Dow Jones futures tumbled more than 250 points early Wednesday, along with S&P 500 futures and Nasdaq futures, after Tuesday's coronavirus stock market rally capped off the best quarterly performance in decades. IBD Leaderboard stocks Fortinet and Netflix headlined four stocks in or near buy zones, while Tesla surged to all-time highs.
XThe tech-heavy Nasdaq composite led the coronavirus stock market rally Tuesday with a 1.9% advance to retake the 10,000 level. The S&P 500 gained 1.5%, while the Dow Jones Industrial Average lagged with a 216-point gain, or 0.85%, due to Boeing's (BA) 5.75% dive.
Leaderboard stocks Fortinet (FTNT) and Netflix (NFLX) rebounded from key support levels Tuesday, while Kroger (KR) and Sprouts Farmers Market (SFM) are approaching new buy points. Electric-auto maker Tesla (TSLA) soared to all-time highs. Dow Jones stock leader Apple (AAPL) is just off its all-time highs, while Microsoft (MSFT) set a record high Tuesday.
After the stock market close Tuesday, FedEx (FDX) reported strong quarterly earnings. FedEx stock jumped about 9% ahead of the stock market open Wednesday.
Dow Jones Futures Today
Early Wednesday, Dow Jones futures dropped more than 1% vs. fair value before trimming losses, while S&P 500 futures fell 0.65%. Nasdaq 100 futures moved down 0.5% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 25811.65 | +215.85 | +0.84 |
| S&P 500 | (0S&P5) | 3105.63 | +52.39 | +1.72 |
| Nasdaq | (0NDQC) | 10056.24 | +182.09 | +1.84 |
| Russell 2000 | (IWM) | 143.26 | +2.12 | +1.50 |
| IBD 50 | (FFTY) | 34.42 | +0.71 | +2.11 |
Last Update: 5:08 PM ET 6/30/2020 |
||||
Among exchange traded funds, Innovator IBD 50 (FFTY) advanced 2.1% Tuesday. The ETF of top growth stocks is about 7% off its 52-week high.
The Nasdaq 100-linked Invesco QQQ Trust (QQQ) ETF moved up 2% to close at 247.60. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 1.5% to 308.94.
Within the coronavirus stock market rally, the tech-heavy Nasdaq is up 12.1% for the year through Tuesday's close. Meanwhile, the S&P 500 and DJIA are down 4% and 9.5%, year to date, through the June 30 close.
For the quarter, the S&P 500 advanced 20%, its best quarter since 1998. The Nasdaq had its best quarter since 2001 with a scorching 30.6% gain. The Dow Jones Industrial Average showed its biggest one-quarter gain since 1987, surging 17.8%.
Coronavirus News
The coronavirus outbreak continues to spread across the U.S. According to the Worldometer data tracker, the cumulative number of confirmed U.S. cases is approaching 2.7 million Tuesday. On Monday, daily new cases again exceeded 44,000. However, while daily new cases continue to surge, there still hasn't been a corresponding rise in the number of daily deaths, a key metric to monitor.
The cumulative total of Covid-19 cases confirmed since the start of the outbreak worldwide topped 10.5 million Tuesday, with more than 510,000 virus-related deaths.
Coronavirus Stock Market Rally
According to IBD's The Big Picture, the coronavirus stock market rally remains in an uptrend after rebounding from lows over three months ago on March 23. The major stock indexes confirmed the rebound as a new uptrend on April 2.
Per Monday's The Big Picture, "The S&P 500 closed slightly below its 200-day moving average Friday but held above the psychologically important 3000 level. It hit an intraday low Monday of 2999.90. The Nasdaq composite rallied 1.2%, and small caps outperformed, with the Russell 2000 up 3.1%."
Stocks to watch include the top stocks on IBD Long-Term Leaders. The IBD Long-Term Leaders list focuses on companies with stable earnings growth and price performance.
Coronavirus Stock Market ETF Strategy And How To Invest In The New Uptrend
Dow Jones News: Boeing
Dow Jones stock Boeing tumbled 5.75% Tuesday after Norwegian Air canceled its Boeing 737 Max and 787 orders. The Oslo-based budget carrier said it canceled 92 737 Max jets and five widebody 787 Dreamliners. The cancellation also included the service agreements with the aircraft maker.
