Dow Jones Rallies As Apple Rebounds, But Tesla Stock Sells Off

On Sep 13, 2021

The Dow Jones Industrial Average briefly rallied 300 points Monday, as Apple stock looked to snap back from Friday’s sell-off. Tesla stock sold off, while Palantir, Shopify, Under Armour and Yeti are top growth stocks to buy and watch in today’s stock market.

Among the Dow Jones leaders, Apple (AAPL) rebounded almost 1%, while Microsoft (MSFT) moved up 0.3% Monday. Nike (NKE) is tracing a new base, but is below a key technical level.

Tesla (TSLA) threatened to add to Friday’s weakness, skidding more than 2% Monday morning. The EV leader fell below a new entry. PayPal (PYPL) traded over 1% lower Monday, as it continues to offer a new buy point.

Among the top stocks to buy and watch, Palantir Technologies (PLTR), Shopify (SHOP), Under Armour (UAA) and Yeti (YETI) are in or near new buy zones.

Microsoft and Tesla are IBD Leaderboard stocks. Yeti is an IBD IPO Leader. Under Armour is an IBD SwingTrader stock.

Dow Jones Today

The Dow Jones Industrial Average rallied 0.7% Monday midday. The S&P 500 erased early gains to trade flat, while the tech-heavy Nasdaq reversed 0.4% lower after giving up opening gains.

Among exchange traded funds, the Innovator IBD 50 (FFTY) tumbled to a nearly 3% loss Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved 0.5% lower. Meanwhile, the SPDR S&P 500 ETF (SPY) defended a 0.1% advance.

Stock Market Rally Continues

The major stock indexes looked to rebound from Friday’s sharp losses, as the Nasdaq and S&P 500 hoped to snap losing streaks. The Dow Jones Industrial Average gave up its key 50-day line last week.

Friday’s The Big Picture column commented, “After two weeks of gains, the S&P 500 and Nasdaq fell 1.6% and 1.7% for the past week. In all, the losses did not knock indexes out of their longer-term uptrend. But that uptrend has seen its share of pullbacks, and another downward phase appears to be unfolding.”

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Dow Jones Stocks To Buy And Watch: Nike

Dow Jones leader Nike is tracing a flat base with a 174.48 buy point, according to IBD MarketSmith chart analysis. But shares are below their key 50-day moving average line. Retaking support at that critical level would be bullish for the stock’s immediate prospects. Shares were down more than 2% Monday after analyst firm BTIG downgraded the stock from buy to neutral.

Through Sept. 10, Nike was the No. 8 performer on the Dow Jones Industrial Average, advancing more than 15%. Goldman Sachs (GS) was the top Dow Jones stock with a year-to-date gain of 53% through Sept. 10.

Stocks To Buy And Watch: Palantir, Shopify, Under Armour, Yeti

Palantir Technologies is back below its cup-with-handle’s 26.04 buy point, according to IBD MarketSmith chart analysis, amid Monday morning’s 2.5% decline. The 5% buy area tops out at 27.34.

Shopify continues to trace a flat base that shows a 1,650.10 buy point. According to IBD Stock Checkup, SHOP stock boasts a 98 out of a perfect 99 IBD Composite Rating. The IBD…