Don’t Get Excited By Market Bounce; 7 Stocks Near Buy Points

Dow Jones futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally rebounded Wednesday, but in lower volume than the prior session. The major indexes are down for the week and off sharply in April.

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FTNT stock, Marriott International (MAR), Raymond James Financial (RJF), Merck (MRK) and Ulta Beauty (ULTA) are five non-commodity plays to watch. Fortinet (FTNT), Marriott and RJF stock are working on handles, right around aggressive entries. Merck stock could be forming a handle, while ULTA stock broke out past a buy point.

Among megacaps, Apple (AAPL) and Tesla stock are trying to rise within handles.

Key Earnings

UnitedHealth (UNH) reports before the open, kicking off health insurer earnings. UNH stock is slightly extended from a buy zone, along with rival Anthem (ANTM). Centene (CNC) and Molina Health (MOH) are in buy zones.

Goldman Sachs (GS), Wells Fargo (WFC) and Citigroup (C) report early Thursday. All three were little changed Wednesday after JPMorgan Chase (JPM) reported mixed Q1 results.

Tesla (TSLA) and ANTM stock are on IBD Leaderboard. FTNT stock is on IBD Long-Term Leaders. Tesla and Fortinet stock are on the IBD 50. Raymond James Financial was Wednesday’s IBD Stock Of The Day and added to SwingTrader.

The video embedded in this article discussed Wednesday’s market rally and analyzed Lululemon Athletica (LULU), Raymond James and MAR stock.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Dow Jones Futures Today

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures tilted higher and Nasdaq 100 futures climbed 0.2%.

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

Stock Market Rally

The stock market rally started Wednesday little changed but steadily improved throughout the session.

The Dow Jones Industrial Average rose 1% in Wednesday’s stock market trading. The S&P 500 index climbed 1.1%. The Nasdaq composite jumped 2%. The small-cap Russell 2000 leapt 1.9%.

The producer price index showed wholesale inflation surged 11.2% in March vs. a year earlier, a new record. That follows Tuesday’s report showing consumer inflation hitting a 40-year high of 8.5%.

But the 10-year Treasury yield fell for a second straight day, down 4 basis points to 2.69%.

U.S. crude oil prices popped 3.6% to $104.25 a barrel.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 2.4%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 1.4%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 2.2%. The VanEck Vectors Semiconductor ETF (SMH) bounced 2.4%.

SPDR S&P Metals & Mining ETF (XME) jumped 4.5% and the Global X U.S. Infrastructure Development ETF (PAVE) added 1.8%.

U.S. Global Jets ETF (JETS) soared 5.3%. Airlines and other travel stocks rebounded on Delta Air Lines (DAL) earnings results and guidance. DAL stock and…