Dow Jones futures rose modestly late Monday, along with S&P 500 futures and Nasdaq futures. The coronavirus stock market rally had a powerful day, with big growth names such as Apple (AAPL), Amazon.com (AMZN), Tesla (TSLA), Alibaba (BABA), Microsoft (MSFT) and Chipotle Mexican Grill (CMG) leading Monday's charge. Alibaba stock and Chipotle stock broke out, while Dexcom (DXCM) also cleared a buypoint.
Apple stock and Microsoft stock jumped to record highs. Amazon stock topped 3,000 for the first time. Facebook, Netflix and Google parent Alphabet (GOOGL) all rose at least 2%. Separately, Tesla stock surged 14%, its biggest gain in nearly three months, as many electric vehicle plays continue to skyrocket.
IBD Leaderboard added BABA stock on Monday, joining Apple stock, Tesla stock, AMZN stock, DXCM stock, MSFT stock and CMG stock. Chipotle stock, Amazon stock and Dexcom stock are on SwingTrader.
Microsoft and Alibaba are IBD Long-Term Leaders. Google stock is on the Long-Term Leaders watchlist.
Dow Jones Futures Today
Dow Jones futures advanced 0.1% vs. fair value. S&P 500 futures climbed 0.2%. Nasdaq 100 futures rose 0.4%. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Coronavirus News
Coronavirus cases worldwide are above 11.73 million. Covid-19 deaths have reached 540,000.
Coronavirus cases in the U.S. topped 3 million, currently at 3.03 million. Deaths are nearing 133,000. But new fatalities have remained low.
Coronavirus Stock Market Rally
The coronavirus stock market rally rose strongly once again.
The Dow Jones Industrial Average leapt 1.8% in Monday's stock market trading. The DJIA closed above its 200-day moving average for the first time since June 10. The S&P 500 index rallied 1.6%, trying an early breakout from a recent consolidation. The Nasdaq composite popped 2.2%, hitting yet another record high.
Tech Titans Lead
Apple stock climbed 2.7%. The Dow Jones tech titan reportedly is ordering more 5G iPhone production for late 2020 and early 2021.
Microsoft stock, another DJIA giant, rallied 2.15%. Amazon stock leapt 5.8% to 3,056.75, a fresh all-time high. Google stock advanced 2% to 1,499.65, closing above a 1,475.89 buy point.
Apple stock has the largest market cap at $1.62 trillion, with MSFT stock at just below $1.6 trillion and AMZN stock closing fast at $1.52 trillion. GOOGL stock just enters the trillion-dollar club at $1.02 trillion.
Tesla stock shot up 13.5% to 1,371.58, the biggest percentage gain since April 13. TSLA stock has surged 43% over the last five sessions, fueled by Q2 delivery figures and hopes for S&P 500 inclusion. But it's not alone as EV plays soar. China rival Nio (NIO) vaulted 23% on Monday and 67% over the last five sessions. But EV delivery van startup Workhorse Group (WKHS), which had erupted for a 405% gain over 11 sessions, tumbled 16% on Monday.
After the close, TSLA stock and Nio stock kept climbing, while Workhorse stock kept falling.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) popped 1.5%. The iShares Expanded Tech-Software Sector ETF (IGV) advanced 1.1%, retreating off all-time intraday highs as some hot cloud names pulled back. Microsoft stock is a top IGV holding. The VanEck Vectors Semiconductor ETF (SMH) jumped 2.1%, also a new high.
Alibaba Stock Breaks Out
Alibaba vaulted 7.3% to 240 cleared a 231.24 buy point from a consolidation going back to January, according to MarketSmith analysis. Volume was 71% above average, very strong. Over the past couple of months, BABA stock tried to clear early entries and buy points and never really got going. The relative strength line for Alibaba stock is still well below its March peak, but did clear a short-term high. The RS line, the blue line in the charts provided, tracks a stock's performance vs. the S&P 500 index.
China stocks generally had a strong day, after the Shanghai composite leapt 5.7% on Monday.
Alibaba was Monday's IBD Stock Of The Day.
Dexcom Stock Clears Buy Point
Dexcom stock climbed 3.9% to 423.18, breaking past a 415.59 cup-with-handle buy point after recently rebounding from its 50-day/10-week line. Volume was well below average, which is not ideal, but many low-volume breakouts have worked in recent years. The RS line for DXCM stock is not yet at highs but that follows a strong prior uptrend.
Dexcom was Thursday's IBD Stock Of The Day.
Chipotle Stock Hits Record High
Chipotle stock leapt 6.6% to 1,125.92, racing past a 1,087.10 flat-base buy point in above-average volume. The RS line for CMG stock is close to a record high after a strong uptrend. The latest shallow base formed above a very deep, V-shaped consolidation.
Chipotle was Wednesday's Stock Of The Day.
Is The Coronavirus Stock Market Rally Getting Extended?
Looking at the Nasdaq — or the big-cap Nasdaq 100 — the tech-heavy index is running up to the top of its recent channel lines. While the Nasdaq could punch above its channel in the short run, its ascent already was too steep to be sustainable long term. So that's something to watch. That could mean the Nasdaq or the coronavirus stock market rally could take a breather, moving sideways or pulling back within its trading channel or forming a new, less-steep advance.
On the flip side, the S&P 500 index looks like it's just starting to clear a consolidation, and could have room to run.
But if you look at the leading stocks driving the Nasdaq — such as Apple, Dexcom, Amazon and Tesla — they generally have earnings and earnings prospects. The S&P 500 index includes many of those big-cap techs, as well as NYSE-listed growth names such as Chipotle. But the S&P 500 also holds many stocks from sectors that were stagnating or struggling before the coronavirus. How much should airlines or energy stock be rebounding with a long recovery ahead after a business collapse?#BullishSentiment##StockSurge##DOW##NASDAQ#
Reprinted from Investor.com，the copyright all reserved by the original author.
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