Dow Jones Futures: 5 Stocks Near Buying Points in Market Rally; Tesla FSD beta is spreading widely


Dow Jones futures rose slightly Thursday afternoon, along with S&P 500 futures and Nasdaq futures, after US markets closed for Thanksgiving Day. Apple, Microsoft and Tesla are in the news.


The stock market turned positive for a second consecutive session on Wednesday. Fed officials see a slower rate hike coming “soon,” according to the Fed’s November meeting minutes released Wednesday afternoon.

Nasdaq supported on a rebound led by Tesla (TSLA). All the major indices have soared solidly this short holiday week so far. But a long vacation can be constructive for a bullish market.

Investors should be cautious about adding exposure given key technical resistance and notable economic reports.

Although, Dexcom (DXCM), unitedhealth (UNH), Neurocrine Biosciences (nbx), Medspace Holdings (MEDP) and shock wave medical (SWAV) are five health care stocks showing interesting action.

DXCM stock and Neurocrine Biosciences are on the IBD leaderboard, along with MEDP stock on the leaderboard watch list. NBIX stock and Medpace are on the IBD 50.

Tesla FSD Beta release

Tesla CEO Elon Musk tweeted Thursday that the full self-driving beta is now available in North America for all FSD owners who request it.

This may allow Tesla to recognize more deferred revenue from the FSD.

Despite its name, Full Self-Driving does not offer a fully self-driving car, but a level 2 driver assistance system. The National Highway Traffic Safety Administration investigates the safety of Autopilot and FSD. The Justice Department is reportedly conducting a criminal investigation into Tesla’s self-driving claims.

Shares of Tesla rose 7.8% to 183.20 on Wednesday, recovering from Tuesday’s bear market lows as Citigroup upgraded the EV giant from selling to holding. TSLA stock is down 19.5% so far this month and has a chance to nearly halve by 2022.

news about the dow stock deal

In Dow Jones stock news, Apple (AAPL) is reportedly interested in buying the British football giant manchester united (Manu). Federal Trade Commission can try to stop it Microsoft (MSFT) deal to buy activism blizzard (ATVI) for approximately $69 billion.

Dow Jones future today

Dow Jones futures rose 0.1% from fair value. S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.4%.

Mainland China reported more than 31,000 cases of Covid, including those without symptoms, surpassing mid-April levels during Shanghai’s lockdown. Symptomatic Covid infections are still below the April high.

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The US stock markets are closed on Thursday for Thanksgiving Day. On Friday, US stock markets will close early at 1 p.m. ET. But other exchanges around the world are normally open on Thursdays and Fridays.

Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular trading session.

Join IBD experts as they analyze actionable stocks in Stock Market Rally on IBD Live

stock market rally

Wednesday saw some swinging in the stock market rally, but technology-led gains expanded.

Initial jobless claims rose to their highest level in three months, while pending claims hit their highest level in eight months. S&P Global’s Purchasing Managers’ Index for US manufacturing and services both pointed to a contraction.

Fed minutes bolstered expectations for a 50 basis point rate hike at the Dec. 14 meeting. The market still favors another half-point move in February, but there is a good chance of a quarter-point upside.

The Dow Jones Industrial Average rose 0.3% during Wednesday trading. The S&P 500 index climbed 0.6%, led by TSLA stocks. The Nasdaq Composite popped 1%. The small-cap Russell 2000 rose 0.1%.

US crude oil prices fell 3.7% to $77.94 a barrel. Natural gas futures rose 7.2%.

The 10-year Treasury yield fell 5 basis points to 3.71%. Two-year Treasury yields, which are more closely linked to the prospects for the Fed rate hike, fell below 4.5%.

The US dollar fell significantly for the second session in a row, approaching recent lows.

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The iShares Extended Tech-Software Sector ETF (IGV) climbed 1.5%. VanEck Vectors Semiconductor ETF (SMH) rose 0.9%.

