Dow Jones Futures Rise: Nasdaq On Cusp Of Record High As Bitcoin Surges On Elon Musk Tweet
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were slightly higher late Monday, as Bitcoin surged on Tesla CEO Elon Musk’s tweet. Dow Jones leaders Apple and Microsoft, along with Alphabet, Applied Materials and MSCI, are approaching new buy points.
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On Monday, the tech-heavy Nasdaq composite outperformed, rallying 0.7%, while the S&P 500 gained 0.2%. The Dow Jones Industrial Average dropped 0.25%.
Among the Dow Jones leaders, Apple (AAPL) advanced 2.5% Monday, while Microsoft (MSFT) moved up 0.8% in today’s stock market. JPMorgan (JPM) fell further below a recent buy point following Monday’s 1.7% loss.
Tesla (TSLA) raced 1.3% higher Monday, as it battles to retake its long-term 200-day moving average.
Among the top stocks to buy and watch, Alphabet (GOOGL), Applied Materials (AMAT) and MSCI (MSCI) are approaching new buy points.
Alphabet and Microsoft are IBD Leaderboard stocks. MSCI was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Futures Today
After the stock market close Monday, Dow Jones futures inched higher vs. fair value, while S&P 500 futures traded up 0.1%. Nasdaq 100 futures rose 0.1% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34394.08 | -85.52 | -0.25 |
| S&P 500 | (0S&P5) | 4255.20 | +7.76 | +0.18 |
| Nasdaq | (0NDQC ) | 14174.14 | +104.72 | +0.74 |
| Russell 2000 | (IWM) | 231.05 | -0.65 | -0.28 |
| IBD 50 | (FFTY) | 45.33 | -0.46 | -1.00 |
Last Update: 4:34 PM ET 6/14/2021 |
||||
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down 1% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) gained 1%. Meanwhile, the SPDR S&P 500 ETF (SPY) rose 0.2%.
Stock Market Rally
The S&P 500 hit more record highs Monday, while the Dow Jones Industrial Average snapped a two-day win streak. Meanwhile, the tech-heavy Nasdaq continues to rebound from its 50-day moving average, and is on the cusp of its own all-time highs.
Friday’s Big Picture column commented, “The tech-heavy Nasdaq and small-cap Russell 2000 are on the verge of hitting new highs, just one week after IBD upgraded the market outlook to a confirmed uptrend. The Nasdaq closed at its highest price since April 29 as it capped a four-week win streak. It is moving above resistance around the 14,000 level, though it has yet to decisively clear that level.”
For more stock market commentary, check out IBD’s The Big Picture.
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Bitcoin Price Surges On Elon Musk Tweet
The price of Bitcoin traded as high as $41,046 Monday before paring some gains. Bitcoin traded around $39,800 in evening trade, according to CoinDesk.
On Sunday, Tesla CEO Elon Musk tweeted, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
The Grayscale Bitcoin Trust ETF (GBTC) jumped 7.5% Monday. The Bitcoin-tracking ETF remains more than 40% off its 52-week high.
Dow Jones Stocks: JPMorgan
Dow Jones financial leader JPMorgan is trading below a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis, following last week’s 3.7% descent.
Shares fell 1.7% Monday to fall further below the buy point. The stock will look to find support at its key 50-day line.
Stocks To Buy And Watch: Alphabet, Applied Materials, MSCI
IBD Leaderboard stock Alphabet is trying to break out past a 2,431.48 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares rose 0.8% Monday and are right above the entry. Leaderboard noted the stock’s RS line is at new highs, which is a positive sign.
Chip giant Applied Materials is adding a handle to a cup base, moving the buy point from 146.10 to 142.22. Shares ended about 3% away from the new entry amid Monday’s 1.6% gain.
According to IBD Stock Checkup, AMAT stock boasts a strong 97 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating easily identifies stocks with a blend of strong fundamental and technical characteristics.
Friday’s IBD Stock Of The Day MSCI is approaching a cup base’s 495.26 buy point. Shares are about 1% away from the buy point, as they rallied 2.35% Monday.
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Tesla Stock
Tesla stock rallied 1.3% Monday, rebounding from Friday’s slight loss and again closing above the long-term 200-day line. The EV giant continues to battle for support around its long-term 200-day line. A new base could be forming, but the stock is far away from any new buy point.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple jumped 2.5% Monday to retake the 50-day line. The stock’s lagging RS line indicates significant stock market underperformance.
Apple stock is tracing a new flat base with a 137.17 buy point after triggering the 7%-8% loss-cutting sell rule from a 135.63 buy point in early May.
Software giant Microsoft moved up 0.8% Monday, and is approaching a new flat base 263.29 buy point, according to IBD MarketSmith chart analysis.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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