Dow Jones Futures Fall, Oil Jumps With Market Rally At Inflection Point; Tesla FSD Beta Rolls Out – Investor’s Business Daily
Dow Jones futures and S&P 500 futures fell modestly Monday morning, while Nasdaq futures declined solidly, as crude prices jumped. A stock market rally attempt is underway, but the major indexes all hit resistance at key levels as Treasury yields continue to climb. Tesla (TSLA) has begun rolling out FSD Beta to more drivers.
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The stock market rally is at an inflection point. The major indexes need to get above their resistance levels and follow through to confirm the new rally attempt.
Microsoft (MSFT), Nvidia (NVDA), Sea Limited (SE), Fortinet (FTNT) and Google parent Alphabet (GOOGL) all rebounded last week to around their 50-day moving averages. Except for perhaps, Nvidia stock, they could be considered actionable in a confirmed market rally. But investors neglect the “M” in CAN SLIM at their peril
Meanwhile, Tesla started releasing FSD Beta to Full Self-Driving owners, starting with 1,000 drivers Sunday night. Tesla held an event at its Berlin factory on Saturday, with that plant close to being operational. Tesla stock is in a buy zone.
Tesla, Google and Microsoft stock are on IBD Leaderboard. SE stock is on SwingTrader. Microsoft, Google and FTNT stock are on IBD Long-Term Leaders. Google stock is on the IBD 50.
The video embedded in the article analyzed the market rally attempt and reviewed Google, Microsoft, Nvidia stock and Doximity (DOCS).
Dow Jones Futures Today
Dow Jones futures dipped 0.2% vs. fair value. S&P 500 futures sank 0.4% and Nasdaq 100 futures retreated 0.8%.
U.S. crude oil futures rose more than 3% to nearly $82 a barrel. Goldman Sachs once again cut U.S. GDP growth forecasts. It now sees 5.6% economic growth in 2021 vs. its old target of 5.7%. Goldman analysts expect 4% GDP growth next year vs. its prior forecast of 4.4%.
U.S. bond markets are closed Monday in observance of Columbus Day, so investors won’t get a good reading on Treasury yields, which has been driving stock market action in recent days.
Chinese tech stocks continued to rebound after a long slide. …….