Dow Jones futures jumped 325 points early Tuesday after the stock market sell-off worsened Monday, as the Dow Jones Industrial Average dived 433 points. Tesla stock skidded further from its all-time highs, while stock market leaders Advanced Micro Devices and Nvidia are at key support levels. Dow Jones retail leader Nike (NKE) and Micron Technology (MU) reported earnings after the close.
On Monday, the Dow Jones Industrial Average declined 1.2%. The S&P 500 dropped 1.1%, while the Nasdaq sold off 1.2%. The small-cap Russell 2000 tumbled 1.6%.
Among the Dow Jones leaders, Apple (AAPL) dropped 0.8% Monday, while Microsoft (MSFT) was down 1.2% in today’s stock market. Home Depot (HD) is trying to find support at a key level, while Nike reported earnings after the close Monday.
Electric-vehicle leader Tesla (TSLA) traded down 3.5% Monday. Its rival, Rivian (RIVN), dived nearly 8%. Lucid Group (LCID) declined over 5%. And Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) also posted sharp losses Monday. Nio (NIO) traded down over 6% after introducing a new model at its Nio Day event on Saturday.
Among Monday’s top stocks to buy and watch, Arista Networks (ANET), Ryan Specialty (RYAN), Advanced Micro Devices (AMD) and Nvidia (NVDA) are in or near new buy zones. Keep in mind that investors should be cautious with new purchases amid the recent stock market volatility.
Microsoft and Tesla are IBD Leaderboard stocks. Arista was featured in this week’s Stocks Near A Buy Zone column, while Ryan Specialty was last week’s featured IPO Leader.
Dow Jones Futures Today
Ahead of the stock market open Tuesday, Dow Jones futures rose 0.9% vs. fair value, while S&P 500 futures gained 1%. Nasdaq 100 futures rallied 1.2%. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange traded funds, Innovator IBD 50 (FFTY) moved down 1.4% Monday, closing at its lowest level since July 19. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 1.1%. And the SPDR S&…….