Dow Jones Futures Fall: Arm Rockets 42%; AI Stock Arista Plunges On Earnings


Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower ahead of Tuesday’s stock market open. Stock market leader Arm (ARM) rocketed as much as 42% to new highs Monday, while artificial intelligence stock Arista Networks (ANET) dived on earnings results after the close.




X



Arm stock closed with a 29% advance Monday, adding to last week’s 62% rally. On Wednesday, Arm beat analyst expectations for its fiscal third quarter and provided a bullish outlook for the current period.

Late Monday, Arista shares dived around 7% even though the provider of cloud networking solutions topped earnings and sales estimates. Arista stock ended far extended from a 198.46 double-bottom entry.

Cadence Design Systems (CDNS) was another key earnings mover. Cadence stock tumbled around 6% in extended trade. The stock is still above a 279.33 flat-base entry.

Stock Market Today: Tesla Slides

On Monday, the Dow Jones Industrial Average moved up 0.3% and the S&P 500 slipped 0.1%. The tech-heavy Nasdaq composite dropped 0.3%.

Among the Magnificent Seven stocks, Tesla (TSLA) was the biggest loser, down 2.8%. And Nvidia (NVDA) rallied to fresh record highs before cutting gains to 0.2%.

Finally, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded lower in today’s stock market, with Apple stock down 0.9% and Microsoft 1.3%.

Lennar (LEN), MongoDB (MDB), Samsara (IOT) and UiPath (PATH) — plus Dow Jones members Procter & Gamble (PG) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.

Samsara and UiPath were featured in this Stocks Near A Buy Zone column.


IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox


Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures lost 0.1% vs. fair value, and S&P 500 futures were off 0.2%. Nasdaq 100 futures traded down 0.2% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year U.S. Treasury yield dipped to 4.17%. Meanwhile, oil prices extended last week’s gains, as West Texas intermediate futures settled at $77 a barrel.


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


Stock Market Rally: What To Do Now

Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend.

Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.

A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. There were three breakouts today, including NXP Semiconductors (NXPI), which is breaking out past a 238.27 flat-base entry.

Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases, like Toll Brothers (TOL). Toll Brothers is approaching a 105.91 flat-base entry. Toll Brothers is Monday’s IBD Stock Of The Day.

To find more stock ideas, check IBD Stock Lists, like IBD 50Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.

Dow Jones: Disney, Walmart

Consumer products giant Procter & Gamble declined 0.3% Monday, falling further below a 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition.

Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, even as the stock rose 0.6% Monday.


4 Top Growth Stocks To Watch In The Stock Market Rally


Lennar, UiPath Break Out

Homebuilder Lennar is breaking out past a flat base’s 156.01 buy point, with a 3.2% rally Monday.

Software leader MongoDB is out of buy range past a 442.84 buy point, despite a 2.6% drop Monday, according to IBD MarketSmith.

Samsara rebounded bullishly from its 50-day line last week. But shares reversed lower Monday, falling 2.8%. The stock is near an official entry at 36.91 after giving up an early buy trigger at 35.18 during Monday’s reversal.

UiPath rallied 2% Monday, breaking out past a 26.53 cup-base entry. Shares closed in buy range.


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


Best Bets On Stock Market Today

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

Company Symbol Correct buy point Type of buy point
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 202.88 Flat base
Source: IBD Data As Of Feb. 12, 2024

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


Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia (NVDA) climbed 0.2% and Tesla (TSLA) dropped 2.8% Monday.

Nvidia shares hit fresh record highs and closed more than 40% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.

Tesla snapped a four-day win streak Monday but is still rebounding from its lowest level since May 2023.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower Monday.

Apple is forming a new double-bottom base with a new buy point at 196.38. But Apple stock must first retake the key 50-day moving average, a potential resistance level.

Microsoft shares remain out of buy range past a 384.30 buy point in a flat base.

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

YOU MAY ALSO LIKE:

Top Growth Stocks To Buy And Watch

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

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks





Read More: Dow Jones Futures Fall: Arm Rockets 42%; AI Stock Arista Plunges On Earnings

2024-02-13 00:42:00

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments