Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed late Monday after tech stocks jumped ahead of this week’s Fed meeting. Tesla stock slid despite strong earnings and sales results after the close.
On Monday, the tech-heavy Nasdaq composite advanced 0.9%. The S&P 500 moved up 0.2% to hit a new high, while the Dow Jones Industrial Average traded down 0.2%.
Among the Dow Jones leaders, Apple (AAPL) rose 0.3% Monday, while Microsoft (MSFT) edged higher in today’s stock market. Disney (DIS) is approaching a new buy point, but remains below a critical level.
Tesla (TSLA) rallied more than 1% Monday ahead of the company’s earning results after the close. Late Monday, Tesla earnings beat the Street’s estimates, but shares slid in overnight trade. Meanwhile, hot IPO stock Coinbase Global (COIN) rallied 4.4% amid the resurgent price of Bitcoin.
Dow Jones Futures Today: Fed Meeting
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.
On Tuesday, the Federal Open Market Committee starts its two-day meeting, with remarks from Fed Chief Jerome Powell due Wednesday afternoon. No major policy changes are expected.
Stock Market Rally: S&P Hits New Highs
Amid the current stock market rally, the Dow Jones Industrial Average is nearing another record high, while the S&P 500 notched a new high amid Monday’s gain.
Meanwhile, the tech-heavy Nasdaq sits off its own all-time highs amid Monday’s strong rise.
Friday’s Big Picture commented, “The stock market finished the week strong, as the tech-heavy Nasdaq led the major stock indexes higher Friday. The Nasdaq, Dow Jones Industrial Average and S&P 500 ended near session highs.”
For more stock market commentary, check out IBD’s The Big Picture.
Bitcoin Surges Above $54,000; Coinbase Jumps
Bitcoin plunged as low as $47,079 Sunday night before surging higher to trade as high as $54,398 Monday before easing. Bitcoin traded around $54,000 in evening trade. On April 14, Bitcoin topped out at $64,829, according to Coindesk.
The Grayscale Bitcoin Trust (GBTC) jumped 8.4% Monday, adding to Friday’s 2.6% rally. The Bitcoin-tracking ETF broke down below its key 50-day line last week and is still below it.
Cryptocurrency exchange Coinbase jumped 4.4% Monday amid the strength in Bitcoin. Shares hit a post-IPO low Friday and are still about 30% off their high of 429.54.
The stock’s weakness illustrates the importance of waiting for an IPO base to form before jumping into hot IPO stocks.
Dow Jones Stocks: Disney’s New Buy Point
Dow Jones media giant Disney is working on a new flat base with a 203.12 buy point, according to IBD MarketSmith chart analysis. Shares rallied 0.7% Monday, but remain below their key 50-day moving average.
A previous breakout above a 183.50 flat-base entry on Feb. 8 led to some immediate gains. But those gains have dissipated since early March.
Stocks To Buy And Watch: Generac, Nvidia, PayPal
IBD Leaderboard stock Generac is trading just off a cup-with-handle’s 342.38 buy point, according to IBD MarketSmith chart analysis. Shares are also rebounding from their 50-day line amid Monday’s 0.1% gain.
Per Leaderboard commentary, “Generac’s chart shows a handle that offers a lower buy point; now it’s facing a crucial test of support near the 50-day moving average. Overall, the base is still forming above the 50-day moving average, which is good.”
Graphics-chip maker Nvidia is above its 615 buy point in a new cup base after retaking the buy point Monday amid the day’s 1.4% gain. The 5% buy zone goes up to 645.75.
According to IBD Stock Checkup, Nvidia stock shows a solid 93 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.
The digital-payments leader will report earnings on May 5. Analysts expect the company to earn $1.01 a share on revenue of $5.9 billion, according to IBD data.
Tesla earnings beat analyst estimates late Monday. The company reported an adjusted 93 cents per share on revenue of $10.39 billion. Analysts polled by Zacks Investment Research expected EPS of 79 cents, a 216% year-over-year surge. Sales were seen jumping 66% to $9.92 billion.
The EV leader delivered 184,800 vehicles in Q1, up 109% and beating estimates for 168,000.
Tesla stock rallied more than 1% Monday, adding to Friday’s 1.35% gain. The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
Late Monday, Tesla shares slid about 3% despite the company’s strong earnings and sales results.
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
Software giant Microsoft traded 0.15% higher Monday. Microsoft is trading out of the 5% buy range past a flat base’s 246.23 buy point that tops out at 258.54.
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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