The Dow Jones Industrial Average rallied 50 points Tuesday, as Tesla stock moved back into buy range. Best Buy and Palo Alto Networks surged on earnings results.
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Among the Dow Jones leaders, Apple (AAPL) gained 0.6% Tuesday, while Microsoft (MSFT) moved down 0.2% in today’s stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.
Electric vehicle giant Tesla (TSLA) looked to add to Monday’s bullish gains, but turned lower in morning trade. The EV leader is back in buy range.
After the close Monday, cybersecurity leader Palo Alto Networks (PANW) reported strong fiscal fourth-quarter results. Shares surged over 16%. Best Buy (BBY) reported ahead of the market open Tuesday. Shares jumped 5%.
Among the top stocks to buy and watch, Mercado Libre (MELI), Nvidia (NVDA) and Snap (SNAP) are in or near new buy zones.
Microsoft, Nvidia and Tesla are IBD Leaderboard stocks. Nvidia is also an IBD SwingTrader stock. Nvidia and Snap were featured in this week’s Stocks Near A Buy Zone column. Snap was also Monday’s IBD Stock Of The Day.
Dow Jones Today: Fed Summit Looms
After the market open Tuesday, the Dow Jones Industrial Average rallied 0.2%, while the S&P 500 moved up 0.2%. The tech-heavy Nasdaq composite gained 0.3% in morning trade.
On Thursday, the Federal Reserve will meet virtually for an annual summit usually held in Jackson Hole, Wyo. On Friday, Fed Chairman Jerome Powell will speak and is expected to reveal details of how long the currently higher inflation is expected to last, and what the Fed should do about it.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) was up 0.6% Tuesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 0.2% early Tuesday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.15%.
Stock Market Rally Continues
The three major stock indexes — the Dow Jones industrials, Nasdaq and S&P 500 — looked to continue their rebounds from the 50-day support level with modest gains Tuesday morning. The Nasdaq and S&P 500 looked to extend their win streaks to four sessions.
Monday’s Big Picture commented, “What was looking like a bad week for the stock market last week ended up being pretty good as the Nasdaq composite shaved a weekly loss of 2.7% to 0.7%. A bullish end to the week reminded investors about the importance of being nimble. Indeed, many investors raising cash early last week — when the Nasdaq was threatening a break of its 50-day moving average — were putting some money to work on Thursday and Friday, and maybe a little more on Monday.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks To Buy And Watch: Home Depot
Dow Jones leader Home Depot is trying to break out past a cup-with-handle’s 333.55 entry, but currently sits below the buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.
Shares were down 0.3% Tuesday.
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Read More: Dow Jones Rallies As Tesla Stock Hits Buy Point; Best Buy, Palo Alto