Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed late Monday, as the split stock market rally continues. The Dow Jones Industrial Average hit more record highs before reversing lower, while tech stocks dived. Tesla stock skidded over 6% Monday.
On Monday, the tech-heavy Nasdaq composite sold off 2.55%. The S&P 500 lost 1%, while the Dow Jones Industrial Average inched 0.1% lower after reversing from all-time highs.
Among the Dow Jones leaders, Apple (AAPL) sold off 2.6% Monday, while Microsoft (MSFT) declined 2.1% in today’s stock market. Goldman Sachs (GS) is in buy range after a recent breakout, while JPMorgan (JPM) tried to break out.
Tesla (TSLA) skidded over 6% Monday to fall further below its key 50-day line.
Virgin Galactic (SPCE) plunged on earnings late, while Palantir Technologies (PLTR) will report before market open Tuesday.
Among the top stocks to buy and watch, Deere (DE) and MarineMax (HZO) are in or near buy zones.
Microsoft is an IBD Leaderboard stock. Deere is an IBD SwingTrader stock pick, while JPMorgan and MarineMax 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 inched higher vs. fair value, while S&P 500 futures move down 0.1%. Nasdaq 100 futures lost 0.3% 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: 4:42 PM ET 5/10/2021
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down 2.2% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 2.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) dropped 1%.
Split Stock Market Rally
The Dow Jones Industrial Average reversed from all-time highs Monday, while the S&P 500 fell from Friday’s highs. The tech-heavy Nasdaq tumbled below its key 50-day moving average with Monday’s sharp losses.
Monday’s Big Picture column commented, “The stock market held to a similar script Monday, with large-cap technology stocks under pressure again, while mining, steel and building-sector stocks outperformed. Rising commodity prices continue to fuel inflation fears, but the 10-year Treasury yield didn’t move much, up 2 basis points to 1.60%.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks: JPMorgan
Dow Jones financial leader JPMorgan is trying to break out past a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares reversed slightly lower to close below the entry.
Last week, Dow Jones stock Goldman Sachs (GS) broke out past a 356.95 buy point and is in the buy range that goes up to 374.80.
Stocks To Buy And Watch: Deere, MarineMax
Wednesday’s IBD 50 Stocks To Watch pick, Dow Jones leader Deere, is trying to break out past a 392.52 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares ended Monday just below the buy point with the day’s 0.7% loss.
Deere is an IBD SwingTrader stock.
IBD 50 stock MarineMax broke out past a 64.09 buy point in a cup base Friday. Shares trimmed gains to 1.3% Monday and are in the 5% buy area, which tops out at 67.29.
According to IBD Stock Checkup, MarineMax 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.
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Stock Market Earnings: Palantir, Virgin Galactic
After the stock market close Monday, Virgin Galactic reported a loss of 55 cents a share. Analysts expected a loss of 31 cents per share vs. a loss of 30 cents per share in the year-ago quarter. Meanwhile, the company said its next test flight is under review after previously saying tests were due this month, adding new doubts to when commercial service can begin.
SPCE stock closed Monday more than 70% off its all-time high, which was set on Feb. 4 at 62.80. Shares plunged about 10% in overnight trade.
Palantir Technologies will report ahead of the open Tuesday. Analysts estimate Palantir earnings of 4 cents a share on revenue of $332.2 million for the quarter that ended March 31.
Shares slid more than 6% Monday, closing at its lowest level since Nov. 20.
Tesla stock skidded 6.4% Monday, closing at to 629, its lowest level since March 29. Last week, the stock gave up its key 50-day line. Shares are now about 30% off their 52-week high.
The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
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 sold off 2.6% Monday, snapping a three-day win streak. The stock is again testing its critical 50-day line. A break below this key area could signal further weakness.
Shares are about 6% below their 135.63 buy point following a short-lived breakout on April 29 past a cup with handle’s entry.
IBD Leaderboard stock Microsoft lost 2.1% Monday, as the stock trades just above a flat base’s 246.23 buy point, according to IBD MarketSmith chart analysis. The buy zone goes up to 258.54.
The stock found much-needed support at its 50-day line on May 6, but could be setting up for another test of that support area.
Per Leaderboard commentary, “Microsoft fell back into buy range after a poor reaction to the earnings report. It is now rebounding off its 10-week line, creating a follow-on buy area.”
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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