The Dow Jones Industrial Average rallied over 300 points Monday, as Apple neared a new buy point. Tesla stock sold off in midday trade, while rival Nio reported surging sales over the weekend.
Among the Dow Jones leaders, Apple (AAPL) rallied more about 1% Monday and is again approaching a new buy point, while Microsoft (MSFT) gained 0.4% in today’s stock market. Goldman Sachs (GS) is trading just off a new buy point.
Dow Jones Today
The Dow Jones Industrial Average moved up 0.9% Monday midday, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite traded down 0.3% in midday trade after reversing lower.
Stock Market Rally: Dow Jones Holds At Highs
Amid the current stock market rally, the Dow Jones Industrial Average continues to hold just off record highs, while the S&P 500 is nearing more new highs Monday morning.
Meanwhile, the tech-heavy Nasdaq sits just off its own all-time record following Friday’s solid loss.
Friday’s Big Picture commented, “There was no clear explanation for the selling. Institutional investors tend to make portfolio adjustments at the end of the month, and perhaps they took the occasion to lock in some profits. At any rate, indexes have been moderating the past couple of weeks. This, after the S&P 500 climbed four straight weeks and the Nasdaq mounted its own April rally.”
For more stock market commentary, check out IBD’s The Big Picture.
Dow Jones Stocks: Goldman Sachs
Dow Jones leader Goldman Sachs is approaching a 356.95 buy point in a flat base. Shares rallied 1% in morning trade.
The investment banking giant is on a tear in 2021, already up more than 30% year to date.
Stocks To Buy And Watch: Lam Research, Nvidia, PayPal
Lam Research is back in the 5% buy zone past a 603.70 buy point in a flat base following Friday’s sharp loss. The buy area goes up to 633.89. The stock moved up 0.1% early Monday.
IBD Leaderboard stock Nvidia ended Friday just below its 615 buy point in a new cup base after mild losses, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 645.75. Shares gained 0.2% Monday morning and are about 3% below the entry.
Per Leaderboard commentary, “Nvidia broke out of a cup base after earlier patterns failed. The breakout has stalled, but the stock is not in immediate danger.”
According to IBD Stock Checkup, PYPL stock shows a solid 89 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Year over year, Nio’s April sales jumped 125% to 5,147 electric vehicles, sales growth slowed from the 373% pace that the company reported in March.
Nio stock rallied nearly 1% Monday morning, as the stock battles to regain its 50-day line. Shares remain about 40% off their 52-week high.
Tesla stock declined over 3% Monday morning, threatening to give back a part of Friday’s nearly 5% advance. Shares are trying to find support at their key 50-day line. 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 rallied over 1% Monday, as the stock continues to approach a cup-with-handle’s 135.63 buy point.
Apple stock tried to break out following last week’s earnings results, but was turned away. Shares are about 3% below the entry.
Software giant Microsoft rose 0.4% Monday morning, looking to snap a three-day losing streak. Shares are back in the 5% buy range past a flat base’s 246.23 buy point that tops out at 258.54, according to IBD MarketSmith chart analysis.
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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