Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed late Monday after the stock market rally hit new highs. Apple stock jumped to record highs, while PayPal and Tesla raced higher. Zoom stock dived 12% on earnings after the close.
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On Monday, the Dow Jones Industrial Average dipped 0.2%. The S&P 500 climbed 0.4% and the Nasdaq rallied 0.9%; both indexes hit all-time highs.
Among the Dow Jones leaders, Apple (AAPL) rallied 3%, while Microsoft (MSFT) moved up 1.3% in today’s stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.
Tesla (TSLA) raced ahead 2.7%, moving further above a recent buy point. The EV leader is now at the top of its buy range. PayPal (PYPL) climbed more than 3.5% Monday, retaking its key 50-day moving average. A new buy point has emerged.
After the close, Zoom Video (ZM) reported better-than-expected Q2 earnings results. But Zoom stock dived as much as 12% in extended trade.
Among the top stocks to buy and watch, Academy Sports & Outdoors (ASO), Airbnb (ABNB), Mercado Libre (MELI) and Palantir Technologies (PLTR) are in or near new buy zones.
Airbnb, Microsoft and Tesla are IBD Leaderboard stocks. Academy Sports is an IBD IPO Leader. Palantir was featured in this week’s Stocks Near A Buy Zone column. Airbnb was Tuesday’s IBD Stock Of The Day.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed 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 | ||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35399.90 | -55.90 | -0.16 |
| S&P 500 | (0S&P5) | 4528.76 | +19.39 | +0.43 |
| Nasdaq | (0NDQC ) | 15265.89 | +136.39 | +0.90 |
| Russell 2000 | (IWM) | 225.49 | -0.92 | -0.41 |
| IBD 50 | (FFTY) | 48.55 | +0.55 | +1.15 |
Last Update: 4:34 PM ET 8/30/2021 | ||||
Among exchange traded funds, Innovator IBD 50 (FFTY) rose 1.15% Monday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 1.1%. And the SPDR S&P 500 ETF (SPY) rose 0.4%.
Stock Market Rally Continues
The Nasdaq and S&P 500 hit fresh record highs Monday, while the Dow Jones Industrial Average remains just off its all-time highs.
Friday’s The Big Picture column commented, “The stock market’s action reaffirmed the current uptrend and was in stark contrast to Thursday’s moderate losses. The buying Friday was broad-based, though two sectors did edge lower — SPDR Health Care (XLV) (down 0.2%) and SPDR Utilities (XLU) (down less than 0.1%). Winners led losers by 5-to-1 on the NYSE and by more than 3-to-1 on the Nasdaq.”
For more stock market commentary, check out IBD’s The Big Picture.
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Zoom Earnings
After the close Monday, Zoom Video reported its quarterly results. Zoom earnings jumped to $1.36 per share, topping estimates for $1.16. Revenue came in at $1.02 billion, beating estimates for $991.2 million. Despite the earnings and sales beats, the company offered weaker-than-expected earnings guidance for the current quarter.
Late Monday, Zoom stock fell 12% in response to the company’s earnings results.
Zoom stock closed Monday up 2%, ending about 40% off its all-time high, which was set on Oct. 19, 2020, at 588.84. Shares are building a cup with handle with a 406.58 buy point, but are far away from that new entry. The stock is also sharply below its 50-day moving average.
Dow Jones Stocks To Buy And Watch: Home Depot
Dow Jones leader Home Depot is trying to break out past a cup with handle’s 333.55 entry, but currently sits just below the buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.
Shares were up 1.15% Monday.
Stocks To Buy And Watch: Academy Sports, Airbnb, Mercado Libre, Palantir
IPO Leader Academy Sports is trying to break out past a 42.85 buy point in a cup base. Shares briefly topped the entry last week before settling below the buy point. The top retail stock moved up 2.9% Monday and is back in buy range. The 5% buy zone tops out at 44.99.
Academy Sports was featured in last week’s IPO Leaders column.
IBD Leaderboard stock Airbnb is back above its 152.86 buy point after falling beneath it in a sharp move Thursday. Leaderboard’s analysis noted that the stock’s breakout Wednesday came with conviction and strong volume, positive action. Shares rallied 1.2% Monday.
According to IBD Stock Checkup, ABNB stock shows a modest 28 out of a perfect 99 IBD Composite Rating. Newer issues rarely have a sustained earnings track record — which is a key component of the Composite Rating — so a weak rating is normal. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
Airbnb was Tuesday’s IBD Stock Of The Day.
Mercado Libre traded up 0.75% Monday, closing just under a cup with handle’s 1,899.43 buy point. MELI stock briefly topped the buy point in Monday trade.
Palantir Technologies is again trying to break out past a cup with handle’s 26.04 buy point, according to IBD MarketSmith chart analysis. Shares slashed gains to just 0.2% Monday. The stock’s relative strength line remains far from its old highs. Ideally, the RS line should hit a new high on the breakout day.
On Aug. 12, Palantir reported second-quarter adjusted earnings that met expectations, while revenue growth came in above Wall Street targets. Check out Palantir in this week’s Stocks Near A Buy Zone column.
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PayPal Stock
PayPal stock advanced 3.6% Monday, bullishly retaking its key 50-day moving average after CNBC reported the company is exploring ways to let users trade individual stocks.
Shares of the payment processor are tracing a flat base with a 310.26 buy point. The stock is about 7% away from the new entry.
Tesla Stock
Tesla stock rallied 2.7% Monday. Last week, shares regained their 700.10 aggressive buy point deep inside a correction after last week’s weakness and are back in buy range. Meanwhile, a deep, large base continues to take shape.
On Jan. 25, Tesla stock hit a record high of 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 moved up 3% Monday, hitting an all-time high at 153.49. Apple shares are in buy range above a 148 trendline buy point.
Software giant Microsoft rose 1.3% Monday. Microsoft is about 15% above a cup base’s 263.29 buy point and near new 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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