Dow Jones Today, Futures Flatten; China Stocks Rally, Linde Gets A Hydrogen Boost; Netflix Gets A 780 Target
Stock futures fell backmost to level commercialized aboriginal Tuesday, arsenic the marketplace prepared to relaunch aft the 3-day vacation break. Match Group and Linde were aboriginal leaders, lifted by institution news. Netflix was positioned to retake a bargain point, portion Dynavax Technologies surged up of the IBD 50 list. And Visa and Goldman Sachs led the Dow Jones today, arsenic a bounce successful enslaved yields continued.
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Dow Jones futures and S&P 500 futures were small changed, trading conscionable beneath just value. Nasdaq 100 futures dipped into choky losses connected the stock marketplace today, arsenic biotechs came nether aboriginal pressure. Top China stocks rallied pursuing a beardown two-day show successful Hong Kong and Shanghai.
Industrial state shaper Linde (LIN) led the S&P 500, rising 1.6% aft quality reports revealed discussions related to a imaginable hydrogen-production installation located successful Poland. Linde is successful a bargain scope supra a 305.81 buy point. The bargain portion extends to 321.10.
Tesla (TSLA) bounced 1%, holding successful its buy zone supra an assertive introduction astatine 730. Netflix (NFLX) banal besides traded precocious connected the S&P 500, up astir 1% aboriginal Tuesday. Atlantic Securities hoisted the stock's terms people 13%, to 780. A three-week rally lifted Netflix shares astir 15%, concisely topping what IBD MarketSmith analysis sees arsenic a 593.39 introduction successful an eight-month consolidation. Premarket enactment suggested Netflix stock would retake that bargain constituent astatine the starting bell.
Match Group (MTCH) led the Nasdaq 100, bolting much than 9% higher. Standard & Poor's announced precocious Friday the banal would articulation the S&P 500 scale starting Sept. 20. Match banal is acceptable to retake enactment astatine its astir converged 10- and 40-week moving averages.
Dynavax Technologies (DVAX) rallied to the beforehand of the IBD 50 list, up 3.8% successful premarket trade. The banal is 5 weeks into an eight-week clasp rule, pursuing a fast-rising breakout connected Aug. 5. The banal presents investors with a balancing act, up much than 69% from its bargain point, portion trading much than 100% supra its 200-day moving average.
Coupa Software (COUP) and Casey's General Stores (CASY) are scheduled to study net aft Tuesday's close.
Dow Jones Today: Visa, Apple Rise; J&J, Amgen Downgraded
Visa (V) led the Dow Jones today, rising 0.8% arsenic it looks to widen its rebound from 200-day support. Amgen (AMGN) tumbled 1.1%, aft Morgan Stanley downgraded the banal to adjacent value from overweight, and pared its terms people to 251, from 280.
Johnson & Johnson (JNJ) dropped 0.4%, aft it received a Morgan Stanley standing chopped to adjacent value from overweight. Morgan Stanley near its terms people connected J&J stock unchanged astatine 187. That's astir 7% supra Friday's closing price. The brokerage besides downgraded Vertex Pharmaceuticals (VRTX).
Dow Jones stocks Apple (AAPL) and Microsoft (MSFT) stay listed connected IBD's Leaderboard lineup. Apple stock gained 0.4% Tuesday arsenic it moves higher successful a bargain scope that extends to $155.40. Microsoft remains extended a breakout successful June.
China's Markets Rally On Import/Export Data
China's markets rebounded Monday and Tuesday, aft a hard autumn connected Friday. Data released Tuesday showed import and export maturation accelerated successful August, easing concerns astir interaction from a rebound successful coronavirus infections. The Shanghai Composite gained 1.1% Monday, and 1.5% connected Tuesday. Hong Kong's Hang Seng climbed 1% and 0.7%.
China's General Administration of Customs reported exports roseate 25.6% twelvemonth implicit year, to $294.3 billion. That was up from up an 18.9% summation successful July. Imports accrued to $236 billion, up 33.1% from the erstwhile month's 28.7% gain.
At the apical of the Nasdaq 100, Pinduoduo (PDD) leapt 5.2%, NetEase (NTES) scrambled 4% higher. Search motor elephantine Baidu (BIDU) notched a 3.2% summation successful aboriginal action.
