Dow Jones Rallies As Apple Nears Buy Point; Tesla Stock Skids, While Nio Reports Surging Sales

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The Dow Jones Industrial Average rallied over 300 points Monday, as Apple neared a new buy point. Tesla stock slashed losses in morning trade, while rival Nio reported surging sales over the weekend.




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Among the Dow Jones leaders, Apple (AAPL) rallied more than 1% Monday and is again approaching a new buy point, while Microsoft (MSFT) gained 0.4% in today’s stock market. Goldman Sachs (GS) is trading just off a new buy point.

Tesla (TSLA) slashed sharp losses to 1.5% Monday morning, threatening to give back a part of Friday’s 4.8% advance. Rival Nio (NIO) reported sales results over the weekend.

Among the top stocks to buy and watch, Lam Research (LRCX), Nvidia (NVDA) and PayPal (PYPL) are in or near buy zones.

Alphabet and Microsoft are IBD Leaderboard stocks. Nvidia, PayPal and Tesla were featured in last week’s Stocks Near A Buy Zone column.

Dow Jones Today

The Dow Jones Industrial Average moved up 0.9% Monday morning, while the S&P 500 gained 0.55%. The tech-heavy Nasdaq composite traded up 0.2% in morning trade.

Among exchange traded funds, the Innovator IBD 50 (FFTY) rose 0.5% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved up 0.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) was up 0.4%.

Stock Market Rally: Dow Jones Holds At Highs

Amid the current stock market rally, the Dow Jones Industrial Average continues to hold just off record highs, while the S&P 500 is nearing more new highs Monday morning.

Meanwhile, the tech-heavy Nasdaq sits just off its own all-time record following Friday’s solid loss.

Friday’s Big Picture commented, “There was no clear explanation for the selling. Institutional investors tend to make portfolio adjustments at the end of the month, and perhaps they took the occasion to lock in some profits. At any rate, indexes have been moderating the past couple of weeks. This, after the S&P 500 climbed four straight weeks and the Nasdaq mounted its own April rally.”

For more stock market commentary, check out IBD’s The Big Picture.


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Dow Jones Stocks: Goldman Sachs

Dow Jones leader Goldman Sachs is approaching a 356.95 buy point in a flat base. Shares rallied 1% in morning trade.

The investment banking giant is on a tear in 2021, already up more than 30% year to date.

Stocks To Buy And Watch: Lam Research, Nvidia, PayPal

Lam Research is back in the 5% buy zone past a 603.70 buy point in a flat base following Friday’s sharp loss. The buy area goes up to 633.89. The stock moved up 0.1% early Monday.

IBD Leaderboard stock Nvidia ended Friday just below its 615 buy point in a new cup base after mild losses, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 645.75. Shares gained 0.2% Monday morning and are about 3% below the entry.

Per Leaderboard commentary, “Nvidia broke out of a cup base after earlier patterns failed. The breakout has stalled, but the stock is not in immediate danger.”

Payments leader PayPal continues to build a cup with handle, offering a buy point at 277.96. Shares moved down 0.1% Monday, on pace to extend a two-day losing streak.

According to IBD Stock CheckupPYPL stock shows a solid 89 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.


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Nio Stock

Year over year, Nio’s April sales jumped 125% to 5,147 electric vehicles, sales growth slowed from the 373% pace that the company reported in March.

Nio stock rallied nearly 1% Monday morning, as the stock battles to regain its 50-day line. Shares remain about 40% off their 52-week high.

Tesla Stock

Tesla stock declined 1.5% Monday morning, threatening to give back a part of Friday’s nearly 5% advance. Shares are trying to find support at their key 50-day line. The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.

On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple rallied over 1% Monday, as the stock continues to approach a cup-with-handle’s 135.63 buy point.

Apple stock tried to break out following last week’s earnings results, but was turned away. Shares are about 3% below the entry.

Software giant Microsoft rose 0.4% Monday morning, looking to snap a three-day losing streak. Shares are back in the 5% buy range past a flat base’s 246.23 buy point that tops out at 258.54, according to IBD MarketSmith chart analysis.

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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