Dow Jones Futures Signal Stock Market Rally, SolarEdge Shines; Tesla, Square Lead New Buys – Investor’s Business Daily
Dow Jones futures rose slightly Tuesday morning, along with S&P 500 futures and Nasdaq futures. SolarEdge, ZoomInfo and Stellantis were among the big movers before the open.
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The stock market rally erased early gains Monday as crude oil prices and Treasury yields fell sharply on signs of slowing economic growth.
However, Square (SQ), Applied Materials (AMAT) and DXC Technology (DXC) broke out Monday, at least intraday. Tesla (TSLA) cleared an early buy point as China EV rivals Nio (NIO), Li Auto (LI) and Xpeng Motors (XPEV) rose on July sales, and BYD Co. (BYDDF) gapped past its own buy point.
After the close, solar power products maker SolarEdge Technologies (SEDG), chip-equipment maker Ultra Clean Holdings (UCTT), automotive and wireless chip maker NXP Semiconductors (NXPI), shipping firm Danaos (DAC) and marketing software maker ZoomInfo Technologies (ZI) all reported better-than-expected earnings.
All five stocks had closed in or near buy areas.
SEDG stock shot up before the open, signaling the retaking of its 200-day line and breaking a downward-sloping trend line. ZI stock, which closed just above a buy point, gapped above the top of its consolidation. NXPI stock edged higher early Tuesday after briefly breaking out Monday before slashing gains.
DAC stock fell modestly before the open. In Monday’s session, Dacanos closed just above its 50-day line and right on a short trend line. UCTT stock, which briefly broke a trend line intraday Monday before fading, fell solidly before the open, despite a beat-and-raise report.
Meanwhile, automaker Stellantis (STLA) reported strong first-half earnings and full-year guidance, though chip shortages remain a concern. The maker of Fiat, Chrysler and Peugeot vehicles raised full-year guidance. STLA stock rose 5% before the open, set to retake its 50-day line and perhaps flash an early entry in its consolidation.
Chinese e-commerce giant Alibaba (BABA) reported amid an ongoing Chinese government crackdown vs. internet giants, ride-hailing firms, for-profit schools and U.S……..