Nvidia, Tesla Rally Rally as Markets open
SCOTT LEHTONEN
The Dow Jones Industrial Average and other major indexes traded mixed Monday in the wake of a funding bill that averted a government shutdown. Nvidia (NVDA) and Tesla (TSLA) were early winners on the stock market today.
Ahead of the opening bell, Dow Jones futures fell 0.2% vs. fair value, as S&P 500 futures rose 0.1%. Tech-heavy Nasdaq 100 futures moved up 0.4% in morning trades.
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Early Monday, the 10-year Treasury yield ticked up to 4.55%. Oil prices dropped, as West Texas Intermediate futures traded around $69.10 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 0.6%, as the SPDR S&P 500 ETF (SPY) moved up 0.1% ahead of the open.
Late Friday, the U.S. House of Representative passed legislation to keep the government open through March. The Senate followed suit early Saturday.
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Stock Market Today: Nvidia, Tesla Rally
Nvidia stock rebounded 3.1% Friday, adding to Thursday's gains. Shares remain below their 50-day moving average, which is now a key resistance level to monitor. And buyers re-emerged in Nvidia stock, with shares up 1.4% in premarket trading Monday.
Electric-vehicle giant Tesla skidded another 3.5% Friday, extending a losing streak to three sessions. Last week, shares rallied as much as 84% above a 264.86 buy point in a cup with handle. Tesla stock bounced 3% in premarket action Monday.
This holiday week's economic calendar is light with new home sales due Tuesday. They are expected to bounce back from a hurricane-hit October, but pretty weakly, to a 665,000 annual pace, according to a consensus of economists polled by FactSet.
The stock market will be closed Wednesday for the Christmas holiday, with an abbreviated trading session on Tuesday.
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Dow Jones Rebounds
On Friday, the Dow Jones Industrial Average rallied 1.2%, while the S&P 500 moved up 1.1%. The tech-heavy Nasdaq composite advanced 1% to snap a three-day losing streak.
Among the best companies to watch on the stock market today are BlackRock (BLK), Burlington Stores (BURL) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Walt Disney (DIS) and Microsoft (MSFT).
Taiwan Semi is featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Disney Nears Buy Point
Dow Jones component Disney is approaching a 118.63 buy point in a cup with handle, according to MarketSurge pattern recognition. Shares inched lower Monday.
Outside the Dow Jones index, BlackRock is under a 1,068.34 buy point in a four-weeks-tight pattern as it finds support at its 50-day moving average. BlackRock stock was flat in premarket trading Monday.
Burlington Stores is in buy range above its 279.51 buy point in a cup with handle amid recent losses. Shares dropped 0.8% Monday morning.
Nvidia chipmaker Taiwan Semiconductor closed Friday within striking distance of a 205.63 cup-with-handle buy point as it tests support at the 50-day line. Shares rallied 1.5% early Monday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
Company Name Symbol Correct Buy Point Type Of Buy Point
BlackRock (BLK) 1,068.34 Tight area
IBM (IBM) 237.37 Cup base
Broadcom (AVGO) 185.05 Double bottom
Manhattan Associates (MANH) 306.63 Handle entry
Source: IBD Data as of Dec. 16
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rose 0.7% Friday. Amid that gain, the e-commerce giant is still extended above a 201.20 buy point after hitting new highs earlier in the week. It added 0.5% in premarket trading Monday.
Shares of Apple are just out of buy range above a flat base's 237.49 entry, as they hit new highs Friday. The stock was up 0.4% Monday morning.
Microsoft shares inched up Monday morning following three straight days of losses. The software giant is building a cup with handle that has a 456.16 buy point.
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