy and watch, Alphabet (GOOGL), ASML (ASML), Jefferies Financial Group (JEF) and Cameco (CCJ) are in or near buy zones.
ASML and Microsoft are IBD Leaderboard stocks. Jefferies was Wednesday’s IBD 50 Stocks To Watch pick. Cameco was Monday’s IBD Stock Of The Day, while Alphabet was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures rose 0.3% vs. fair value, while S&P 500 futures gained 0.2%. Nasdaq 100 futures moved up 0.35% 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, the Innovator IBD 50 (FFTY) traded up 0.2% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 0.6%. Meanwhile, the SPDR S&P 500 ETF (SPY) dropped 0.25%.
Split Stock Market Rally
The Dow Jones Industrial Average and S&P 500 eased further from their recent all-time highs following Monday’s modest losses, but remain within striking distance. Meanwhile, the tech-heavy Nasdaq remains below its 50-day line Monday. The composite is about 6% off its record high.
Friday’s Big Picture column commented, „The stock market ended the week on a high note Friday despite disappointing retail sales data before the open. The Nasdaq composite jumped 2.3% in lower volume. But after finding support near the 13,000 level Wednesday, the index lost 2.3% for the week and is still below its 50-day moving average.“
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks: Goldman, JPMorgan
Dow Jones financial leader JPMorgan is in the 5% buy zone past a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares are about 2% above the entry amid a 0.4% rise in Monday’s action.
On May 5, Dow Jones stock Goldman Sachs broke out past a 356.95 buy point, entering a buy range that goes up to 374.80. Goldman shares gave up the entry on May 12 before retaking the entry on Thursday. The stock rose 0.1% Monday.
Stocks To Buy And Watch: Alphabet, ASML, Jefferies, Cameco
FANG stock leader Alphabet is rebounding from its 50-day line. Shares extended their win streak to three sessions amid Monday’s 0.5% gain.
Alphabet is an IBD Leaderboard stock. Per Leaderboard commentary, „Alphabet is in a buy zone as it stages a rebound from its 10-week line. It has also moved back above its 21-day exponential moving average, another encouraging sign.“
The stock broke out on April 5 past a 2,145.24 entry in a flat base. The 5% buy area goes up to 2,252.50. So while shares are extended from that entry, they are in buy range from support at the 50-day average.
IBD Long-Term Leader ASML is trying to rebound from its critical 50-day line, placing the chip leader in a new buy area. It is the second time since March that ASML has found support around the same level. The most recent base formed from July to October. Shares slipped almost 2% Monday.
ASML is also an IBD SwingTrader stock.
Jefferies is building a cup with handle, offering a 34.52 buy point. Shares are fighting to hold their 50-day line amid Monday’s 0.5% loss.
According to IBD Stock Checkup, JEF stock boasts a strong 97 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Monday’s IBD Stock Of The Day Cameco is in the 5% buy zone past a 19.81 buy point in a cup base, according to IBD MarketSmith chart analysis. Shares rallied 3.5% Monday.
Bullishly, the stock’s RS line made a new high Monday, confirming the uranium miner as a stock market leader.
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Tesla Stock
Tesla stock skidded 2.2% Monday, giving back a part of Friday’s 3.2% climb. Shares are trying to find support around their long-term 200-day moving average, but are back below that key level.
Over the weekend, Tesla CEO Elon Musk implied in a tweet that Tesla might have sold or will sell its remaining Bitcoin. He tweeted early Monday saying, „To clarify speculation, Tesla has not sold any Bitcoin.“
The price of Bitcoin plunged to trade as low as $42,102 before paring losses. Bitcoin traded around $42,800 Monday evening, according to Coindesk. Bitcoin-tracking ETF Grayscale Bitcoin Trust (GBTC) dived 10% Monday and is about 39% below its all-time highs.
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.
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Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple lost 0.9% Monday, snapping a two-day win streak. Shares are back below their 50-day line.
Last week, the stock triggered the 7%-8% loss-cutting sell rule from a 135.63 buy point.
Software giant Microsoft moved down 1.2% Monday, as it again trades below a flat base’s 246.23 buy point, according to IBD MarketSmith chart analysis. The buy zone goes up to 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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