The Dow Jones Industrial Average briefly sold off 300 points Tuesday, as Apple stock hit a new high. Tesla stock raced higher in midday trade, while DocuSign, Palantir, Semrush and Shopify are stocks to buy and watch in today’s stock market.
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Among the Dow Jones leaders, Apple (AAPL) traded up more than 1%, while Microsoft (MSFT) moved down 0.25% Tuesday. American Express (AXP) is tracing a new base, but is below a key technical level.
Tesla (TSLA) looked to add to Friday’s gains, rallying more than 2% Tuesday midday. The EV leader is past its buy range. PayPal (PYPL) traded 0.5% higher Tuesday, as it approaches a new buy point.
Among the top stocks to buy and watch, DocuSign (DOCU), Palantir Technologies (PLTR), Semrush (SEMR) and Shopify (SHOP) are in or near new buy zones.
DocuSign, Microsoft and Tesla are IBD Leaderboard stocks. Semrush is an IBD IPO Leader. DocuSign was Friday’s IBD Stock Of The Day. Shopify is an IBD SwingTrader stock.
Dow Jones Today
The Dow Jones Industrial Average dropped 0.65% midday Tuesday. The S&P 500 moved down 0.3%. The tech-heavy Nasdaq traded up 0.1% in midday trade.
Among exchange traded funds, the Innovator IBD 50 (FFTY) inched higher Tuesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved up less than 0.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.4%.
Stock Market Rally Continues
The Nasdaq and S&P 500 are just off last week’s record highs, while the Dow Jones Industrial Average threatened to slide after Friday’s modest gains.
Friday’s The Big Picture column commented, “Essentially, after big news on the previous Friday, in which Federal Reserve Chairman Jerome Powell said a future tapering of monthly bond buys does not immediately spell interest rate hikes, the stock market spent the past week generally padding late-summer gains.”
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Dow Jones Stocks To Buy And Watch: American Express
Dow Jones leader American Express is tracing a flat base with a 179.77 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 up 0.5% Tuesday.
Through the end of August, American Express was the No. 2 performer on the Dow Jones Industrial Average, advancing more than 37%. Goldman Sachs (GS) was the top performer with a 56.9% climb through Aug. 31.
Stocks To Buy And Watch: DocuSign, Palantir, Semrush, Shopify
IBD Leaderboard stock DocuSign declined nearly 4% Tuesday and is trading below a flat-base buy point of 310.61 following Friday’s breakout. The company reported strong earnings results late Thursday, sparking Friday’s 5.3% advance.
Palantir Technologies is just above a cup-with-handle’s 26.04 buy point, according to IBD MarketSmith chart analysis. Shares lost 0.7% Tuesday and are in the 5% buy area that tops out at 27.34. The stock’s relative strength line remains far from its old highs….
Read More: Dow Jones Sells Off 300 Points As Apple Stock Hits New High