Dow Jones Futures Rise Ahead Of Biden, Xi Meeting; Rivian, Tesla Set

Dow Jones futures rallied more than 100 points early Monday ahead of President Biden’s virtual meeting with Chinese President Xi Jinping. Rivian was set to snap a win streak, while Tesla stock threatened to extend recent losses.

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Among the Dow Jones leaders, Apple (AAPL) moved up 0.3% premarket Monday, while Microsoft (MSFT) added 0.6% in today’s stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continue to trade near new buy points in the current rally.

Among the EV leaders, Tesla (TSLA) declined 2.5% premarket Monday, while Rivian (RIVN) dropped 2% ahead of Monday’s open. Lucid Motors (LCID) will report Monday night. Elsewhere, CrowdStrike (CRWD) slid more than 3% early after Morgan Stanley started the stock at underweight.

Among the top stocks to buy and watch, Alphabet (GOOGL), On Holding (ONON) and Sprout Social (SPT) are in or near buy zones.

Microsoft, On Holding and Tesla are IBD Leaderboard stocks. Apple was featured in last week’s Stocks Near A Buy Zone story. And Alphabet was featured in Friday’s IBD Sector Leaders story.

Dow Jones Today: Biden, Xi Meeting

Ahead of the stock market open Monday, Dow Jones futures rose 0.4% vs. fair value, while S&P 500 futures gained 0.25%. Nasdaq 100 futures rose 0.2% vs. fair value. Remember that premarket action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3% ahead of the market open. And the SPDR S&P 500 ETF (SPY) ascended 0.25%.

President Joe Biden and President Xi plan to meet virtually Monday evening, but expectations are modest and neither expect concrete outcomes. Discussion topics include Taiwan, human rights and Chinese economic practices.

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Stock Market Rally

The stock market pullback continued to stabilize Friday, as the major stock indexes logged moderate to strong gains. Despite the Thursday-Friday rebound, the Nasdaq and S&P 500 still both snapped five-week win streaks.

On Friday, The Big Picture commented, “Yet, the stock market’s recovery healed much of the week’s earlier damage, and a prolonged slump now seems less likely. The past week’s moderate contraction served as a healthy shakeout, after the major indexes raced to record highs.”

For daily stock market commentary, be sure to check out IBD’s The Big Picture.

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Dow Jones Stocks To Buy And Watch: Amex, JPMorgan, Nike

American Express ended Friday in buy range past a 178.90 entry in a cup with handle, according to IBD MarketSmith chart analysis. Shares traded unchanged premarket Monday.