Dow Jones futures were little changed early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally continued its recent run Tuesday, with the Nasdaq topping the 15,000 level for the first time.
Among big early movers, Dick’s Sporting Goods (DKS) soared on blowout earnings, a dividend hike, special payout and a buyback program. That also lifted Academy Sports (ASO) and Hibbett Sports (HIBB), both of which are near buy points. Hibbett earnings are due Friday.
Stocks In Buy Zones
Shopify (SHOP), Palo Alto Networks (PANW), CrowdStrike (CRWD), Airbnb (ABNB), Facebook (FB), Mercado Libre (MELI) and Roblox (RBLX) were among those flashing buy signals. Meanwhile, “traditional” meme stocks GameStop (GME) and AMC Entertainment (AMC) spiked higher on Tuesday, with further gains early Wednesday.
The S&P 500 and Nasdaq hit fresh all-time highs, while the Dow Jones nudged higher and the Russell 2000 moved toward a key level. A “risk on” mentality has taken hold since the major indexes hit intraday lows Thursday, testing key levels. There are some tentative signs that Covid cases may be leveling off, giving a boost to ABNB stock and other travel plays.
Palo Alto earnings and guidance not only triggered a PANW stock gap-up breakout, but it fueled other software security. CRWD stock also jumped on news that it will join the Nasdaq 100.
SHOP stock popped as the e-commerce software giant announced a new tie-up with TikTok. Shopify already works with Facebook, which also is flashing an aggressive entry.
While still well off record levels, AMC stock and GME stock blasted above their 50-day lines, rising 20% and 27.5%, respectively. These were arguably early entries on a technical basis. But both already looked extended from their 50-day lines, while still having overhead resistance. Meme stocks are prone to big moves up — and down.
Still, AMC stock rose 4% in premarket trade. GME stock climbed 2%.
Airbnb and MELI stock are on IBD Leaderboard. Shopify …….