Market Rally Pauses But Tesla, Snap In Buy Zones; CrowdStrike

Dow Jones futures rose slightly late Tuesday, along with S&P 500 futures and Nasdaq futures. The stock market rally paused Tuesday while Zoom Video Communications (ZM) plunged. CrowdStrike stock headlined earnings movers overnight. Nio (NIO) and other China EV makers are set to report monthly sales as Tesla stock slightly extended its move above an aggressive entry.

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CrowdStrike (CRWD), Anaplan (PLAN) and Ambarella (AMBA) reported earnings late Tuesday.

All three topped estimates. CRWD stock fell overnight while PLAN stock surged and AMBA stock popped.

Nio Sales Loom

Nio will likely report August deliveries Wednesday morning, with fellow EV startups Xpeng (XPEV) and Li Auto (LI) on tap in the next couple of days. China EV giant BYD Co. (BYDDF) will likely follow.

Nio stock rose Tuesday but it’s near multi-month lows. Xpeng stock reclaimed the 50-day line Tuesday and is near an early entry in a bottoming base. Li Auto stock rallied to just below its 50-day. BYD stock is in a handle, near a buy point and all-time highs.

Tesla Stock

Industry reports should provide Tesla China sales in the coming weeks. Tesla’s local sales in China have fallen significantly from the first quarter, though it’s unclear to what extent that reflects weakening demand or a lack of supply. Tesla (TSLA) is now exporting much of its Shanghai plant production, especially in the first two months of the quarter, mostly to Europe. Tesla is exporting the made-in-China Model Y to Europe for the first time. Tesla began delivering a cheaper, lower-range Model Y Standard Range variant in China in August.

Tesla stock rose 0.7% to 735.72, extending Monday’s move above an aggressive buy point of 730.

Snap Rises, Zoom Stock Dives

Snap (SNAP) rose 2.15% to 76.11, clearly breaking a trend line entry after reclaiming an old 73.69 buy point on Monday. Snap stock also has a 79.28 entry from a new flat base.

Zoom stock topped second-quarter forecasts, but growth is slowing. The videoconferencing leader guided slightly lower for the current Q3 and for full-year revenue. ZM stock plunged nearly 17% to 289.50, not far from a 2021 low. Heading into earnings, Zoom stock had been trading below its 50-day and 200-day lines. A huge pandemic winner in 2020, ZM stock offered several big sell signals late last year and in early 2021.

Tesla and SNAP stock are on IBD Leaderboard. TSLA stock also is on SwingTrader. It was Tuesday’s IBD Stock Of The Day. CRWD stock is on the IBD 50.

The video embedded in this article looked at Tesla, Zoom and SNAP stock.

Dow Jones Futures Today

Dow Jones futures rose 0.15% vs. fair value. S&P 500 futures gained 0.1%. Nasdaq 100 futures climbed less than 0.1%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

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