Among China-based ETFs, the iShares MSCI China ETF (MCHI) jumped 1.9% successful aboriginal commercialized Tuesday. The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) added 2.2% successful premarket trade. The KraneShares CSI China Internet ETF (KWEB) rallied 3.4%.
Europe's markets were mostly little heading into day trade. Frankfurt's DAX slipped 0.2%. London's FTSE 100 dropped 0.2%, portion the CAC-40 successful Paris managed to commercialized flat. The SPDR Portfolio Europe ETF (SPEU) was inactive. The money continues to commercialized a fraction beneath a 44.06 introduction successful what IBD MarketSmith analysis marks arsenic an 11-week level base.
Vital Signs: Bond Yields, Oil Prices, Bitcoin
Bond yields continued to bounce, pursuing a large leap connected Friday. The 10-year Treasury output added 4 ground points aboriginal Tuesday, rising to 1.36%. The output settled conscionable supra 1.32% connected Friday, aft trading supra 1.37% and arsenic debased arsenic 1.12% successful August.
Oil prices person been investigating absorption astir the $70 level for the past 3 sessions. Prices connected Tuesday shifted little aft Bloomberg reported connected Sunday that Saudi Arabia had rolled backmost its prices to Asian markets by much than doubly the expected magnitude successful a bid to grow its marketplace stock successful the region.
A three-week rally has near prices up 10% from a late-August low, but the rally stalled astatine the $70 level. West Texas Intermediate futures connected Tuesday were down 1.5% to conscionable supra $68 a barrel.
Meanwhile, Bitcoin is holding supra the $50,000 level. The cryptocurrency dipped somewhat to commercialized astir $50,930 successful aboriginal action, according to CoinDesk. It traded arsenic precocious arsenic $52,912 and arsenic debased arsenic $50,577 implicit the past 24 hours.
Nasdaq, S&P 500, Dow Jones Today: The Growth Stock Rally
The Dow Jones contiguous is waiting for input. The scale has been hovering comfortably supra its short-term 21-day line, and little than 1% from its grounds precocious acceptable Aug. 16. That is not the lawsuit with the Nasdaq, which climbed successful 10 of the past 12 sessions, knocking retired caller highs connected 7 of those days. The S&P 500 has been maintaining a coagulated borderline supra its rising 21-day moving average, and repeatedly racking up caller highs successful the process.
Year-to-date, the Dow is up 15.6%, the Nasdaq has a 19.2% summation and the S&P 500 has climbed 20.8%.
Growth stocks are the market's blistery summons close now, with the Innovator IBD 50 ETF (FFTY) easy outrunning the marketplace with a 5.4% summation past week. The scale clocked an 8.4% beforehand successful August, much than treble that of the Nasdaq Composite.
The beforehand near the money connected Friday successful a bargain range, supra a 50.06 bargain constituent successful a 28-week consolidation. That is simply a positive, due to the fact that it shows the maturation banal tracker coming up for aerial for the archetypal clip since February.
But determination has besides been a batch of leggy enactment wrong the gains, leaving galore IBD 50 stocks extended good into profit-taking zones. The marketplace remains squarely successful "confirmed uptrend" status. There has been a caller summation successful organisation days — selling by ample institutions, but the organisation time number remains astatine comparatively debased levels connected some the Nasdaq and S&P 500.
Still, astir 20% of the existent IBD 50 past are trading much than 20% supra caller bargain points. That is an unusually precocious number. Investors should beryllium wide connected however to admit climax topping behavior, including exhaustion gaps and upper transmission enactment breaks, and should reappraisal the different illustration signals that suggest a banal whitethorn beryllium becoming too extended.
3 Top Stocks To Watch: Generac, Atkore, Copart
Generac Holdings (GNRC) is simply a banal to ticker this week, with the interaction of Hurricane Ida driving further request successful for exigency generators. The banal closed connected Friday little than 1% beneath a 457.10 bargain constituent successful a six-week cup base.
Atkore (ATKR) traded debased successful a bargain range, supra a 90.18 introduction successful a 13-week cup.
Copart (CPRT), the top-ranked banal successful the car retailers manufacture group, is successful a five-week flat base up of its late-Wednesday net report. The bargain constituent is astatine 149.16, 2% supra wherever the banal ended connected Friday.
Please travel Alan R. Elliott connected Twitter @IBD_Aelliott
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