The Dow Jones Industrial Average briefly rallied 175 points Monday, as Tesla stock raced to more record highs. Top growth stocks to buy and watch are Albemarle, Alphabet and ServiceNow.
Among the Dow Jones leaders, Apple (AAPL) sold off 1%, while Microsoft (MSFT) lost 1.2% in today’s stock market. American Express (AXP), Goldman Sachs (GS) and JPMorgan Chase (JPM) continue to trade near new buy points.
Tesla (TSLA) raced almost 4% higher Monday, notching fresh all-time highs.
Among the top stocks to buy and watch, Albemarle (ALB), Alphabet (GOOGL) and ServiceNow (NOW) are in or near new buy zones.
Microsoft and Tesla are IBD Leaderboard stocks. Alphabet is an IBD SwingTrader stock.
Dow Jones Today
Early Monday, the Dow Jones industrial average rallied just 0.1% after slashing early gains. The S&P 500 lost 0.1%, while the tech-heavy Nasdaq traded up 0.3% in morning trade.
U.S. Stock Market Today Overview |
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---|---|---|---|---|
Index | Symbol | Price | Gain/Loss | % Change |
Dow Jones | (0DJIA) | 35841.09 | +21.53 | +0.06 |
S&P 500 | (0S&P5) | 4599.86 | -5.52 | -0.12 |
Nasdaq | (0NDQC ) | 15514.96 | +16.57 | +0.11 |
Russell 2000 | (IWM) | 232.03 | +3.98 | +1.75 |
IBD 50 | (FFTY) | 50.75 | +0.40 | +0.79 |
Last Update: 10:40 AM ET 11/1/2021 |
Among exchange traded funds, Innovator IBD 50 (FFTY) rallied 0.5% Monday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.3%. And the SPDR S&P 500 ETF (SPY) moved down almost 0.1%.
Stock Market Rally
The stock market rally strengthened Friday, as the Nasdaq and S&P 500 notched more all-time highs.
On Friday, The Big Picture commented, “The stock market bounced from a weak open and climbed into the closing bell. Considering the bad earnings news the market was dealt, it was remarkable that indexes performed as well as they did, let alone that they reached all-time highs.”
For daily stock market commentary, be sure to check out IBD’s The Big Picture.
Dow Jones Stocks To Buy And Watch: Amex, Goldman, JPMorgan
American Express ended Friday about 3% below a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis, following five straight days of losses. Shares rose nearly 1% Monday.
Goldman Sachs is within striking distance of a 420.86 buy point in a flat base following Friday’s slight loss. Shares moved up 0.6% Monday. Meanwhile, JPMorgan remains at the top of the 5% buy zone past a 163.93 entry in a cup with handle after a recent bounce off the 50-day moving average. The 5% buy area tops out at 172.13. JPM stock was up 0.2% Monday.
Stocks To Buy And Watch: Albemarle, Alphabet, ServiceNow
Lithium miner Albemarle is in buy range past a cup with handle’s 244.46 buy point following last week’s breakout. The 5% buy area goes up to 256.68. Shares rallied almost 1% Monday morning. Earnings results are due out Wednesday, so this breakout carries more risk.
IBD SwingTrader stock Alphabet is just below a new buy point — a 2,925.18 entry in a flat base — according to IBD MarketSmith chart analysis — amid Monday morning’s 1.6% loss.
The IBD Stock Checkup shows that Alphabet stock boasts a 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
IBD Leaderboard stock ServiceNow reclaimed its 681.20 flat-base entry after earnings results last week and is in the 5% buy area that runs up to 715.26. The stock moved up 0.1% Monday morning.
Per Leaderboard analysis, ServiceNow’s latest base is a second stage pattern, after shares climbed a little more than 20% from the previous base. Earlier-stage formations — first and second stage — offer more upside and are less likely to fail than later-stage bases.
Tesla Stock
Tesla stock pared gains to about 2% Monday morning after hitting more all-time highs. Last week, its shares moved above a $1 trillion valuation milestone.
The stock hit a record high early Monday, trading as high as 1,158.21. TSLA shares are sharply above a 764.55 buy point in a cup with handle, as well as earlier entries at 700.10 and 730. An alternate entry at 900.50 also could be identified.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple stock is forming a new cup base with a 157.36 buy point, according to IBD MarketSmith chart analysis. Shares lost 1% Monday morning. Friday’s weakness could be the start of a potential handle, which would offer a lower entry if the stock is able to continue to bounce from its 50-day line.
Software giant Microsoft dropped 1.2% Monday morning, and is moving further past a recent buy point. On Oct. 18, Microsoft broke out past a flat base’s 305.94 buy point. The 5% buy zone tops out at 321.24, so the stock is now extended.
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