After the stock market crash on Monday, the Dow Jones Industrial Average rose more than 250 points on Tuesday. Apple and Microsoft are expected to rebound after a sharp drop on Monday, while Tesla shares are climbing.
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Among the leaders of Dow Jones, Apple (AAPL) rose 0.5% on Tuesday, while Microsoft (MSFT) The stock market rose 1% today. American Express (AXP) and Merck (MRK) Approaching the new entry point on Tuesday morning.
Tesla (TSLA) rose 1.5% on Tuesday and continued to rise after rising 0.8% on Monday. The stock is slightly above its latest purchase point.
Among the most noteworthy stocks, Netflix (NFLX) and Serve immediately Despite the current weakness in the stock market, (NOW) is at or near a new buying zone.
Microsoft, ServiceNow and Tesla are IBD ranking stocks. American Express is IBD SwingTrader stock. Netflix appeared in this week’s “Stocks Near the Buy Zone” column.
Dow Jones Today
Earlier Tuesday, the Dow Jones Industrial Average rose 0.8%, while the S&P 500 index rose 0.9%. The Nasdaq Composite Index, which is dominated by technology stocks, rose 1.1% in the first 40 minutes of trading.
Among exchange-traded funds, Innovator IBD 50 (FFTY) rose 1.7%. The Nasdaq 100 tracking index Invesco QQQ Trust (QQQ) rose 1.1%. SPDR S&P 500 ETF (SPY) rose 0.6%.
Weak stock market
Due to the deterioration of the current stock market correction, the Nasdaq index and the S&P 500 index fell to recent lows on Monday. The Nasdaq Index closed at its lowest level since June 22 and may test its long-term 200-day moving average. At the same time, the Dow Jones Industrial Average gave up almost all of Friday’s 1.4% gains, but remained above recent lows.
On Monday, The Big Picture commented: “The best-performing growth stocks are under pressure again, causing the Nasdaq Composite Index to fall 2.1%. The index fell below Friday’s low and stifled the nascent rebound attempt. Standard & Poor’s The 500 index also fell by 1.3%.”
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Dow Jones stocks to watch: American Express, Merck
Dow Jones leaders, American Express and Merck, are blue-chip stocks that deserve attention in today’s stock market trends.
According to IBD MarketSmith chart analysis, the buying point of IBD SwingTrader stock American Express is close to 178.90 points. The stock price rose more than 1% in early trading on Tuesday, about 2% from the new market price.
Merck threatened to end its four-day winning streak on Tuesday, down 0.2%. On Friday, Merck said that its Covid pills cut the risk of hospitalization by half in the final phase of the study, triggering a surge of 8.4% and breaking through the 79.33 entry point on a flat basis.
Stocks to watch: Netflix, ServiceNow
Despite a 1.6% bearish reversal on Monday, FANG stock leader Netflix continues to remain in the new buying zone. The stock rose 3.2% on Tuesday morning. In the recent successful global integration of its series “Squid Game”, the stock price is at the top of the 5% buy zone, exceeding the entry point of 593.39.
According to the IBD stock check, NFLX stock shows a strong 97 in the perfect 99 IBD comprehensive rating. The IBD comprehensive rating identifies stocks with strong fundamental and technical characteristics.
Despite the overall market weakness, the IBD ranking stock ServiceNow is trying to find support near its critical 50-day moving average. But the stock price fell more than 2% on Monday and closed below that key benchmark. Earlier Tuesday, the stock is expected to return to that level, rising 2.2%.
Optimistically, the relative strength and weakness line of the stock hit a new high at the end of September, indicating that the stock price has performed well under the current volatility of the stock market. But now the stock is under pressure again. In a weak market, look for the best performing stocks. When the market rebounds, these names may be the next top stocks to watch.
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Tesla stock
Tesla shares rose 1.5%, which is expected to extend Monday’s 0.8% gain. TSLA stock price is higher than the 764.55 buying point of the cup with handle.
The stock closed about 13% from its all-time high on Monday. 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 highest stocks in the Dow Jones Index, Apple rose 0.5% on Tuesday and hopes to rebound after falling 2.5% on Monday. The stock is still well below the 50-day line.
Software giant Microsoft rose 1% as the stock continued to trade below the 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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