The Dow Jones Industrial Average rose in the stock market today as the S&P 500 closed its best quarter in more than 20 years. Meanwhile, the Nasdaq compound outperformed on Tuesday and regained its key level of 10,000.
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A handful of stocks on the traded position table in buy zones, including Nvidia (NVDA) and ServiceNow (NOW).
Today on the stock market, the Nasdaq compound was up 1.9%. Meanwhile, the S&P 500 was up 1.3% and the Dow Jones was 0.6% higher. The data showed that volume was mixed on the exchanges versus the same time on Monday, highest on the NYSE and lowest on the Nasdaq.
Summary of the US Stock Market Today |
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|---|---|---|---|---|
| Index | Symbol | Price | gain loss | % Change |
| Dow Jones | (0DJIA) | 25,771.28 | +175.48 | +0.69 |
| S&P 500 | (Sample; P5) | 3,095.55 | +42.31 | +1.39 |
| Nasdaq | (0NDQC) | 10 037.64 | +163.49 | +1.66 |
| Russell 2000 | (IWM) | 143.20 | +2.06 | +1.46 |
| IBD 50 | (FFTY) | 34.38 | +0.67 | +1.99 |
Last Updated: 4:10 PM ET 06/30/2020 |
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The S&P 500 is on track for its best quarter since the fourth quarter of 1998, when it was up 20.9%. As such, the Nasdaq is also set for its best quarter since the fourth quarter of 2001, when it was up 30.1%. More importantly, the S&P 500 showed signs of strong support on the 200-day line on Tuesday as the index rebounded strongly above this key area.
Growth stocks outperformed on Tuesday after underperforming on Monday as the Innovator IBD 50 (FFTY) rose as much as 1.9%. The ETF still remains within a buy zone with a cup base with handle and 33.48 buy points.
The best performing sectors in the S&P 500 include finance, technology and real estate. Chip stocks led Tuesday as the VanEck Vector Semiconductor ETF (SMH) gained more than 2%. A solid earnings report from Micron technology (MU) helped boost semiconductors in the stock market today.
Micron remains just below a buy point of 54.92.
Dow Jones today
The Dow Jones traded at break-even in the afternoon trade, then closed moderately higher. Based on MarketSmith’s graphical analysis, the Dow Jones remains below a key resistance level on the 200-day moving average.
Twenty-three of the Dow’s components traded higher on Tuesday. Meanwhile, twelve of the components increased more than 0.8%. The biggest winners among the blue chips were financial stocks JPMorgan Chase (JPM) and Goldman Sachs (GS), up to 1.2% and 2.3%, respectively.
Also among the top winners of the Dow Jones were tech stocks. Microsoft (MSFT) and chip leader Intel (INTC), up to 2% and 2.3%, respectively.
Among the top stocks on the leaderboard in Dow Industrials, Microsoft remains a winner, as stocks range from a 180.10 cup with a handle purchase point. It also extends from an alternate driver entry 187.51.
Microsoft maintains a near-perfect 98 composite score on a scale of 1 to 99. The composite score represents fundamental metrics and key techniques in a single score. During a confirmed bullish trend, investors should be aware that it is best to focus on growing stocks with a composite rating of 95 or higher.
Tech giant Dow reports earnings in approximately 18 days, approximately on July 18.
Actions to consider: Nvidia Stock In Buy Zone
Focus Financial Partners (FOCS) and Lumentum Holdings (LITE) both made the Stocks On The Move list on the Investors.com home page. This is a great place to look for potential breakout stocks.
Additionally, among the top stocks in the leaderboard, Nvidia traded within a buy zone on Tuesday, after rising more than 3%. Nvidia’s shares remain above a 367.37 buy point from a three-week pattern. Nvidia remains strong above its 10-day moving average. The last base of the action was a second stage base, which may be bullish.
Meanwhile, ServiceNow is also just above a tight three-week entry at 396.25. According to the leaderboard analysis, “Growth prospects remain strong at ServiceNow, a provider of enterprise cloud computing products. ServiceNow joined the S&P 500 in November.” But the relative strength line, which compares a stock’s trend against the S&P 500, lags slightly.
Follow Rachel Fox on Twitter at @foxonstocks for more market information and comments from Dow Jones.
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