Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower late Monday, as the Dow Jones Industrial Average neared all-time highs. Dow Jones leader Apple is approaching a new buy point, while Tesla stock is testing a key level.
XOn Monday, the tech-heavy Nasdaq composite declined 0.5%. The S&P 500 moved up 0.3%, while the Dow Jones Industrial Average advanced 0.7%.
Among the Dow Jones leaders, Apple (AAPL) rose almost 1% Monday, while Microsoft (MSFT) declined 0.1% in today's stock market. Goldman Sachs (GS) is trading just off a new buy point.
Tesla (TSLA) skidded 3.5% Monday, giving back a large part of Friday's 4.8% advance. The EV giant is testing a key support level.
Among the top stocks to buy and watch, Lam Research (LRCX), Nvidia (NVDA) and PayPal (PYPL) are in or near buy zones.
Lam Research, Microsoft and Nvidia are IBD Leaderboard stocks. Apple and Goldman Sachs were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures fell 0.2% vs. fair value, while S&P 500 futures dropped 0.3%. Nasdaq 100 futures lost 0.4% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.6% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.2%.
Stock Market Rotation?
Amid the current stock market rally, the Dow Jones Industrial Average and S&P 500 are approaching record highs amid moderate gains. Meanwhile, the tech-heavy Nasdaq sits just off its own all-time record following Friday's and Monday's losses.
Monday's Big Picture column commented, "The price action in the major stock indexes might look fine, but the action beneath the surface has resulted in a challenging environment for growth investors. If you haven't been in sync with the market, and your portfolio is having a hard time making headway, it doesn't make sense to be 100% invested. Cut your laggards loose and hold on to your best performers. It's OK to hold some cash at this point."
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks: Goldman Sachs
Dow Jones investment bank Goldman Sachs is working on a new flat base with a 356.95 buy point, according to IBD MarketSmith chart analysis. Shares rallied 0.5% Monday and are about 2% away from the entry.
The latest base is a second-stage formation, indicating the stock could still be in the earlier part of a long-term price advance.
The investment banking giant is on a tear in 2021, already up more than 30% year to date.
Stocks To Buy And Watch: Lam Research, Nvidia, PayPal
IBD Leaderboard stock Lam Research is in buy range above a 603.70 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares declined 0.5% Monday and are about 2% above the entry.
Per Leaderboard commentary, "Lam Research is giving back some gains, including a few days with heavy volume. But overall, the decline appears normal."
Nvidia ended Monday about 3% below its 615 buy point in a new cup base. The 5% buy zone goes up to 645.75. Shares lost 1.15% Monday.
Payments leader PayPal continues to build a cup with handle, offering a buy point at 277.96. Shares moved down 1.2% Monday, extending a losing streak to three sessions. PYPL stock is just above its 50-day support level.
According to IBD Stock Checkup, PYPL stock shows a solid 89 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock's fundamental and technical metrics.
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Tesla Stock
Tesla stock declined 3.5% Monday, erasing a big part of Friday's nearly 5% advance. Shares are trying to find support at their key 50-day line. If the 50-day support level fails, then further weakness could be impending.
The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rallied 0.8% Monday, as the stock continues to approach a cup with handle's 135.63 buy point.
Apple stock tried to break out following last week's earnings results, but was turned away. Shares are about 2% below the entry.
Software giant Microsoft fell 0.1% Monday, dropping for a fourth straight session. Shares are back in the 5% buy range past a flat base's 246.23 buy point that tops out at 258.54, according to IBD MarketSmith chart analysis.
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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