Dow Jones futures were slightly lower late Monday after the session’s stock market rally, as the Dow Jones Industrial Average hit record highs. Roblox skyrocketed as much as 36% after reporting earnings late.
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On Monday, the Dow Jones Industrial Average moved up 0.3%. The S&P 500 rose 0.1%, while the Nasdaq climbed 0.1%.
Among the Dow Jones leaders, Apple (AAPL) moved down 0.6% Monday, while Microsoft (MSFT) gained 0.3% in today’s stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continue to trade near new buy points in the current rally.
Tesla (TSLA) skidded nearly 5% Monday after Musk, the company’s chief executive, proposed a potential sale of his shares on Twitter over the weekend.
Among companies reporting earnings, PayPal (PYPL) and Roblox (RBLX) reported earnings after the close Monday. Palantir Technologies (PLTR) will report ahead of Tuesday’s market open.
Among the top stocks to buy and watch, Academy Sports & Outdoors (ASO), Adobe (ADBE), Goldman Sachs (GS) and Li Auto (LI) are in or near buy zones.
Microsoft and Tesla are IBD Leaderboard stocks. Academy Sports is an IBD SwingTrader stock. Apple featured in this week’s Stocks Near A Buy Zone story.
Dow Jones Futures Today: Bitcoin Hits Record High
After the stock market close Monday, Dow Jones futures lost 0.2% vs. fair value, while S&P 500 futures moved down 0.2%. Nasdaq 100 futures dropped 0.15% 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) moved up 1.3% Monday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.1%. And the SPDR S&P 500 ETF (SPY) ascended 0.1%.
Late Monday, the price of Bitcoin advanced to all-time highs, topping out at $67,777, rising about 7.5% over the last 24 hours, according to Coindesk. Bitcoin’s previous high was set Oct. 20 at $66,974.77.
U.S. Stock Market Today Overview | ||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36431.39 | +103.44 | +0.28 |
| S&P 500 | (0S&P5) | 4701.72 | +4.19 | +0.09 |
| Nasdaq | (0NDQC ) | 15982.36 | +10.77 | +0.07 |
| Russell 2000 | (IWM) | 242.50 | +0.69 | +0.29 |
| IBD 50 | (FFTY) | 52.28 | +0.68 | +1.32 |
Last Update: 4:36 PM ET 11/8/2021 | ||||
Stock Market ETF Strategy And How To Invest
Stock Market Rally
The stock market rally gained further strength on Monday, as the Dow Jones Industrial Average notched more all-time highs. The Nasdaq extended a win streak to 11 sessions, while the S&P 500 made it eight straight up days.
On Friday, The Big Picture cautioned, “But consider this: The Nasdaq is now about 6% above its 50-day moving average, while the S&P 500 is about 5% above this key level. This suggests both are getting extended. While it might seem like the bears have gone into hibernation early this fall, they could easily be getting ready to ambush overconfident investors.”
Despite an extended market rally, the major stock indexes continue to progress higher with a limited amount of distribution, so investors should remain bullish on the positive trend in the market. But be disciplined about your purchases. Don’t chase extended stocks and be sure to cut losses after sell signals. And it’s also OK to take some profits into strength to help avoid some potential downside.
For daily stock market commentary, be sure to check out IBD’s The Big Picture.
Five Best Dow Jones Stocks To Watch Now
Dow Jones Stocks To Buy And Watch: Amex, JPMorgan, Nike
American Express ended Monday back above a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis after Monday’s 1.9% climb.
Meanwhile, JPMorgan remains in the 5% buy zone past a 163.93 entry in a cup with handle after a recent bounce off its 50-day moving average. The 5% buy area tops out at 172.13. JPM stock was up 0.6% Monday.
Dow Jones retail leader Nike fell below its cup base’s 174.48 buy point following last week’s breakout. Shares sold off 3.2% Monday, snapping a four-day win streak.
Stock Market Earnings: PayPal, Roblox, Palantir
PayPal and Roblox reported earnings after the close Monday.
Late Monday, PayPal reported mixed results, topping earnings estimates, but missing revenue targets. The company said it earned an adjusted $1.11 a share on revenue of $6.18 billion. PayPal also announced a new partnership with Amazon (AMZN), which will allow Venmo users to use the service as a checkout option on Amazon’s platform.
PayPal shares reversed from early gains to slide nearly 6% in extended trade. The stock has been under pressure since Oct. 20 when Bloomberg reported that PayPal had discussed acquiring Pinterest (PINS) for a potential price of around $70 a share. Later, PayPal said it is no longer pursuing that acquisition. Shares closed Monday about 26% off their 52-week high and sharply below their 200-day moving average.
Former hot stock Roblox, a recent initial public offering, soared as much as 36% in extended trade after the company’s earnings results before paring some gains. Roblox said its revenue more than doubled to $509.3 million. Meanwhile, bookings rose 28% to $637.8 million, topping forecasts.
Palantir Technologies will report ahead of Tuesday’s open. Analysts expect the company to earn 4 cents per share on sales of $385 million, per IBD data. That would match the 4 cents Palantir earned in both the first two quarters of 2021, but would be down 56% from the 9 cents of profit earned in the third quarter last year. Analysts see sales up 33% year over year.
Palantir stock is rapidly approaching a 29.39 buy point in a cup base within a much deeper pattern ahead of Tuesday’s earnings results amid Monday’s 2.9% rally. The latest formation occurs with the stock about 40% off its 52-week high, so there is plenty of overhead resistance for shares to overcome.
Stocks To Buy And Watch: Academy, Adobe, Goldman, Li Auto
IBD SwingTrader stock Academy Sports & Outdoors ended Monday in the buy range past a cup-with-handle’s 45.53 buy point following last week’s breakout move. The 5% buy range goes up to 47.81. Academy shares were up 1.1% Monday.
The IBD Stock Checkup shows that Academy stock has a 96 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 Adobe is in buy range, going past its 659.29 entry in a cup with handle, according to IBD MarketSmith chart analysis. Shares were up 0.5% Monday. Per Leaderboard analysis, the new base is a third-stage pattern. Later-stage bases have less upside and are more likely to fail than earlier-stage patterns.
Goldman Sachs remains squarely below a 420.86 buy point in a flat base despite a 0.3% gain Monday.
Friday’s IBD Stock Of The Day, Li Auto, is closing in on a cup with handle’s 34.93 buy point. Li Auto shares were up 1.1% Monday after Friday’s 3% skid.
Join IBD experts as they analyze leading stocks in the current stock market uptrend on IBD Live
Tesla Stock
Tesla stock descended nearly 5% Monday after CEO Musk proposed “selling 10% of my Tesla stock” in a Twitter poll over the weekend. The results showed nearly 58% of Twitter respondents supported the sale.
The stock traded as high as 1,243.49 Thursday. 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 has formed a new cup-with-handle base with a 153.27 buy point, according to IBD MarketSmith chart analysis. Shares traded down 0.5% Monday and are just shy of the new buy point. Meanwhile, an early entry at 152.53 is also in play as a result of a downsloping trendline.
Software giant Microsoft moved up 0.3% Monday. 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. Shares are at record highs.
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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