April 25, 2024

Dow Jones futures extended their ongoing win streak Tuesday as the stock market bulls kept charging after a new housing report. Meanwhile, Netflix stock is among the seven best stocks to buy and watch amid the market’s new highs.


The Commerce Department disclosed November housing starts and building permits this morning. Housing starts rose to 1.560 million, topping estimates for a fall to an annual rate of 1.36 million vs. October’s 1.372 million rate. Permits slowed more than expected, down to a 1.460 million rate vs. October’s 1.487 million rate.

Early Tuesday, Accenture (ACN), FactSet (FDS) and Heico (HEI) were key earnings movers.

Accenture shares slid around 2% in premarket trade, while FDS stock dropped 2.5%. Heico shares rallied more than 3% after closing Monday above a cup base’s 182.18 entry.

Late Tuesday, shipping giant FedEx (FDX) is set to report its earnings results.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures rose 0.25% vs. fair value, while S&P 500 futures also gained 0.2%. And tech-heavy Nasdaq 100 futures climbed 0.15% in premarket action. Both the Dow and Nasdaq are working toward a ninth-straight day in the black.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up 0.1%, while the SPDR S&P 500 ETF (SPY) gained 0.2% early Tuesday.

The yield on the 10-year U.S. Treasury bond ticked lower, at 3.90% Tuesday morning. On Monday. the benchmark bounced to 3.95%, just off its lowest level since late July.

Oil prices paused Tuesday after a four-day rebound, as West Texas Intermediate futures dipped. WTI held just below $73 a barrel. Last week, WTI hit its lowest level since late June before bouncing.

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Stock Market Rally

On Monday, the Nasdaq composite climbed for the eighth session in a row. The S&P 500 also would have made it eight in a row if not for a minuscule loss on Friday. As it is, both indexes are at their highest levels since January 2022 and on a roll heading into the new year. The Dow, meanwhile, set a new all-time closing high Monday with its eighth-straight gain.

Monday’s Big Picture column said: “With the Nasdaq’s 0.6% increase, its distribution days of Nov. 30 and Dec. 4 were both wiped out. The index climbed more than 5% from the close of those distribution days. That leaves only one distribution day on the S&P 500, a number that adequately reflects the stock market’s bullish stance.”

Market tops occur over a number of weeks, as institutional investors shift from buying mode into selling mode. And the shrinking number of distribution days indicates that institutions have yet to sell into the record-setting market rally.

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market gains. Be sure to read how to invest during the ongoing uptrend.

Learn How To Time The Stock Market With IBD’s ETF Market Strategy

Stock Market Today: Best Stocks To Buy And Watch

IBD Leaderboard stock Datadog (DDOG), ELF Beauty (ELF), IBD SwingTrader issue Netflix (NFLX) and Snowflake (SNOW) — along with Dow Jones stocks American Express (AXP), JPMorgan Chase (JPM) and Visa (V) — are among the best stocks to buy and watch in the current market rally.

Apple and Snowflake are featured in this Stocks Near A Buy Zone column.

Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks To Watch: AMEX Breaks Out

Financial leader American Express is breaking out past a 175.31 buy point in a cup with handle, as it posted sharp gains last week. AXP stock added another 0.3% early Tuesday.

Banking giant JPMorgan is in buy range past a 159.38 buy point in a cup base, rallying 0.6% Monday. JPM stock gained 0.3% Tuesday.

Payments leader Visa snapped a two-day losing streak Monday, still in buy range above a 250.06 entry in a cup base, according to IBD MarketSmith pattern recognition. V stock inched up 0.2% Tuesday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stocks To Buy And Watch: NFLX Breaks Out

IBD SwingTrader stock Netflix now ranks among the best stocks to buy and watch as it gained 3% Monday. The streaming giant broke out past a 482.70 buy point in a cup with handle. NFLX stock added 0.3% Tuesday morning.

IBD Leaderboard stock Datadog is breaking out past an alternate handle buy trigger at 120.26 after big gains in recent weeks. And DDOG stock climbed 0.1% Tuesday, further above the recent entry.

ELF Beauty is out of buy range past a 139.85 cup-base entry following Monday’s 2.4% advance, according to IBD MarketSmith. The 5% buy area went up to 146.84. ELF stock edged down 0.3% Tuesday.

Artificial intelligence leader Snowflake is in buy range past a cup-with-handle’s 192.66 buy point. SNOW stock rose 0.4% Tuesday, about 3% above the buy trigger.

Best Stocks In Today’s Stock Market Action

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Applied Materials (AMAT) 145.86 Alternate entry
JPMorgan (JPM) 159.38 Cup base
Netflix (NFLX) 482.70 Cup with handle
Snowflake (SNOW) 192.66 Cup with handle
Source: IBD Data As Of Dec. 18, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) moved up 0.5% early Tuesday, while Nvidia (NVDA) dropped 1.1%.

Graphics-chip giant Nvidia moved up 2.4% Monday, extending a win streak to five sessions. NVDA stock is now extended above a 476.09 double-bottom entry.

Tesla stock dropped 0.6% Monday, ending a three-day win streak and closing back below an early entry at 252.75. The stock’s big double-bottom pattern has a 278.98 buy point.

Dow Jones Leaders: Apple, Microsoft

Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT), traded higher ahead of today’s stock market open.

Apple stock moved down 0.85% Monday, as its breakout move continues to falter. Shares are barely above a cup-with-handle entry at 192.93. Apple shares were up a fraction Tuesday.

Microsoft stock added to its gains above a 366.78 cup-base buy point during Tuesday’s 0.5% rise. And the software giant was up 0.3% Tuesday morning.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


Top Growth Stocks To Buy And Watch

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Source: investors.com

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