Dow Jones futures surged 370 points early Tuesday after the stock market snapped back with strong gains Monday. Apple is approaching new highs, while Tesla stock found support at a critical level.
On Monday, the Dow Jones Industrial Average moved up 1.9%. The S&P 500 rose 1.2%, while the Nasdaq rallied 0.9%. The small-cap Russell 2000 advanced 2.05%.
Among the Dow Jones leaders, Apple (AAPL) climbed 2.15%, while Microsoft (MSFT) rose 1% in today’s stock market. Nike (NKE) remains below a buy point after Monday’s modest loss.
Electric-vehicle leader Tesla (TSLA) dropped 0.6% Monday after paring sharp losses. EV peer Rivian (RIVN) surged 11.6%, while Lucid Group (LCID) skidded 5.1%. Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) recovered a portion of Friday’s heavy losses.
Among the top stocks to buy and watch, Endeavor Group (EDR), NXP Semiconductors (NXPI) and Pfizer (PFE) are in or near new buy zones. Recent stock market weakness suggests investors should be developing watchlists, and for the time being avoid making new purchases.
Microsoft and Tesla are IBD Leaderboard stocks. NXP was spotlighted in this week’s Stocks Near A Buy Zone story. Endeavor is featured in last week’s IPO Leaders story.
Dow Jones Futures Today
Ahead of the stock market open Tuesday, Dow Jones futures rose 1% vs. fair value, while S&P 500 futures moved up 1.3%. And Nasdaq 100 futures gained 1.8%. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.