Dow Jones futures fell Tuesday night, along with S&P 500 and Nasdaq futures, after Tuesday’s recovery from the coronavirus stock market culminated in the best quarterly performance in decades. Shares in the IBD leaderboard, Fortinet and Netflix, topped four stocks in or near buy zones, while Tesla rose to all-time highs.
X
The tech-heavy Nasdaq compound led the recovery in the coronavirus stock market on Tuesday with a 1.9% advance to rebound to the 10,000 level. The S&P 500 gained 1.5%, while the Dow Jones Industrial Average fell behind with a gain of 216 points, or 0.85%, due to Boeing‘s (BA) 5.75% immersion.
Classification actions Fortinet (FTNT) and Netflix (NFLX) rebounded from key support levels on Tuesday, while Kroger (KR) and Cabbage farmers market (SFM) are approaching new points of purchase. Electric car maker Tesla (TSLA) soared to all-time highs. Dow Jones Stock Leader Apple (AAPL) is just outside its record highs, while Microsoft (MSFT) set a record on Tuesday.
After the stock market closed on Tuesday, FedEx (FDX) reported strong quarterly earnings. FedEx shares rose approximately 9% after the close.
Dow Jones Futures Today
Dow Jones futures traded lower against fair value, while S&P 500 futures also fell. Nasdaq 100 futures fell 0.1% against fair value. Remember that overnight action on Dow Jones futures and elsewhere doesn’t necessarily translate into real trading in the next regular stock market session.
Summary of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | gain loss | % Change |
| Dow Jones | (0DJIA) | 25,811.65 | +215.85 | +0.84 |
| S&P 500 | (Sample; P5) | 3105.63 | +52.39 | +1.72 |
| Nasdaq | (0NDQC) | 10,056.24 | +182.09 | +1.84 |
| Russell 2000 | (IWM) | 143.26 | +2.12 | +1.50 |
| IBD 50 | (FFTY) | 34.42 | +0.71 | +2.11 |
Last Updated: 5:08 PM ET 06/30/2020 |
||||
Among exchange-traded funds, Innovator IBD 50 (FFTY) advanced 2.1% on Tuesday. The fastest growing ETF is roughly 7% off its 52-week high.
The Invesco QQQ Trust (QQQ) ETF linked to the Nasdaq 100 rose 2% to close at 247.60. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 1.5% to 308.94.
Within the recovery of the coronavirus stock market, Nasdaq, which has a lot of technology, rose 12.1% during the year until the close of Tuesday. Meanwhile, the S&P 500 and DJIA are down 4% and 9.5%, to date, through the close of June 30.
For the quarter, the S&P 500 advanced 20%, its best quarter since 1998. The Nasdaq had its best quarter since 2001 with a scorching gain of 30.6%. The Dow Jones Industrial Average showed its biggest one-quarter gain since 1987, up 17.8%.
Coronavirus news
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 topped 10.5 million on Tuesday, with more than 510,000 deaths related to the virus.
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.
Coronavirus Stock Market ETF Strategy and How to Invest in the New Uptrend
Dow Jones News: Boeing
Dow Jones shares Boeing fell 5.75% on Tuesday after Norwegian Air canceled its orders for Boeing 737 Max and 787. The Oslo-based budget operator said it canceled 92,737 Max planes and five 787 Dreamliners. widebody. The cancellation also included service agreements with the aircraft manufacturer.
On Monday, Boeing shares soared 14.4% after the company received FAA clearance to begin test flights on its 737 Max aircraft. Test flights started on Monday.
Boeing shares are still more than 50% off their 52-week high.
Stock in or near purchase areas
In the recovery of the coronavirus stock market, four main stocks in or near the buying zones include Fortinet, Netflix, Kroger and Sprouts Farmers Market.
Fortinet Stock
Fortinet, the leader in stocks and cybersecurity, rebounded 2.85% on Tuesday, extending its rebound from the 50-day line.
According to the IBD leaderboard comment, “Fortinet broke out on a trend line on June 22, good for a secondary entry around 141. Now the stock is testing support at the 50-day moving average. Fortinet It rose to a full position on June 22, but was cut to half position on Monday. “
Netflix actions
On Monday, FANG’s stock leader Netflix found support on its 50-day moving average line and continued to rebound on Tuesday with a 1.7% gain. The shares remain below a buy point of 459.07 on a flat basis after a breakout on June 22.
Netflix is also a member of the IBD leaderboard.
Kroger Stock
Supermarket leader Kroger is approaching a purchase point of 34.60 in a mug with a handle, according to MarketSmith’s graphical analysis. The shares fell 0.8% on Tuesday and are 2% off the benchmark.
Kroger was featured as Monday’s IBD 50 stock pick.
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.
Sprouted farmers market stock
Sprouts Farmers Market is just below a buy point of 26.15 on a double bottom basis. Shares briefly topped the entry early Tuesday before retreating lower to fall 1.2%.
Sprouts is ranked 17 on the IBD 50 Action Idea List.
Tesla shares rise to all-time highs
Tesla shares rose 7% to record highs on Tuesday as the company’s market value exceeded $ 200 billion. The company has just turned 10 years old.
Early Tuesday morning, JMP Securities raised Tesla’s price target from 1,001 to 1,050, while maintaining its top market rating.
On Monday, an email to CEO Elon Musk’s employees said, “Breaking down even looks really tight. It really makes a difference for every car you build and deliver. Please do your best to ensure victory!” Meanwhile, Tesla’s production and delivery figures for the second quarter are due in early July, probably later this week. Many Wall Street analysts estimate deliveries of around 70,000.
Tesla stock is approximately 25% above a buy point of 869.92 in a deep handle cup. Investors should consider taking profit when a stock rises 20% -25% from a suitable buy point.
Stock Market Earnings: FedEx
On Tuesday night, the delivery giant FedEx reported strong fourth-quarter fiscal results. The company recorded EPS of $ 2.53 in revenue of $ 17.4 billion. FedEx shares rose approximately 9% after the close.
FedEx shares are forming a cup with a handle with a buy point of 150.09. Tuesday’s action after business hours puts the stocks in a potential buy zone. But the stock has a weak 40 of a best composite rating of 99 IBD.
A key flaw is the stock’s lagged relative resistance line. FedEx has not been a leading stock since it hit a record high in January 2018.
The best growth stocks to buy and see
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones’ top stocks, Apple dismissed weak iPhone 5G shipping projections on Tuesday to rebound 0.8%. Shares are just 2% off record highs.
The shares are well spread beyond the 319.79 buy point, which offered additional entry. Meanwhile, stocks are in the 20% to 25% profit-taking zone from the 288.35-cup-with-handle purchase point.
Software leader Microsoft advanced 2.6% Tuesday to hit a record high. 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 Dow Jones growth stocks and futures.
YOU MAY ALSO LIKE:
The best growth stocks to buy and see
IBD ETF Stock Market Strategy
Long-term leaders of IBD
Get full access to IBD’s stock and rating lists
Looking for the next winners of the big stock market? Start with these 3 steps
