Dow Jones futures pointed to modest losses ahead of Tuesday, as the current stock market rally continues. S&P 500 futures and Nasdaq futures were mixed. Dow Jones shares Apple fell 0.5% on weakness expected in 2020.
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On Monday, the Dow Jones Industrial Average soared 580 points, or 2.3%. The index was driven by a 14.4% increase in Boeing (BA) shares positive news from 737 Max jet. The S&P 500 and Nasdaq compound followed with gains of 1.5% and 1.2%, respectively.
First-class shares Visa (V) and Microsoft (MSFT) were higher before the opening in the stock market today, seeking to extend Monday’s strong gains. Dow Jones Shares Apple (AAPL) Shares fell 0.5% on news that iPhone 5G shipments in 2020 may be much weaker than expected.
Shares moving early Tuesday include Lululemon (LULU) and Micron technology (MU) LULU shares rose nearly 3% in its acquisition of fitness company Mirror, while Micron shares rebounded 5% in solid earnings results.
Actions to watch include actions from the IBD classification table Atlassian (TEAM) and Netflix (NFLX) They both found support on the key 50-day line on Monday. Meanwhile, supermarket stocks Kroger (KR) and Cabbage farmers market (SFM) are approaching new points of purchase.
Dow Jones today
Dow Jones futures fell 0.35% against fair value on Tuesday, while S&P 500 futures fell 0.2%. Nasdaq futures were unchanged against fair value.
Overnight, China’s parliament officially passed Hong Kong’s national security bill.
Summary of the US Stock Market Today |
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|---|---|---|---|---|
| Index | Symbol | Price | gain loss | % Change |
| Dow Jones | (0DJIA) | 25,481.53 | +465.98 | +1.86 |
| S and P500 | (S and P500) | 3,041.18 | +32.13 | +1.07 |
| Nasdaq | (0NDQC) | 9838.58 | +81.36 | +0.83 |
| Russell 2000 | (IWM) | 140.59 | +3.92 | +2.87 |
| IBD 50 | (FFTY) | 33.61 | -0.09 | -0.27 |
Last Updated: 5:30 PM ET 06/29/2020 |
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The coronavirus outbreak continues to spread throughout the US According to the Worldometer data tracker, the cumulative number of confirmed cases in the US approaches 2.7 million on Tuesday. On Monday, the new daily cases exceeded 44,000 again. However, while new daily cases continue to rise, there has not yet been a corresponding increase in the number of daily deaths, a key measure to monitor.
The cumulative total of confirmed Covid-19 cases since the start of the outbreak worldwide exceeded 10.4 million on Tuesday, with more than 508,000 deaths related to the virus.
Within the recovery of the coronavirus stock market, Nasdaq, technological and heavy, has risen 10% during the year until the closing of Monday. Meanwhile, the S&P 500 and DJIA fell 5.5% and 10.3%, to date, through the close of June 29.
IBD Live: a new tool for daily stock market analysis
Coronavirus Stock Market Rally
According to IBD’s The Big Picture, the rally in the coronavirus stock market remains on an uptrend after recovering from the lows of more than three months ago on March 23. The major stock indices confirmed the rebound as a new uptrend on April 2.
According to The Big Picture on Monday, “The S&P 500 closed slightly below its 200-day moving average on Friday, but remained above the psychologically important level of 3,000. It hit an intraday low on Monday of 2999.90. The Nasdaq Composite 1.2% recovered, and small caps outperformed, with Russell 2000 up 3.1%. “
Actions to watch include the main actions of IBD’s long-term leaders. IBD’s list of long-term Leaders focuses on companies with stable earnings growth and price performance.
Stock market ETF strategy and how to invest in the current uptrend
Dow Jones News: Apple Stock
Among Dow Jones shares, Apple was down 0.5% early Tuesday as stocks continue to pull back from their record highs set on June 23. Shares were lower before news broke that iPhone 5G shipments in 2020 may be much weaker than expected. New estimates put iPhone shipments at 15 million to 20 million units this year compared to a previous forecast of 30 million to 40 million.
The shares are well spread beyond the 319.79 buy point, offering an opportunity for investors to increase their positions. Shares, meanwhile, are still in the 20% -25% profit-taking zone from the 288.35-point-of-a-cup handle price.
Moving Stock: Lululemon, Micron
Top retailer Lululemon was up 3% before Tuesday open after the company announced that it was buying Mirror, a startup focused on home fitness, for $ 500 million.
Lululemon stock is well spread from a purchase point of 226.52 in a mug with a handle. Shares are 7% off their 52-week high amid the current pullback. A new base may be forming, but it is too early for a new entry. Lululemon is an IBD SwingTrader share.
Memory chip maker Micron Technology rose 5% early Tuesday morning after the company’s solid earnings results on Monday night.
Micron stock resumes its buy point of 50.24 in a cup with a handle, according to MarketSmith’s graphical analysis. Meanwhile, there is a new entry at 54.92.
Main actions near shopping areas: Atlassian, Kroger, Sprouts, Netflix
The stock of the IBD leaderboard Atlassian is just above its 50-day support level on Tuesday. Look for a strong bounce from this level to indicate that institutions are supporting the stock. Shares recently hit the 20% -25% profit-taking zone from a buy point of 149.80 in a mango cup after a breakout on April 16.
According to the IBD leaderboard comment, “Atlassian is testing support again at the 10-week moving average after finding support during the week ending June 26. It rose to a three-quarter position in the leaderboard on June 22. “
Monday’s IBD 50 stock pick Kroger is nearing a buy point of 34.60 in a cup with a handle. The shares are just 1% off the new entry amid Monday’s 4.4% gain.
Kroger stocks rank 32nd in the IBD 50. (The IBD 50 is a list of leading growth stocks with strong relative price strength and top notch fundamentals). Kroger was added to the IBD 50 list on June 25.
IBD Stock Checkup shows that Kroger’s shares have a solid 93 of a highest possible 99 IBD composite rating, making it one of the highest-ranked stocks in the supermarket industry. Composite rating, an easy way to identify the fastest growing stocks, is a combination of fundamental metrics and key techniques to help investors assess a stock’s strengths.
Sprouts Farmers Market leader is near a 26.15 buy point in a seven-week double bottom. Shares are roughly 2% off the new entry after Monday’s 4.8% rise.
Netflix, a member of FANG and IBD leaderboard stocks, is again finding support in its 50-day line. Shares briefly touched that support level in trading on Monday before rebounding sharply to close 0.9%.
According to the IBD Stock Review, Netflix shares have a 97 out of the highest possible 99 IBD composite rating. Netflix is also an IBD rating action.
Dow Jones Leaders: Visa, Microsoft
Among Dow Jones’ major stocks, Visa is nearing a buy point of 202.28 in a cup with a handle as it finds support near its 50-day line. Shares rose higher on Tuesday morning.
The shares are still in the 5% buy zone after a previous entry of 182.35 in a mango cup after a breakout on May 18. The action’s RS line is near new highs, a bullish signal.
Software leader Microsoft recovered 0.2% on Tuesday morning. The shares extend above a mango cup purchase point of 187.61 again after Monday’s 1.1% gain. The 5% buy range goes up to 197.
Bullish, the RS stock line is back at new highs despite the current pullback, indicating strong performance from the stock market. The RS line measures the performance of a share price against the general market.
The blue giant is a common idea of the IBD leaderboard and a long-term leader of IBD.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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