April 17, 2024


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Will Powell’s testimony threaten the stock market rally?  Apple, Tesla in focus

Will Powell’s testimony threaten the stock market rally? Apple, Tesla in focus

Dow futures were little changed before Tuesday’s open after the Dow Jones Industrial Average cut gains to just 40 points on Monday. Federal Reserve Chairman Jerome Powell is scheduled to testify on Tuesday. apple (AAPL) The stock jumped on an analyst buy rating, while Tesla (TSLAShares slid after the company’s further round of price cuts.


Powell’s testimony

Fed Chair Powell is scheduled to start Two days of congressional testimony Tuesday, where he will have the opportunity to explain the central bank’s planned response to a more resilient economy. Last month, the Fed raised interest rates by a quarter of a percentage point, and investors will be looking for clues to the amount of the increase at the March 21-22 meeting this month.

Currently, traders are putting a 69% chance of a quarter percentage point hike in the interest rate at the next meeting, according to FedWatch CME.

Next, on Friday, will be the Labor Department’s February employment report. Nonfarm payrolls are expected to come in at 215,000 in February, down from January’s growth of 517,000, Econoday estimates.

guidewire (GWRE) reported mixed results for the fiscal second quarter late Monday. Shares jumped about 1% in extended trade. The stock is building a bottom base at 78.76 buy points.

More of this week’s key earnings report includes: Wholesale BJ’s (BJ), CrowdStrike (CRWD), Dick’s Sporting Goods (DKS), JD.com (Dinar), MongoDB (mdb), bull industries (althoug) And Ulta beauty (Ulta).

stock market today

On Monday, the Dow Jones Industrial Average and the Standard & Poor’s both rose 0.1% each. The tech-heavy Nasdaq Composite reversed lower by 0.1% after giving up solid gains.

Electric car giant Tesla traded down 2% on Monday. Among Dow Jones shares, Apple rose 1.85% and Microsoft (MSFT) was up 0.6% in today’s stock market movement.

IBD Stock Leaderboard Trix (AYX), Arista Networks (network), Palo Alto Networks (Banu) And sales force (CRM) – as well as Dow Jones shares American Express (AXP) And c. B. Morgan Chase (JPM) – among the top stocks to buy and watch, amid recent stock market strength.

Altrex is IBD Leaderboard stock. And Salesforce’s column this week featured stocks near a buy zone.

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Dow futures today: oil prices, treasury yields

Before the opening bell on Tuesday, the Dow Jones, S&P 500 and Nasdaq 100 futures contracts changed little against fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

The 10-year US Treasury yield rebounded on Monday, settling at 3.98%. Oil prices reversed early losses to rise about 1%, with WTI futures trading above $80 a barrel. WTI futures traded near recent highs.

IBD’s latest newsletter, MarketDiem, gives you actionable ideas for stocks, options and cryptocurrencies directly in your inbox.

What to do when the stock market is rising

Now is an important time to read IBD’s Big Picture column with the stock market heading back into a “confirmed uptrend” after sharp gains in recent sessions.

The current uptrend is strengthening, which justifies holding exposure above 60% to 80%. But investors should increase their exposure in a disciplined manner in case Powell’s testimony spoils the party this week.

(See IBD inventory lists as the defect 50 and stocks near the buy area, for additional stock ideas.)

Five Dow Jones stocks to buy and watch now

Dow Jones Stock Buying and Watching: American Express, JPMorgan

American Express is building a giant coaster with handles that shows 182.25 buy points. Shares are down just 2% from their buy point, as they fell on Monday. To the upside, the stock’s relative strength line is at new highs, which is a particularly positive sign ahead of a potential breakout.

Banking giant JPMorgan is in a buying range above 138.76 steady buy points despite Monday’s loss of 0.6%, according to IBD MarketSmith chart analysis. Stocks are also bouncing back from its 50-day major moving average.

JPM shares It shows 94 composite IBD classifications out of 99 ideal for each IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.

Top stocks to buy and watch: Palo Alto, Salesforce

Leading cybersecurity firm Palo Alto Networks is within striking distance of a base buy at 193.01 after a 12.5% ​​rally on February 22nd. Shares fell 1.9% on Monday, closing about 2% away from the most recent entry.

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Back story: Last week, the cybersecurity giant reported very good results for the quarter ending in January that saw earnings of $1.05 per share, up 81% year-over-year, with a 26% jump in revenue to $1.7 billion.

Last week, Dow leader Salesforce gapped bullish breakaway above 178.94 buy points on strong fourth quarter results. Shares rose 11.5% Thursday and are in the 5% buy zone which rose to 187.89.

Back story: Salesforce sells software under a subscription model. Its software helps companies organize and handle sales processes and customer relations. The company has expanded into marketing, customer services and e-commerce. Salesforce said it has dissolved its “mergers and acquisitions committee,” meaning it will not make large acquisitions, amid mounting pressure from activist investors.

Arista, Alteryx hit the latest points of purchase

Arista Networks is back in the buy range above the 140.91 point buy base of the cup after Monday’s advance of 1.35%. The decisive recovery puts the stock in a buy range which rises to 147.96.

Back story: Arista sells switches that speed connections between racks of computer servers packed into data centers. According to analysts, Arista is gaining ground in the so-called “enterprise” market – large corporations, government agencies, and educational institutions. Profits rose 72% in the most recent quarter.

IBD Leaderboard Alteryx cleared a trend line buy point at 66.50 inside a handle on Friday’s Early Stage Cup. Aggressive investors can buy on a break above the trend line, while a traditional entry at 70.73 is also in play. Stocks are about 5% away from this buying point.

Back story: Irvine, California company has created a self-service data analytics platform. Demand is clearly strong as sales rose from a level of $100m per quarter in 2021 to $216m in Q3 2022, up 75% from last year, and $301m in Q4 2022, up 73%. This rapid revenue growth is one of the reasons Alteryx posted a profit of 84 cents per share in the fourth quarter, probably the largest quarterly earnings in the company’s history.

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Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live

Tesla stock

Tesla shares slid 2% on Monday after the EV giant slashed prices for U.S. cars again Sunday night. The latest demand for Tesla vehicles may be waning after an initial batch of price cuts came in January.

On Sunday, Tesla cut the price of the Model S by $5,000, bringing the base version to $89,990. Meanwhile, the cost of the Model X SUV has dropped by $10,000, bringing the base version to $99,990, according to pricing on Tesla’s website.

Despite its strong rebound since Jan. 6, stocks are still below the 200-day line. This key level looms as a potential resistance area. On Monday, the shares closed nearly 50% off their 52-week high. Aggressive investors can use the February 16 high of 217.65 as a potential income. However, to be safe, Tesla stock must cross the 200-day line, which is now below 221.

On Tuesday, China’s weekly electric vehicle insurance registration data could be an important gauge of Tesla’s demand in the world’s largest electric vehicle market, which is in the midst of a massive price war initiated by Tesla.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple shares jumped 1.85% Monday, closing at their highest level since February 15th. Early Monday, Goldman Sachs initiated coverage with a buy rating and a price target of 199, which was 31% higher than Friday’s closing price.

Microsoft shares moved more than the 200-day line after Monday’s gain of 0.6%. The stock is still down nearly 20% from its 52-week high after recent declines. MSFT stock rose 0.3% on Monday.

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