Dow Jones, S&P 500 and Nasdaq 100 futures were lower early Wednesday after the stock market rally hit more record highs. Dow Jones leader Apple hit a new buy point as Tesla neared its all-time high. Chinese EV leaders Nio and Xpeng Motors each fell over 10% while Nikola fell nearly 15%.
Technology giants Advanced Micro Devices, Facebook, PayPal, and Taiwan Semiconductor are located in or near purchase zones.
The Dow Jones Industrial Average gained 0.6% or 185 points. The S&P 500 gained 1.1%, while the tech-heavy Nasdaq network gained 1.3%. The S&P 500 and Nasdaq made more all-time highs.
Dow Jones stock Salesforce.com ((CRM) fell after the outcome was reported and the takeover of was announced Slack Technologies ((JOB) on late Tuesday. Meanwhile, Veeva Systems ((VEEV) belatedly beat estimates for the third quarter, but stocks fell more than 2.5%.
Tesla ((TSLA) rose 3% in the S&P 500 additional messages, just below Monday’s record high. Chinese EV leaders Nio ((NOK) and Xpeng engines ((XPEV) dived despite strong monthly delivery numbers. Meanwhile, Li car ((IN THE) is expected to publish monthly figures this week as well.
Dow Jones Futures today
Early Wednesday, the Dow Jones futures were down 0.4% from fair value while the S&P 500 futures were down 0.2%. Nasdaq 100 futures were down 0.1% from fair value. Remember you are acting Dow Jones Futures and elsewhere this does not necessarily mean that the next regular trade will actually be traded Stock market Session.
Amid the coronavirus stock market rally, the tech-heavy Nasdaq rose 37.7% by the close of trading on Tuesday. Meanwhile, the S&P 500 is up 13.4% through December 1, while the DJIA is up 4.5% year-to-date.
US Stock Market Today overview
|index||symbol||price||Gain loss||% Change|
|S&P 500||((0S & P5)||3662.41||+40.78||+1.13|
Last update: 4:48 p.m. ET December 01, 2020
According to the Worldometer data trackerThe cumulative number of confirmed coronavirus cases in the U.S. was over 14 million on Tuesday. The total number of virus-related deaths rose to over 276,000.
The cumulative total of confirmed worldwide Covid-19 cases since the outbreak began was over 64 million as of Tuesday, with more than 1.48 million virus-related deaths.
Coronavirus Stock Market Rally
November became a key month for the stock market after IBDs The big picture noted that the market had reverted to a new uptrend on November 4th after a bullish day after.
The big picture from Monday Comment: “Technically, the S&P 500 has added a new distribution day to the last 25 trading sessions. However, it is far more meaningful to compare Monday sales to other full-day trading sessions in the past few days.”
Dow Jones Result: Salesforce
The Dow Jones stock Salesforce reported better results than expected for the third quarter late Tuesday.
The company also announced the acquisition of Slack Technologies, valued at $ 27.7 billion. Salesforce will use a combination of cash and stocks to pay for the deal: for one share of Slack, Slack shareholders will get $ 26.79 per share and 0.0776 shares of Salesforce.
Salesforce stock fell more than 4% in expanded trading.
The cloud software company is number 2 in the Dow Jones Industrial Average and is up 48.4% since the beginning of the year.
Apple Stock hits new buy point
The Dow Jones stock Apple broke on 9/122. About an aggressive entry. Shares rose 3.1% on Tuesday, just above their early entry. Another aggressive entry is at 125.49, while the conventional buy point is currently at 138.08 according to data MarketSmith Chart analysis.
The blue-chip giant is # 1 in Dow Jones’ stocks for 2020, up 66.6% through Tuesday.
Stocks in or near buy zones: AMD, Facebook, PayPal, TSMC
IBD share of the day on FridayAdvanced Micro Devices is in the 5% buy zone above 88.82 Buy point in one double bottom, according to MarketSmith Chart analysis. Shares were down less than 0.1% on Tuesday. The purchase area of 5% rises to 93.26.
According to IBD Stock Checkup, AMD share has a perfect 99 IBD composite rating. The composite rating – a simple method of identifying top growth stocks – is a mix of key fundamental and technical metrics that investors can use to assess a stock’s strengths.
FANG Share Facebook continues to track a Cup with handlewhich shows a buy point of 297.48. Shares gained 3.5% and were within 4% of entry. One major flaw is the stock trailing RS line. Despite the advance on Tuesday, it remains far from its old highs.
PayPal broke out, closing the 5% buy zone above a buy point of 215.93 on a cup basis. The stock gained 1.1% on Tuesday. The buy zone is at 226.73.
Taiwan Semiconductor attempted to break out of a new buy point of 102.54 on Tuesday but closed about 2% below the entry. Stocks momentarily deleted a buy point on a rare ascending basis.
Nikola fell nearly 15% for the fourth year in a row on Tuesday. The stock closed more than 80% of its 52-week high. This week the stock is already down 37.8%.
On Monday Nikola scrapped plans to build Badger’s electric pickup in a drastically reduced partnership agreement with General Motors.
Nio, Xpeng Tumble; Li Auto Deliveries On Tap
Chinese EV leaders Nio and Xpeng reported monthly shipments early Tuesday. Li Auto monthly numbers are also expected later this week.
Nio delivered 5,291 electric vehicles in November, an increase of 109% over the previous year. China’s Tesla rival fell 10.2% and contributed 6.4% on Monday.
Xpeng Motors delivered 4,224 electric vehicles, an increase of 342% over the previous year. The company’s smart sports sedan, the P7, led the wins. The P7 competes against the Chinese-made Tesla Model 3.
Stocks fell nearly 11% after falling 8.6% on Monday, and are about 30% below their 52-week high.
Li Auto stock fell 3.1% on Tuesday, down more than 25% from its 52-week high. The stocks stay well above a buy point of 21.96 in a mug with a handle.
On November 18, stocks broke above a buy point of 466 in a cumbersome mug with a handle and are already more than 20% off the buy point. On Monday, Tesla stock hit a record high of 607.80 before going down.
Stock market result: Veeva Systems
Veeva Systems reported results for the third quarter late Tuesday above Wall Street estimates. The company reported adjusted earnings of 78 cents per share on sales of $ 377.5 million. Wall Street expects a profit of 68 cents on sales of $ 361.9 million.
In extended trading, stocks fell around 2.5%. The stock tracks a short cup basis with a buy point of 314.09.
Dow Jones Leaders: Microsoft
Under the tips Dow Jones stocks, software giant Microsoft rose 1% on Tuesday. Stocks continue to move above the 50-day support level.
Microsoft has been one of the top stocks in Dow Jones since the start of the year and gained 35.7% by the end of trading on November 30th.
Stock market rally: what to do next
Investors should continue to leverage the strength of the stock market to buy breakouts. Be patient and wait for strong breakouts instead of looking for expanded inventory. If new breakouts work, add more exposure. But when outbreaks start to fail, you can back off.
In particular, focus on stocks with strong relative strength. Find her with the relative strength line. The RS line measures a stock’s performance against the S&P 500. When the stock outperforms the broader market, the RS line slopes upward. When a stock outperforms the broader market, the line shows lower.
Stocks to watch are IBD long-term guideCompanies with stable profit growth and stable price development. Fair Isaac ((FICO) is the last addition Added to list on November 13th. Stocks are extended after removing 450 resistance.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen More information on growth stocks and the Dow Jones futures.
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