The Dow Jones Industrial Average briefly advanced more than 400 points amid coronavirus vaccine news Tuesday, as Apple and Tesla jumped in morning trade. Chinese EV stocks Nio and Xpeng Motors tumbled after reporting monthly deliveries. Zoom Video dived 14% after reporting earnings.
XAmong the Dow Jones leaders, Apple (AAPL) jumped 3%, while Microsoft (MSFT) moved down 0.1% in today's stock market.
Tesla (TSLA) advanced 3% on S&P 500 addition news and is just shy of Monday's record high. Chinese EV stocks Nio (NIO) and Xpeng Motors (XPEV) tumbled despite strong delivery numbers, adding to Monday's sharp losses.
Moderna (MRNA) soared another 13% Tuesday as the company seeks FDA approval for its coronavirus vaccine. Zoom Video (ZM) dived 14% despite strong earnings results.
Stocks in or near buy zones in the stock market rally are Advanced Micro Devices (AMD), Chipotle Mexican Grill (CMG) and Twilio (TWLO).
AMD, Chipotle, Microsoft and Tesla are IBD Leaderboard stocks, while Apple is on the Leaderboard Watchlist. AMD, Chipotle and Twilio were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Coronavirus Vaccine News
On Tuesday, the Dow Jones Industrial Average advanced 1%, while the S&P 500 rallied 1.2%. The tech-heavy Nasdaq composite moved up 1.1% in morning trade. The S&P 500 and Nasdaq set record highs.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 29993.84 | +355.20 | +1.20 |
| S&P 500 | (0S&P5) | 3665.54 | +43.91 | +1.21 |
| Nasdaq | (0NDQC ) | 12297.65 | +98.91 | +0.81 |
| Russell 2000 | (IWM) | 183.13 | +2.11 | +1.17 |
| IBD 50 | (FFTY) | 39.53 | +0.03 | +0.08 |
Last Update: 10:40 AM ET 12/1/2020 |
||||
Moderna stock soared another 13% Tuesday morning, as the company seeks Food and Drug Administration Emergency Use Authorization for its coronavirus vaccine. On Monday, the stock surged 17% after final-phase testing confirmed its vaccine is 94.1% effective, according to a final analysis of late-stage testing. Notably, the vaccine was 100% effective at preventing severe Covid cases.
Meanwhile, Pfizer (PFE) and BioNTech (BNTX) announced they had applied for Conditional Marketing Authorization in the European Union for their coronavirus vaccine candidate.
Among exchange traded funds, Innovator IBD 50 (FFTY) rose 0.1% Tuesday. The Nasdaq 100-linked Invesco QQQ Trust ETF (QQQ) was up 1.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 1.3%.
Amid the coronavirus stock market rally, the tech-heavy Nasdaq is up 36% for the year through Monday's close. Meanwhile, the S&P 500 is up 12.1%, while the DJIA is up 3.9% year to date, through the Nov. 30 close.
Coronavirus Updates
According to the Worldometer data tracker, the cumulative number of confirmed coronavirus cases in the U.S. topped 13.9 million on Tuesday. Total virus-related deaths rose past 274,000.
The cumulative total of worldwide Covid-19 cases confirmed since the start of the outbreak topped 63.7 million Tuesday, with more than 1.478 million virus-related deaths.
Coronavirus Stock Market Rally
November became a key month for the stock market, after IBD's The Big Picture noted the market had returned to a new uptrend following a bullish follow-through day on Nov. 4.
Monday's Big Picture commented, "So, technically speaking, the S&P 500 added a fresh distribution day to its count over the past 25 trading sessions. Yet it's far more meaningful to compare Monday's turnover with other full-day trading sessions in recent days."
Investors should continue to use the stock market's strength to buy breakouts. Start slowly with new purchases and see how they perform. If they work, then add more exposure. But if breakouts start to fail, then you can back away.
In particular, focus on stocks with strong relative strength. Find them by using the relative strength line. The RS line measures a stock's price performance vs. the S&P 500. If the stock is outperforming the broader market, then the RS line angles upward. If a stock is performing worse than the broad market, then the line will point lower.
Stocks to watch include IBD Long-Term Leaders, companies with stable earnings growth and price performance. Fair Isaac (FICO) is the most recent addition to the list, added on Nov. 13. Shares are extended after they cleared resistance around 450.
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Dow Jones Stocks: Apple Stock
Dow Jones stock Apple is trying to break out above an aggressive entry at 122.09. Shares rallied 3% Tuesday morning and are just above the early entry.
Another aggressive entry exists at 125.49 while the conventional buy point, for now, is 138.08, according to MarketSmith chart analysis.
The blue-chip giant is the No. 1-performing Dow Jones stock for 2020, with a 62.2% advance through Monday.
Stocks In Or Near Buy Zones: AMD, Chipotle, Twilio
Friday's IBD Stock Of The Day, Advanced Micro Devices, is in the 5% buy zone above an 88.82 buy point in a double bottom, according to MarketSmith chart analysis. Shares eased 0.6% Tuesday morning. The 5% buy area goes up to 93.26.
According to IBD Stock Checkup, AMD stock boasts a perfect 99 IBD Composite Rating. 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.
IBD Leaderboard stock Chipotle Mexican Grill is approaching a 1,346.10 early buy point in a double bottom with handle Tuesday. Shares fell 0.1% in morning trade. The traditional buy point in this key chart pattern is 1,366.76, 10 cents above the middle peak within the double-bottom pattern.
Top stock to watch Twilio is moving up the right side of a short cup base, displaying a 341.80 buy point. Shares fell 2.4% Tuesday morning.
The software leader is one of the stock market's top stocks with a 224% year-to-date advance through Nov. 27's close.
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Tesla Stock Surges On S&P 500 Update
IBD Leaderboard stock Tesla briefly surged more than 5% Tuesday morning, before cutting gains, after the S&P Dow Jones Indices decided to add the stock to the S&P 500 index in a single step. Tesla stock will join the S&P 500 before the open on Dec. 21.
On Nov. 18, shares broke out above a 466 buy point in an awkward cup with handle and are already more than 25% from the buy point. On Monday, Tesla stock set a record high at 607.80 before reversing lower.
Nio, Xpeng Tumble On Deliveries
Nio delivered 5,291 electric vehicles in November, up 109% vs. a year earlier. The Chinese Tesla rival briefly tumbled 7%, adding to Monday's 6.4% skid.
Xpeng Motors delivered 4,224 electric vehicles, up 342% vs. a year earlier. Shares dived nearly 8% before paring losses, and are about 27% off their 52-week high following Monday's 8.6% dive.
Zoom Earnings
Zoom stock dived 14% despite the company's strong Q3 earnings and sales results late Monday. The company said its earnings skyrocketed 1,000% to 99 cents a share on an adjusted basis from a year earlier. Revenue soared 367% to $777.2 million.
But shares tumbled in morning trade Tuesday. The stock found resistance as it tried to rise above its 50-day line and is more than 25% off its 52-week high.
Dow Jones Leaders: Microsoft
Among the top Dow Jones stocks, software giant Microsoft moved down 0.1% Tuesday. Shares are testing the 50-day support level.
Year to date, Microsoft is one of the top Dow Jones stocks, advancing 35.7% through the Nov. 30 close.
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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