Dow Jones Futures Fall As Tesla Stock Jumps On Strong Deliveries
Dow Jones futures fell 100 points ahead of the stock market open Monday, as Tesla stock jumped after reporting strong deliveries over the weekend.
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Among the Dow Jones leaders, Apple (AAPL) lost 0.8% premarket Monday, while Microsoft (MSFT) moved down 0.6% in today’s stock market. Merck (MRK) and Salesforce (CRM) closed near new buy points on Friday.
Tesla (TSLA) jumped 3.5% premarket Monday, on pace to snap a two-day skid. The stock is just above its latest buy point.
Among the top stocks to buy and watch, AutoZone (AZO), Netflix (NFLX) and ServiceNow (NOW) are in or near new buy zones despite the current stock market weakness.
Microsoft, ServiceNow and Tesla have been named Leaderboard stocks by Investor’s Business Daily. AutoZone was Wednesday’s IBD Stock Of The Day.
Dow Jones Today
Ahead of the stock market open Monday, Dow Jones futures dropped 0.3% vs. fair value, while S&P 500 futures lost 0.4%. Nasdaq 100 futures declined 0.5% vs. fair value.
Among exchange traded funds, Innovator IBD 50 (FFTY) had yet to start trading premarket Monday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.5%. And the SPDR S&P 500 ETF (SPY) moved down 0.3%.
Stock Market Weakness
The Nasdaq and S&P 500 reversed higher Friday, ending an ugly week on a positive note. Both indexes remain below their key 50-day moving averages and near recent lows. Meanwhile, the Dow Jones Industrial Average looked to give back a part of Friday’s 1.4% advance in early Monday trade.
Friday’s The Big Picture commented, “With the stock market in a correction, avoid the temptation of buying stocks in a down-trending market. There will always be stocks showing strength, but a weak market can eventually bring everything down with it. If market conditions continue to improve amid renewed signs of institutional buying, new setups should emerge. A confirmation of strength could come as early as next week.”
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Dow Jones Stocks To Watch: Merck, Salesforce
Dow Jones leaders Merck and Salesforce were in or near buy zones in today’s stock market action.
Merck surged over 8% Friday after its Covid pill reduced the risk of hospitalization by half in a final-phase study. Merck stock broke out past a 79.33 buy point in a flat base, according to IBD MarketSmith chart analysis. The stock jumped 3.5% ahead of Monday’s open.
Salesforce.com closed just below a cup with handle’s 275.32 buy point following Friday’s 1.5% rally. The buy area goes up to 289.09. Shares were unchanged premarket Monday.
Stocks To Buy And Watch: AutoZone, Netflix, ServiceNow
Wednesday’s IBD Stock Of The Day, AutoZone, is trading just above its 1,666.73 buy point in a flat base following a Sept. 22 breakout move. The 5% buy zone goes up to 1,750.07. The stock was flat premarket Monday.
FANG stock leader Netflix continues to shrug off the recent market weakness. Shares are in the 5% buy zone past a 593.39 buy point in a consolidation amid the recent global success of…
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