On Monday, Boeing shares soared 14.4% after the company received clearance from the FAA to begin test flights of its 737 Max jet. Test flights began Monday.
Boeing stock is still more than 50% off its 52-week high.
Stocks In Or Near Buy Zones
In the coronavirus stock market rally, four top stocks in or near buy zones include Fortinet, Netflix, Kroger and Sprouts Farmers Market.
Fortinet Stock
Leaderboard stock and cybersecurity leader Fortinet rallied 2.85% Tuesday, extending its rebound from the 50-day line.
According to IBD Leaderboard commentary, "Fortinet broke out over a trend line June 22, good for a secondary entry around 141. Now the stock is testing support at the 50-day moving average. Fortinet was raised to a full position on June 22 but got trimmed to a half position Monday."
Netflix Stock
On Monday, FANG stock leader Netflix found support at its 50-day moving average line and it continued to rebound Tuesday with a 1.7% gain. Shares remain below a 459.07 buy point in a flat base after a breakout on June 22.
Netflix is also an IBD Leaderboard member.
Kroger Stock
Supermarket leader Kroger is approaching a 34.60 buy point in a cup with handle, according to MarketSmith chart analysis. Shares dipped 0.8% Tuesday and are about 2% away from the entry.
Kroger was featured as Monday's IBD 50 Stocks To Watch pick.
IBD Stock Checkup shows that Kroger stock has a solid 93 out of a highest-possible 99 IBD Composite Rating, making it one of the top-ranked stocks in the supermarket industry. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths.
Sprouts Farmers Market Stock
Sprouts Farmers Market is just below a 26.15 buy point in a double-bottom base. Shares briefly topped the entry early Tuesday before reversing lower to fall 1.2%.
Sprouts ranks No. 17 on the IBD 50 stock idea list.
Tesla Stock Surges To All-Time Highs
Tesla stock surged 7% to all-time highs Tuesday, as the company's market value topped $200 billion. The company just turned 10 years old.
Early Tuesday, JMP Securities lifted Tesla's price target from 1,001 to 1,050, while keeping its market outperform rating.
On Monday, an email to employees from CEO Elon Musk said, "Breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory!" Meanwhile, Tesla production and delivery figures for the second quarter are due in early July, likely later this week. Many Wall Street analysts estimate deliveries around 70,000.
Tesla stock is about 25% above an 869.92 buy point in a deep cup with handle. Investors should consider taking profits when a stock rises 20%-25% from a proper buy point.
Stock Market Earnings: FedEx
Late Tuesday, delivery giant FedEx reported strong fiscal Q4 results. The company posted EPS of $2.53 on revenue of $17.4 billion. FedEx stock jumped about 9% after the close.
FedEx stock is shaping a cup with handle with a 150.09 buy point. Tuesday's after-hours action puts the stock in a potential buy zone. But the stock has a weak 40 out of a best-possible 99 IBD Composite Rating.
A key flaw is the stock's lagging relative strength line. FedEx hasn't been a leading stock since it hit an-time high in January 2018.
Top Growth Stocks To Buy And Watch
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple shrugged off weak 5G iPhone shipment projections Tuesday to rally 0.8%. Shares are just 2% away from all-time highs.
Shares are well-extended past a handle's 319.79 buy point, which offered an add-on entry. Meanwhile, shares are in the 20%-25% profit-taking zone from a cup-with-handle's 288.35 buy point.
Software leader Microsoft advanced 2.6% Tuesday to hit an all-time high. Shares are again extended above a cup-with-handle buy point of 187.61 after Monday's 1.1% gain. The 5% buy range goes up to 197.
Bullishly, the stock's RS line is again at new highs despite the current pullback, indicating sharp stock market outperformance. The RS line measures a stock's price performance vs. the broad market.
The blue-chip giant is an IBD Leaderboard stock idea and an IBD Long-Term Leader.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones futures.
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