Dow Jones futures fell more than 100 points before slashing losses on Tuesday, along with S&P 500 futures and Nasdaq futures, after Tuesday’s coronavirus stock market rally ended the best quarterly performance in decades. The shares of the IBD Fortinet and Netflix charts have marked four stocks in the near or close shopping areas, while Tesla has risen to historic highs.
The high-tech Nasdaq composite led the coronavirus stock market rally Tuesday with 1.9% advance to resume 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 BoeingImmersion (BA) 5.75%.
Ranking stocks Fortinet (FTNT) e Netflix (NFLX) rebounded from key support levels on Tuesday as it did Kroger (KR) e Sprout farmers market (SFM) are approaching new points of purchase. Electric car manufacturer Tesla (TSLA) has risen to all-time highs. Dow Jones stock leader Apple (AAPL) is just outside its historic highs, while Microsoft (MSFT) set a record on Tuesday.
After closing the stock market on Tuesday, FedEx (FDX) posted strong quarterly earnings. FedEx shares rose approximately 9% after close.
Dow Jones futures today
Dow Jones futures were down 0.4% from fair value, while S&P 500 futures were down 0.3%. Nasdaq 100 futures fell 0.15% from the fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into real trading in the next ordinary stock market session.
Overview of the US stock market today
|Index||Symbol||Price||Profit / Loss||% Change|
|S&P 500||(0S & P5)||3105.63||52,39||1.72|
Last updated: 17:08 ET 06/30/2020
Of the exchange traded funds, Innovator IBD 50 (FFTY) advanced 2.1% on Tuesday. The ETF of the leading growth stocks has a discount of around 7% over its 52-week high.
The Invesco QQQ Trust (QQQ) ETF with connection to the Nasdaq 100 rose 2% to close at 247.60. In the meantime, the SPDR S&P 500 (SPY) ETF rose 1.5% to 308.94.
As part of the coronavirus stock market rally, Nasdaq, a strong technology sector, rose 12.1% for the year until Tuesday’s close. In the meantime, S&P 500 and DJIA have fallen by 4% and 9.5% from the beginning of the year until the end of June 30th.
For the quarter, the S&P 500 posted 20% progress, its best quarter since 1998. The Nasdaq has experienced its best quarter since 2001 with a sharp 30.6% increase. The Dow Jones Industrial Average has shown its biggest one quarter gain since 1987, climbing 17.8%.
The coronavirus epidemic continues to spread in the United States According to the Worldometer data tracker, the cumulative number of confirmed cases in the United States approaches 2.7 million on Tuesday. On Monday, the new daily cases again exceeded 44,000. However, as new daily cases continue to increase, there has not yet been a corresponding increase in the number of daily deaths, a key metric to monitor.
The cumulative total of Covid-19 cases confirmed since the outbreak began worldwide exceeded 10.5 million on Tuesday, with over 510,000 virus-related deaths.
Coronavirus stock market rally
According to IBD’s The Big Picture, the coronavirus stock market rally remains in an upward trend after rebounding from lows over three months ago on March 23rd. The main equity indices confirmed the rebound as a new upward trend on April 2nd.
Monday’s The Big Picture, “the S&P 500 closed slightly below the 200-day moving average on Friday, but remained above the psychologically important level of 3000. It touched an intraday low of 2999.90 on Monday . with Russell 2000 up 3.1% “.
Actions to watch for include the best actions of long-term IBD leaders. The list of long-term IBD leaders focuses on companies with stable earnings growth and price performance.
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News Dow Jones: Boeing
Dow Jones Boeing stock plummeted 5.75% on Tuesday after Norwegian Air canceled its Boeing 737 Max and 787 orders. Oslo-based budget airline said it canceled 92 737 Max and five wide87 jets. 787 Dreamliner. The cancellation also included service agreements with the aircraft manufacturer.
On Monday, Boeing shares rose 14.4% after the company received authorization from the FAA to begin test flights on its 737 Max jet. Test flights began on Monday.
The Boeing stock is still over 50% off its 52 week high.
