Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower early Tuesday. The choppy stock market rally continues, as Tesla stock dived on news of a government investigation into Tesla's Autopilot system, falling below a recent buy point. Dow Jones retailers Home Depot and Walmart topped earnings estimates early Tuesday.
XOn Monday, the Dow Jones Industrial Average rallied 0.3%, while the S&P 500 also rose 0.3%. The Nasdaq cut losses to just 0.2%.
Among the Dow Jones leaders, Apple (AAPL) rallied 1.35% Monday, while Microsoft (MSFT) moved up 0.6% in today's stock market. Dow Jones retailers Home Depot (HD) and Walmart (WMT) are near new buy points ahead of Tuesday morning's earnings results.
Tesla (TSLA) dived 4.3% after the National Highway Safety Administration opened a formal investigation into Tesla's Autopilot system. Tesla stock dropped below a recent buy point.
Among the top stocks to buy and watch, Nvidia (NVDA), RH (RH) and Shopify (SHOP) are in or near new buy zones.
Nvidia, Microsoft and Tesla are IBD Leaderboard stocks. Apple is an IBD SwingTrader stock. Nvidia and Shopify featured in this week's Stocks Near A Buy Zone column.
Dow Jones Futures Today
Ahead of the stock market open Tuesday, Dow Jones futures lost 0.6%, or 200 points, vs. fair value, while S&P 500 futures dropped 0.5% vs. fair value. Nasdaq 100 futures moved down 0.35% 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.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35624.35 | +108.97 | +0.31 |
| S&P 500 | (0S&P5) | 4479.66 | +11.66 | +0.26 |
| Nasdaq | (0NDQC ) | 14793.76 | -29.14 | -0.20 |
| Russell 2000 | (IWM) | 219.06 | -2.07 | -0.94 |
| IBD 50 | (FFTY) | 45.23 | -0.57 | -1.24 |
Last Update: 4:44 PM ET 8/16/2021 |
||||
Among exchange traded funds, the Innovator IBD 50 (FFTY) lost 1.2% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) inched higher Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.25%.
Choppy Stock Market Rally Continues
The Dow Jones industrials and the S&P 500 are at record highs Monday, while the Nasdaq snapped a two-day win streak with mild losses.
Friday's Big Picture commented, "Earnings season continues next week with important results from chip leaders Applied Materials (AMAT) and Nvidia, IPO stock Robinhood Markets (HOOD), along with a slew of earnings from retailers."
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Earnings: Home Depot, Walmart
Dow Jones retailers Home Depot and Walmart reported earnings ahead of the open Tuesday.
Home Depot reported EPS of $4.53 on sales of $41.1 billion. Analyst had expected the company to earn $4.43 a share on sales of $40.4 billion. Shares dropped about 3% in premarket trade. The stock closed Monday above a cup with handle's 333.55 buy point.
Meanwhile, Walmart topped earnings and sales estimates, reporting EPS of $1.78 on revenue of $141 billion. Analyst estimated discount giant Walmart to earn $1.57 per share on revenue of $136.7 billion. Walmart shares are building the right side of a cup base, showing a 153.76 buy point. Shares slipped about 1% in premarket trade.
Stocks To Buy And Watch: Nvidia, RH, Shopify
IBD Leaderboard stock Nvidia is tracing a flat base with a 208.85 buy point, according to IBD MarketSmith chart analysis. Per Leaderboard analysis, "Unlike the previous base that failed, the prior base spent more time above the 50-day line. Because the previous base undercut a prior pattern, the base count has reset. So, the latest pattern was first stage. These are more likely to succeed." Nvidia stock moved down 1.2% Monday. Nvidia reports second-quarter results late Tuesday.
RH is trying to break out past a 724.11 buy point in a cup with handle. The 5% buy area tops out at 760.32. Shares lost 1.15% Monday.
Shopify is back at a 1,499.85 buy point in a cup base, while trying to find support at its key 50-day moving average. Shares declined 0.6% Monday. The IBD Stock Checkup shows SHOP stock with a strong 95 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
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Tesla Stock
Tesla stock dived over 4% Monday after the National Highway Safety Administration opened a formal investigation into Tesla's Autopilot system. The government agency says it has identified 11 crashes since early 2018 in which a Tesla vehicle using the company's Autopilot or Traffic Aware Cruise Control have hit vehicles with flashing lights, flares, an illuminated arrow board or cones warning of hazards.
Shares are back below a 700.10 aggressive buy point deep inside a correction. Meanwhile, a deep, large base continues to take shape.
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, IBD SwingTrader stock Apple moved up 1.35% Monday, extending a win streak to four sessions. Apple stock is in a new buy area above a 148 trendline buy point. The stock hit an all-time high on July 15 at 150.
Software giant Microsoft rose 0.6% Monday to hit a new high. Microsoft continues to trade solidly above a cup base's 263.29 buy point. The stock is extended above the 5% buy zone, which goes up to 276.45.
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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