Dow Jones futures traded lower while tech futures sold out strongly Monday morning. The 10-year government interest rate continued to rise, in line with extending a winning streak to seven sessions. US oil prices fell by almost 4% to trade below $ 95 per barrel. barrel. Twitter shares fell after Tesla CEO Elon Musk decided not to be corporate director. And chip leader Nvidia slipped on a downgrade.
Among the Dow Jones executives, Apple (AAPL) fell 1.1%, and Microsoft (MSFT) fell 1% in today’s stock market. Interest rate sensitive JPMorgan (JPM) and Goldman Sachs (GS) was Dow’s only pre-market progressive, reaching narrow gains. The two companies report results for the first quarter on Wednesday and Thursday, respectively.
Twitter (TWTR) fell more than 3% Monday morning. On Sunday, Twitter’s CEO Parag Agrawal said Elon Musk refused to join Twitter’s board. Electric car giant Tesla (TSLA) slipped nearly 5% early Monday, threatening to add to Friday’s heavy losses.
Graphics chip maker Nvidia (NVDA) fell more than 4% after Baird downgraded the stock from outperform to neutral, lowering its price target from 360 to 225.
As the stock market’s upward trend struggles, the Dow Jones is the financial leader American Express (AXP) – together with Alphabet (GOOGL), Broadcom (AVGO), IBD Leaderboard Watchlist Stock SolarEdge technologies (SEDG) and Must (SHEL) – is among Monday’s best stocks to buy and see.
Arista, Microsoft and Tesla are IBD Leaderboard shares. Alphabet and Tesla shares were shown in last week’s Stocks columns near a buy zone.
Dow Jones today: government interest rates, oil prices
Before Monday’s opening, Dow Jones futures lost 0.4% of fair value and S&P 500 futures fell 0.7%. Nasdaq 100 futures sold 1.15% relative to fair value in early morning trading.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.1% and the SPDR S&P 500 ETF (SPY) fell 0.6% ahead of Monday’s opening.
On Friday, 10-year US government interest rates extended this week’s gains, closing at 2.71%, reaching a new 52-week high. The 10-year interest rate continued with higher Monday morning and rose to 2.76%, the highest level since March 2019.
Meanwhile, U.S. oil prices fell nearly 4% Monday morning, while West Texas Intermediate crude traded below $ 95 a barrel. barrel. China’s worsening virus outbreak raises concerns about demand.
Stock market rally
The stock market posted mixed action on Friday, in a week when the market’s upward trend came under pressure. The technology-heavy Nasdaq ended below its 50-day line, while the Dow Jones industries ended with modest progress.
The Big Picture column commented: “The Nasdaq, down 1.3% on Friday, ended with a loss of 3.9% for the week. It significantly eroded the composite index’s three-week 11% rebound. Another big “Fall could lead to another break below the 50-day moving average. In a good bull market, it’s a technical no-no.”
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Four Dow Jones shares to see now
Dow Jones shares to buy and see: American Express
Dow Jones financial stock American Express tracks a cup-with-handle base showing a buy point of 194.45. Shares rose 0.9% on Friday, still below the 50-day moving average line. AXP shares fell 0.7% Monday morning after JPMorgan downgraded the stock from overweight to neutral.
Keep an eye on the stock’s relative strength line. In the midst of its recent ascent, the RS line is approaching its old heights, but there is a lot of work on the way ahead of a potential eruption. The RS line measures a share price development relative to the S&P 500. The RS line should reach a new high on the breakout day or shortly thereafter to confirm the strength of the share breakout.
Four Top Growth Stocks to Buy and View in Currrally in the stock market
Shares to buy and view: Alphabet, Broadcom, SolarEdge, Shell
Tuesday’s IBD 50 Stocks To Watch range, Alphabet, shows a buying point of 2,875.97 in a cup with handles, according to IBD MarketSmith chart analysis. GOOGL shares are about 7% off the entry after Friday’s 1.9% slide. FANG stock fell 0.9% Monday morning.
Broadcom fell 2.7% on Friday as the chip stock moved further below an early entry of 614.74. The stock is looking for support on its 50-day line. Meanwhile, the stock has introduced another buy point, a handle of 645.41. AVGO shares fell 1.1% Monday morning.
IBD Leaderboard Watchlist stock SolarEdge Technologies closed about 10% on Friday below a 340.10 cup-with-handle buy point. Shares fell 1.9% early Monday.
Oil and gas producer Shell, today’s IBD share on April 1, is just below a flat base’s 56.23 buy points after Friday’s rise of 1.2%. The stock fell 0.2% Monday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock slipped nearly 5% early Monday, threatening to add to Friday’s 3% drop. Shares in the EV giant closed about 11% off a cup with the handle’s 1,152.97 buy points on Friday.
The stock traded as high as 1,243.49 on November 4 and closed about 18% off the highest level ever on Friday.
Dow Jones executives: Apple, Microsoft
Among Dow Jones shares, Apple shares fell 1.2% on Friday, further below a buy point of 176.75 in a double-bottom base. Along with this entry, a trade buy point is also in play at 179.71. Look for a crucial step above these levels as a buy signal. AAPL stock fell more than 1% early Monday.
Software leader Microsoft lost 1.5% on Friday as stocks continue to build the right side of a new base formation. Microsoft stock fell 1% Monday morning.
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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