Dow Jones futures climbed Monday morning, looking to rebound from Friday’s stock market sell-off. Tech earnings will heat up this week, with reports from Alphabet (GOOGL), Amazon.com (AMZN), Apple (AAPL), Meta Platforms (META) and Microsoft (MSFT).
Alphabet and Microsoft will report Tuesday. Meta earnings are due out Wednesday. Amazon and Apple earnings are Thursday.
Tesla (TSLA) tacked on more than 1% early Monday. Elsewhere, Dow Jones tech leaders Apple traded up 0.6% and Microsoft rose 0.5% before today’s stock market open.
In a volatile stock market uptrend, Dow Jones leader UnitedHealth (UNH) — as well as ELF Beauty (ELF), Quanta Services (PWR) and Verra Mobility (VRRM) — are among the stocks to watch. Keep in mind that, while the market has flashed rising signs of strength, ongoing volatility is a reason to stay cautious.
UnitedHealth is an IBD Leaderboard stock. Verra was featured in last week’s Stocks Near A Buy Zone column and was a recent IBD Stock Of The Day.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Monday’s open, Dow Jones futures rose 0.45% vs. fair value, and S&P 500 futures gained 0.4%. Nasdaq 100 futures were up 0.25% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up 0.25%. And the SPDR S&P 500 ETF (SPY) rose 0.4%.
The 10-year Treasury yield ticked higher to 2.82% Monday morning, bouncing back after two straight losing sessions. On Friday, the 10-year Treasury yield hit its lowest level since late May. Meanwhile, US oil prices rebounded, as West Texas Intermediate futures rose more than 1% to trade above $96 a barrel.
Stock Market Rally
On Friday, the stock market posted disappointing action, as the Nasdaq took the biggest hit, falling 1.9%.
Friday’s The Big Picture column commented, “Several distribution days fell off the count Thursday, a positive for the nascent uptrend. Despite solid weekly gains for the indexes, the uptrend remains under pressure. Indexes face resistance around round numbers; 12,000 for the Nasdaq composite , 4000 for the S&P 500 and 32,000 for the Dow Jones.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a wide range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: UnitedHealth
Health insurance giant and IBD Leaderboard stock UnitedHealth is just above its double-bottom-with-handle base’s 518.80 buy point after Friday’s 0.2% loss, according to IBD MarketSmith chart analysis. Shares were flat Monday.
UNH stock shows a solid 95 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 Top Growth Stocks To Watch In The Currrent Stock Market Rally
Top Stocks To Watch: ELF Beauty, Quanta, Verra
ELF Beauty is back below a 33.54 buy point in a cup with handle following Friday’s 4.1% skid. The RS line hit a new high last week, which is a sign of big stock market outperformance. ELF shares were flat Monday, after Stifel Nicolaus raised its price target from 29 to 34.
Quanta Services is putting the finishing touches on a cup-with-handle base that has a 138.56 buy point, according to IBD MarketSmith chart analysis. Meanwhile, an early entry at 133.68 is also in play. Shares traded flat in morning trade.
Verra Mobility continues to trade below a cup with handle’s 16.83 buy point in the wake of Friday’s 1% loss. The stock’s RS line continues to show tremendous strength as it hit another new high last week. Verra shares were unchanged Monday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock surged 13.4% last week, fueled by strong earnings results late Wednesday. Shares closed out the week on an eight-day winning streak, and they are at their highest level since early May.
Shares rose more than 1% Monday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares slipped 0.8% Friday, but are closing in on their long-term 200-day lines. Shares reclaimed their 50-day line after bullish action in recent weeks. Apple earnings are due out Thursday. The stock traded up 0.6% Monday morning.
Microsoft fell 1.7% Friday, testing support around its 50-day line. The stock closed about 26% off its 52-week high. The software giant will report quarterly results on Tuesday. Microsoft shares rose 0.4% early Monday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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