The SPDR S&P Metals & Mining ETF (XME) climbed 0.3%. The US Global Jets ETF (JETS) rose 0.1% more. The SPDR S&P Homebuilders ETF (XHB) climbed 0.5%. The Energy Select SPDR ETF (XLE) fell 1.1%. The Health Care Select Sector SPDR Fund (XLV) rose 0.4%. Dow Jones heavyweight UNH stock is a top stake in XLV.

Reflecting more speculative story stocks, the ARK Innovations ETF (ARKK) was up 2.9% and the ARK Genomics ETF (ARKG) was up 0.9%. TSLA stock is a major holding in Ark Invest’s ETF.

Five best Chinese stocks to watch right now

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DexCom shares rose 1.7% to 112.92, finding support near the 21-day moving average. DXCM shares are down this month after missing earnings on October 28. Dexcom shares are likely to have a long hold, with a buy point of 123.46 after seven months of consolidation. Investors can buy DXCM shares from the first entry of the 21-day line, perhaps using Tuesday’s high of $113.88 as a specific buy point.

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MedSpace shares fell 1.3% to 218.81 on Wednesday. Shares have been consolidating near record highs since they soared 38% after gains on Oct. 25. Since then, MEDP stock has been making a messy grip on a deep cup base from year to year. While stocks have undergone some large intraday swings, MEDP stock is currently on track to form a three-week tightening pattern by Friday’s close. Investors can use the close of 226.57 on Nov. 15 as an opening entry, above most of the recent trading.

NBIX shares fell 1.5% to 118.97. Stocks boosted by the October breakout are consolidating near multi-year highs. Despite falling to the 50-day line last week, the supply of Neurocrine is on a tight three-week pattern that is on track to extend into the fourth week. Technically, it has a buy point at 126.09, although investors may want to wait for some quieter action.

Shockwave shares rose 4.7% to 264.06 on Wednesday, above the 21-day line but meeting resistance at the 50-day line. After a failed breakout at the end of October and a sharp sell-off that continued into earnings, SWAV stock has made a comeback this past week. A new base will take longer, but aggressive investors can use a strong move above the 50-day high as a first entry.

UNH shares climbed 1.3% to 529.71, recovering above the 50-day and 21-day lines after falling briefly below the 200-day line last week. UnitedHealth shares used to be a long-term IBD leader and still share several characteristics. Investors can use the bounce off the 50-day line as an early entry or as a long-term leader. UNH stock has to form a new base after failing to quickly break out of a cup-with-handle base last month.

Tesla vs. BYD: Which EV giant is the better buy?

Analysis of the market rally

The stock market rally contributed to Tuesday’s gains. The S&P 500 just hit an intraday high on Nov. 15, closing within 1% of the 200-day line.

The Russell 2000 reached its 200 day mark.

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The Nasdaq contributed to Tuesday’s rebound from its 21-day moving average, though it is still well below its Nov. 15 short-term high and 200-day low.

The Dow Jones came within 20 points of its August 16 intraday high.

The S&P 500 resolutely above its 200-day line — which roughly coincides with the one-year descending top trendline — is an important test of the market’s rally.

A large amount of economic data could tip the Fed’s interest rate expectations and thus the stock market. On Wednesday, Nov. 30, the JOLTS report will reflect employment, with Fed Chief Jerome Powell speaking later. On Thursday, the PCE price index, the Fed’s favorite inflation gauge, will be released, along with unemployment claims and the ISM manufacturing index. The November jobs report will be released on Friday, November 2.

Ideally, the market would move sideways for a few days, holding at least the 21-day line, leading to those economic reports.

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What should we do now

The market rally has shown decent gains this week, with more stocks sending buy signals in recent days. As a result, investors were able to add a little more risk.

But they may want to be cautious about making major new purchases as the S&P 500 hovers below the 200-day line and is much more Fed-key economic next week.

Also consider taking some partial profits in fast-moving stocks. The stock is making near-term progress amid a volatile uptrend and industry rotation.

Still, investors should work hard on their investment shopping list, looking for established and usable names across a variety of industries.

Read The Big Picture every day to stay up-to-date on the direction of the market and key stocks and sectors.

Follow Ed Carson on Twitter @IBD_ECarson For stock market updates and much more.

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