Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher after the market close Monday. The stock market rally received a strong boost following full FDA approval of the Pfizer Covid-19 vaccine. But an annual Fed summit focusing on rising inflation looms later this week.
XOn Monday, the Dow Jones Industrial Average advanced 0.6%. The S&P 500 climbed 0.85% and the Nasdaq rallied 1.55%; both indexes hit all-time highs.
Among the Dow Jones leaders, Apple (AAPL) rallied 1% Monday, while Microsoft (MSFT) movsded up 0.1% in today's stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.
Tesla (TSLA) raced nearly 4% higher, bullishly retaking a recent buy point. The EV leader is back in buy range.
After the close Monday, cybersecurity leader Palo Alto Networks (PANW) reported strong fiscal-Q4 results. Shares jumped over 7% in extended trade. Best Buy (BBY) will report ahead of the market open Tuesday.
Among the top stocks to buy and watch, Mercado Libre (MELI), Nvidia (NVDA) and Snap (SNAP) are in or near new buy zones.
Microsoft, Nvidia and Tesla are IBD Leaderboard stocks. Nvidia is also an IBD SwingTrader stock. Nvidia and Snap featured in this week's Stocks Near A Buy Zone column. Snap was also Monday's IBD Stock Of The Day.
Dow Jones Futures Today: Fed Summit Looms
After the stock market close Monday, Dow Jones futures rallied 0.2% vs. fair value, while S&P 500 futures also moved up 0.2%. Nasdaq 100 futures traded 0.2% higher. Remember that trading in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Thursday, the Federal Reserve will meet virtually for an annual summit usually held in Jackson Hole, Wyo. On Friday, Fed Chairman Jerome Powell will speak and is expected to reveal details of how long the currently higher inflation is expected to last, and what the Fed should do about it.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35335.71 | +215.63 | +0.61 |
| S&P 500 | (0S&P5) | 4479.51 | +37.84 | +0.85 |
| Nasdaq | (0NDQC ) | 14942.65 | +227.99 | +1.55 |
| Russell 2000 | (IWM) | 219.61 | +4.09 | +1.90 |
| IBD 50 | (FFTY) | 46.42 | +1.12 | +2.47 |
Last Update: 4:16 PM ET 8/23/2021 |
||||
Among exchange traded funds, the Innovator IBD 50 (FFTY) rose 2.45% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1.5% Monday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.9%.
Stock Market Rally Continues
The three major stock indexes — the Dow Jones industrials, Nasdaq and S&P 500 — continued to rebound from their 50-day support levels Monday. The Nasdaq and S&P 500 extended their win streaks to three sessions.
Friday's Big Picture noted a reason to be bullish amid last week's volatility. "Stock market bears might be worried about waning breadth on the Nasdaq, what the Fed plans, and skittish action among many leading growth stocks. But the bulls certainly have reasons to feel good about the uptrend. Bullish sentiment dropped off a cliff earlier in the week when the Investors Intelligence weekly survey of stock market newsletter writers fell to 51.1% from 56.4%. It's a contrarian indicator, meaning when there aren't too many bulls around, it might actually be the time to be bullish."
For more stock market commentary, check out IBD's The Big Picture.
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Pfizer Covid-19 Vaccine Gets FDA Approval
Early Monday, the Covid-19 vaccine from Pfizer (PFE) and BioNTech (BNTX) received full FDA approval. The Food and Drug Administration's clearance of the shot on Monday, for people 16 years and older, is the agency's first full approval of a Covid-19 vaccine. The decision was expected this week, The Wall Street Journal and other news outlets reported.
Pfizer jumped 2.4%, while BNTX stock rallied 9.6%.
Bitcoin Price Tops $50,000
The price of Bitcoin briefly climbed above $50,000 Monday before losing some gains. Bitcoin traded around $49,200 in Monday evening trade, according to Coindesk.
Grayscale Bitcoin Trust (GBTC) rallied nearly 1% Monday. The ETF is back above its 50-day moving average, but still about 30% off its 52-week high.
Dow Jones Stocks To Buy And Watch: Home Depot
Dow Jones leader Home Depot is trying to break out past a cup-with-handle's 333.55 buy point, but is below the buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.
Shares dropped 0.55% Monday.
Stocks To Buy And Watch: Mercado Libre, Nvidia, Snap
Mercado Libre moved up 1.3% Monday. The largest e-commerce company in Latin America continues to trace a cup with handle with a 1,899.43 buy point. MELI stock is holding just above a 1,755.05 buy point created by the Aug. 5 gap-up on earnings.
Graphics-chip maker Nvidia is breaking out past a 208.85 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares advanced 5.5% Monday and are just out of the 5% buy area that runs up to 219.29. On Friday, the stock climbed above an early entry at 207.43.
Nvidia is an IBD Leaderboard stock. Exposure to Nvidia has been raised by another quarter as it continues to make progress following its earnings beat last week.
The chip giant reported quarterly earnings last week that topped analyst estimates. The company earned an adjusted $1.04 a share on sales of $6.51 billion in the quarter ended Aug. 1. On a year-over-year basis, Nvidia earnings jumped 89% while sales surged 68%.
IBD SwingTrader stock Snap is back in buy range above a 73.69 buy point in a consolidation. Shares are also rebounding from their critical 50-day moving average line. The stock rallied 3.8% Monday. Snap was Monday's IBD Stock Of The Day
The IBD Stock Checkup shows SNAP stock holds a solid 93 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 rallied 3.8% Monday. Shares bullishly regained their 700.10 aggressive buy point deep inside a correction after last week's weakness and are back in buy range. 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, Apple moved up 1% Monday, extending a win streak to three sessions. Apple stock is back above a 148 trend line buy point and in buy range. The stock hit an all-time high on Aug. 18 at 151.68 before reversing lower.
Software giant Microsoft rose 0.1% early Monday, closing just off Friday's new highs. Microsoft is about 15% above a cup base's 263.29 buy point.
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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