Stocks in nearby or nearby shopping areas
In the coronavirus stock market rally, four major stocks in the near or near buying areas include Fortinet, Netflix, Kroger and Sprouts Farmers Market.
Fortinet, the stock and cybersecurity leader, posted a 2.85% hike on Tuesday, extending its rebound from the 50-day line.
According to the IBD ranking comment, “Fortinet broke on a trend line on June 22nd, good for a sub-item around 141. Now the stock is testing support for the 50-day moving average. Fortinet has been brought to a position. full on June 22 but was cut in half on Monday “.
On Monday, FANG Netflix’s equity leader found support in its 50-day moving average and continued to rebound on Tuesday with a 1.7% gain. Shares remain below a buyout point of 459.07 on a flat basis after a break on June 22nd.
Netflix is also a member of the IBD rankings.
Supermarket leader Kroger is approaching a point of purchase of 34.60 in a mug with a handle, according to the analysis of the MarketSmith chart. Shares fell 0.8% on Tuesday and are approximately 2% away from entry.
Kroger was introduced as Monday’s IBD 50 pick to watch.
IBD Stock Checkup shows that Kroger stock has a solid 93 out of an IBD 99 composite score as high as possible, making it one of the most highly rated stocks in the supermarket industry. The composite rating – an easy way to identify stocks with the highest growth – is a mixture of fundamental metrics and key techniques to help investors evaluate a stock’s strengths.
Sprout farmers market stock
The Sprouts farmers market is just below a 26.15 purchase point on a double bottom basis. The shares briefly surpassed the item on Tuesday before reversing to drop to 1.2%.
Sprouts is 17th on the IBD 50 stock ideas list.
Tesla’s stock reaches historic highs
Tesla stock rose 7% to Tuesday’s all-time highs, as the company’s market value exceeded $ 200 billion. The company has just turned 10.
Earlier Tuesday, JMP Securities raised Tesla’s price target from 1,001 to 1,050, while maintaining its superior market rating.
On Monday, an email to CEO Elon Musk’s employees said, “The breakdown also seems very tight. It really makes a difference to every car you build and deliver. Please make sure you win!” Meanwhile, Tesla’s production and delivery data for the second quarter are slated for early July, probably later this week. Many Wall Street analysts estimate deliveries around 70,000.
Tesla’s stock is around 25% above a point of purchase of 869.92 in a deep cup with a handle. Investors should consider making a profit when a security rises from 20% to 25% from an appropriate point of purchase.
Stock Market Earnings: FedEx
At the end of Tuesday, the FedEx delivery giant reported strong fiscal results in the fourth quarter. The company reported an EPS of $ 2.53 in revenues of $ 17.4 billion. FedEx shares rose approximately 9% after close.
The FedEx stock is modeling a handle mug with a purchase point of 150.09. Tuesday’s after-sales action puts the stock in a potential buy zone. But the stock has a weak 40 on a 99 IBD best possible composite score.
A key flaw is the late relative strength line of football. FedEx has not been one of the major stocks since it peaked in January 2018.
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Leader Dow Jones: Apple, Microsoft
Among Dow Jones’ best stocks, Apple shrugged off the weak iPhone 5G shipping projections on Tuesday to hit 0.8%. Shares are only 2% away from historical highs.
The shares extended well beyond the 319.79 point of purchase of a handle, which offered an additional item. Meanwhile, the shares are in the profit zone between 20% and 25% from the 288.35 point of purchase of a cup with a handle.
Microsoft software leader advanced 2.6% on Tuesday to hit an all-time high. The shares are again extended above a cup-with-handle purchase point of 187.61 after gaining 1.1% on Monday. The 5% purchase range reaches up to 197.
On a bullish level, the stock’s RS line is back to highs, despite the current pullback, indicating a strong outperformance in the stock market. The RS line measures the trend of the price of a security compared to the vast market.
The blue chip giant is an equity idea in the IBD chart and a long-term IBD leader.
Make sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growing stocks and Dow Jones futures.
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