Dow Jones Futures: Stock Market Rally Boosted By Pfizer Covid-19 Vaccine FDA Approval, But Fed Summit Looms – Investor’s Business Daily
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher ahead of the market open Tuesday. The stock market rally received a strong boost following full FDA approval of the Pfizer Covid-19 vaccine. But an annual Fed summit focusing on rising inflation looms later this week.
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On Monday, the Dow Jones Industrial Average advanced 0.6%. The S&P 500 climbed 0.85% and the Nasdaq rallied 1.55%; both indexes hit all-time highs.
Among the Dow Jones leaders, Apple (AAPL) rallied 1% Monday, while Microsoft (MSFT) moved up 0.1% in today’s stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.
Tesla (TSLA) raced nearly 4% higher, bullishly retaking a recent buy point. The EV leader is back in buy range.
After the close Monday, cybersecurity leader Palo Alto Networks (PANW) reported strong fiscal-Q4 results. Shares jumped over 11% in morning trade. Best Buy (BBY) will report ahead of the market open Tuesday.
Among the top stocks to buy and watch, Mercado Libre (MELI), Nvidia (NVDA) and Snap (SNAP) are in or near new buy zones.
Microsoft, Nvidia and Tesla are IBD Leaderboard stocks. Nvidia is also an IBD SwingTrader stock. Nvidia and Snap featured in this week’s Stocks Near A Buy Zone column. Snap was also Monday’s IBD Stock Of The Day.
Dow Jones Futures Today: Fed Summit Looms
Ahead of the stock market open Tuesday, Dow Jones futures rallied 0.1% vs. fair value, while S&P 500 futures moved up 0.15%. Nasdaq 100 futures traded 0.25% higher. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
On Thursday, the Federal Reserve will meet virtually for an annual summit usually held in Jackson Hole, Wyo. On Friday, Fed Chairman Jerome Powell will speak and is expected to reveal details of how long the currently higher inflation is expected to last, and what the Fed should do about it.