Dow Jones futures fell 100 points before the market opened on Monday as Tesla shares rose after reporting strong deliveries over the weekend.
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Among the leaders of Dow Jones, Apple (AAPL) fell 0.8% pre-market on Monday, while Microsoft (MSFT) fell 0.6% in today’s stock market. Merck (MRK) and Sales force (CRM) Friday closed close to the new buying point.
Tesla (TSLA) rose 3.5% before the market on Monday, which is expected to end the two-day decline. The stock is slightly above its latest purchase point.
Among the stocks most worth buying and paying attention to, Automatic area (Azo), Netflix (NFLX) and Serve immediately Despite the current weakness in the stock market, (NOW) is at or close to a new buying zone.
Microsoft, ServiceNow, and Tesla were ranked as top stocks by Investor Business Daily. AutoZone is the stock of IBD on Wednesday.
Dow Jones Today
Before the stock market opened on Monday, Dow Jones futures fell 0.3% relative to fair value, while S&P 500 futures fell 0.4%. Nasdaq 100 futures fell 0.5% relative to fair value.
In exchange-traded funds, the innovator IBD 50 (FFTY) has not yet started pre-market trading on Monday. The Nasdaq 100 tracking index Invesco QQQ Trust (QQQ) fell 0.5%. SPDR S&P 500 ETF (SPY) fell 0.3%.
Weak stock market
The Nasdaq and S&P 500 index reversed higher on Friday, ending an ugly week with a positive posture. Both indexes are below the key 50-day moving average and are close to recent lows. At the same time, the Dow Jones Industrial Average appeared to give up Friday’s 1.4% gain in early trading on Monday.
The Big Picture on Friday commented: “As the stock market is in a correction, avoid the temptation to buy stocks in a downtrend. There will always be stocks that show strength, but a weak market will eventually cause everything to fall. If the market “follows” With the reappearance of institutional buying signs, the situation continues to improve, and new settings should appear. The strength may be confirmed as early as next week. “
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Dow Jones stocks to watch: Merck, Salesforce
In today’s stock market trend, Dow Jones leaders Merck and Salesforce are in or near the buying zone.
Merck’s Covid pill halved the risk of hospitalization in the final phase of the study, and its stock price soared by more than 8% on Friday. According to the analysis of the IBD MarketSmith chart, Merck’s stock broke through the 79.33 buying point, and the base remained flat. The stock rose 3.5% before the market opened on Monday.
After gaining 1.5% on Friday, Salesforce.com closed slightly below a cup with a buy point of 275.32. The buying area rose to 289.09. The stock price was unchanged before the market on Monday.
Stocks worth buying and watching: AutoZone, Netflix, ServiceNow
IBD today’s stock AutoZone traded slightly above its 1,666.73 buy point level after the breakout action on September 22 with a flat base. The 5% buying range rose to 1,750.07. The stock was flat before trading on Monday.
FANG stock leader Netflix continues to dismiss the recent market weakness. In the recent successful global integration of its series “Squid Game”, the stock price is in the 5% buying range, surpassing the 593.39 buying point. The stock fell 0.3% pre-market on Monday.
Despite the overall market weakness, the IBD ranking stock ServiceNow continues to stay above its critical 50-day support level. The stock rose 0.7% before the market on Monday.
Optimistically, the stock’s relative strength and weakness line hit a new high, indicating that the stock has performed well in the current stock market volatility, and the IBD stock check shows that the IBD composite rating of NOW stock is 97 (out of 99).
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Tesla stock
Tesla shares rose 3.5% before the market on Monday, after the company announced a record third-quarter deliveries on Saturday. The electric car giant reported that the total number of electric car deliveries in the third quarter was 241,300, up from 201,250 in the second quarter and 184,800 in the first quarter. FactSet analysts’ estimates are between 218,000 and 246,000, with a consensus of 232,000.
The stock price is expected to end its two consecutive days of decline. The stock closed on Friday just above the 764.55 buy point for the handle cup.
TSLA’s stock price closed about 14% from its historical high. On January 25th, Tesla’s share price hit a record high of 900.40 points. Prior to this, the stock rose 93% from the 466 point cup handle mode buying point.
Dow Jones leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple fell 0.8% before the market on Monday, basically giving up Friday’s 0.8% gain. The stock is still below the 50-day line.
Software giant Microsoft fell 0.6% in premarket on Monday as the stock continued to trade below its 50-day line. A new flat bottom is forming, and the buy point is 305.94.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen More information about growth stocks and the Dow Jones Industrial Average.
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