The Dow Jones Industrial Average got off to a weak start Monday in the coronavirus stock market rebound. At least eight of the 30 components lost 2 points or more. But at around 1:30 p.m. ET, the blue chip index cut its loss from more than 1.5% early to nearly 0.8%. Microsoft (MSFT) is the sole Dow Jones play that boasts a strong gain.
XMicrosoft joined IBD Leaderboard as a half-size position last month, then got raised to a three-quarter position on April 16. Please go to the "Stocks Near A Buy Point" section to see its current status within the hand-picked list of potential big stock market winners.
In Leaderboard, a full position is equal to one-eighth of a hypothetical margin account devoted to growth stocks. From 2017 to 2019, Leaderboard stocks rose a total 77% vs. a 44% gain by the S&P 500, excluding dividends.
IBD's switch to "market in confirmed uptrend" on April 2 marked the right time to begin looking for potential stock market leaders.
Please see the April 2 Big Picture for more detail on why the current outlook for stocks got switched on that day from "market in correction."
Meanwhile, the Nasdaq composite erased moderate early losses and still held on to a minor gain of nearly 0.2% as it got a boost from the software, internet, movie, and telecom areas of the stock market today. The Nasdaq has climbed more than 30% from its March 23 low, so some digestion of those gains seems appropriate.
The Nasdaq 100 also powered into the winners' column, up nearly 0.3%.
More Leading Growth Stocks Outperform The Dow Jones Lately
The S&P 500 eased 0.5%; the Russell 2000 cooled off, falling 1.2%. The Innovator IBD 50 (FFTY) ETF outperformed, rising more than 1.6%. Small caps had a wild move last week, yet the Russell 2000 still gained 2.2% for the week. Watch to see if it can remain technically strong by staying on the north side of its 50-day moving average.
All daily charts on both Investors.com and MarketSmith draw the 50-day line in red.
Volume on both main exchanges is running slightly lower compared to the same time Friday.
Other leading growth stocks bucking the Dow Jones industrials' decline include potential Covid-19 vaccine developer and top-class biotech large-cap Regeneron Pharmaceuticals (REGN), chip giant Advanced Micro Devices (AMD), small-cap and cloud-based communications tech platform Bandwidth (BAND) and Zynex (ZYXI), a new member of IBD Sector Leaders.
Zynex got some coverage in today's IBD Live show.
Gold futures rallied nearly 0.7% but copper sank. Oil had a whippy morning; WTI futures prices reversed mildly higher, and rallied more than 2% to retake the $20-a-barrel level. Meanwhile, Brent crude lost early solid gains yet still rallied 0.7%.
IBD 50 Growth Stocks To Watch Right Now
Beyond Dow Jones: This Nasdaq Stock Is Leading The Stock Market Today
Atlassian (TEAM) reflected strength among enterprise software stocks.
The Leaderboard play gained more than 4%, and volume is running bullishly heavier than usual levels, or 45% above its usual pace over the past 50 sessions. Shares are gaining further ground past a 149.80 proper buy point in a nearly eight-week cup with handle.
According to IBD Stock Checkup, the maker of the highly popular Jira and Confluence applications to streamline digital workflows and improve business project collaboration holds a 99 Composite Rating on a scale of 1 (horrific) to 99 (heavenly).
That puts TEAM stock No. 1 in this key rating for CAN SLIM analysis within the enterprise software group.
Other group mates ranking highly in Composite Rating in enterprise software and related areas include RealPage (RP), Citrix Systems (CTXS), Shopify (SHOP), Veeva Systems (VEEV) and SPS Commerce (SPSC).
SPS is forming the right side of an emerging cup pattern.
For now, the proper entry is 62.36, or 10 cents above the cup's left-side peak.
Please follow Chung on Twitter at @SaitoChung and @IBD_DChung for more on growth stocks, buy points, sell rules, chart analysis and market insight.
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