Dow Jones Futures Rise: 5 Stocks Near Buy Points In Market Rally; Tesla FSD Beta Expands Widely

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




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The stock market rally was positive for the second consecutive session on Wednesday. Fed officials expect slower rate hikes to come “soon”, according to the November meeting minutes released Wednesday afternoon.

Led by Nasdaq, revived with a rebound tesla (TSLA). All of the major indexes have risen solidly so far this holiday-shortened week. However, a longer holiday could be a maker for the market rally.

Investors should be wary of increasing risks, given key technical resilience and notable economic reports ahead.

Again, Dexcom (DXCM), United Health (UNH), Neurocrine Biological Sciences (NBIX), Medpace Holdings (MEDP) and Shockwave Medical (SWAV) are five healthcare stocks showing interesting moves.

DXCM stock and Neurocrine Biosciences are on the IBD Leaderboard, and MEDP stock is on the Leaderboard watchlist. NBIX stock and Medpace in IBD 50.

Tesla FSD Beta Version

Tesla CEO Elon Musk tweeted on Thursday that the Fully Autonomous Driving Beta is now available to all FSD owners who request it in North America.

This could allow Tesla to recognize more deferred revenue from FSD.

Despite its name, Full Self-Driving does not offer full self-driving, but it is a Level 2 driver assistance system. The National Highway Traffic Safety Administration is investigating Autopilot and FSD safety. The Justice Department is reportedly conducting a criminal investigation into Tesla’s self-driving vehicle claims.

Tesla stock rose 7.8% to 183.20 on Wednesday, rebounding from Tuesday’s bear market lows as Citigroup put the EV giant on hold from selling. TSLA stock is still down 19.5% so far this month and has roughly halved in 2022.

Dow Stock Deal News

In Dow Jones stock news, Apple (AAPL) is reportedly interested in buying the English football giant Manchester United (MANU). Federal Trade Commission may try to block Microsoft (MSFT) acquisition agreement Activision Blizzard (ATVI) approximately $69 billion.

Dow Jones Futures Today

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

The 10-year Treasury yield fell 4 basis points to 3.67%.

Mainland China has reported more than 31,000 cases of Covid, including those without symptoms, surpassing mid-April levels during the lockdown in Shanghai. Covid infections with symptoms are still below their April peaks.

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US stock markets were closed on Thursday for the Thanksgiving holiday. On Friday, US stock markets will close early at 1 PM ET. But other exchanges around the world are normally open on Thursday and Friday.

Note that overnight trades on Dow futures and elsewhere do not necessarily translate into real trades in the next regular stock market session.


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Stock Rally

There was some wobble in the stock market rally on Wednesday, but the tech-led gains swelled.

Initial jobless claims hit a three-month high, while ongoing jobless claims hit an eight-month high. US manufacturing and services indexes both signaled contractions, S&P Global’s purchasing managers said.

Fed minutes strengthened expectations for a 50 basis point rate hike at its December 14 meeting. Markets are still in favor of a half-point move in February, but there is a good chance for a quarter-point increase.

The Dow Jones Industrial Average rose 0.3% in Wednesday trading. The S&P 500 index rose 0.6%, led by TSLA stock. The Nasdaq composite was up 1%. Small-volume Russell 2000 rose 0.1%.

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

The 10-year Treasury yield fell 5 basis points to 3.71%. The two-year Treasury yield, which is more closely tied to the Fed’s rate hike outlook, fell below 4.5%.

The US dollar has dropped significantly for a second straight session, returning near recent lows.


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ETFs

The iShares Extended Technology-Software Industry ETF (IGV) rose 1.5%. The VanEck Vectors Semiconductor ETF (SMH) gained 0.9%.

The SPDR S&P Metals and Mining ETF (XME) was up 0.3%. The US Global Jets ETF (JETS) was up 0.1%. The SPDR S&P Homebuilders ETF (XHB) rose 0.5%. The Energy Select SPDR ETF (XLE) fell 1.1%. The Health Sector Selected SPDR Fund (XLV) rose 0.4%. Dow Jones giant UNH stock is the largest asset in XLV.

Reflecting more speculative story stocks, the ARK Innovation 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 ETFs.

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Top Five China Stocks to Watch Now


Stocks to Watch

Dexcom stock rose 1.7% to 112.92 and found support at the 21-day moving average. DXCM stock is stalling this month after posting earnings on Oct. Dexcom stock is arguably a long way from a seven-month consolidation with a buy point of 123.46. Investors can buy DXCM stock on an early entry from the 21-day line, perhaps using Tuesday’s high of 113.88 as a specific buy point.

Medpace stock fell 1.3% to 218.81 on Wednesday. Stocks have been consolidating near record highs since jumping 38% on Oct. Since then, the MEDP stock has been making a messy handle in the deep, annual pot bottom. While stocks have experienced some major volatility throughout the day, MEDP stock is currently on track to form a narrow three-week pattern through Friday’s close. Traders can use the close of 226.57 on November 15 as an early entry and go above most of the recent trades.

NBIX stock fell 1.5% to 118.97. Stocks are consolidating near multi-year highs that were extended after a breakout in October. Despite a drop from the 50-day line last week, Neurocrine stock has a narrow three-week pattern and is heading into its fourth week. Technically, there is a buy point of 126.09, but investors may want to wait for a slightly calmer move.

Shockwave stock was up 4.7% to 264.06 on Wednesday, breaking above the 21-day line but hitting resistance at the 50-day line. SWAV stock has rebounded over the past week after a failed breakout at the end of October and continued sharp selling on gains. A new bottom will take more time, but aggressive traders can use a strong move above 50 days as an early entry.

UNH stock rose 1.3% to 529.71, climbing above the 50-day and 21-day lines after briefly cutting below the 200-day line last week. UnitedHealth stock was formerly an IBD Long Term Leader and still shares many characteristics. Traders can use a bounce from the 50-day line as an early entry or a Long Term Leader entry. UNH stock needs to break new ground after rapidly failing from the mug bottom last month.


Tesla vs. BYD: Which EV Giant Would Buy Better?


Market Rally Analysis

The stock market rally contributed to Tuesday’s gains. The S&P 500 just hit its November 15 intraday high and closed within 1% of its 200-day line.

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Russell 2000 has reached the 200-day mark.

The Nasdaq has continued its recovery from Tuesday’s 21-day moving average, although it is well below its short-term high on November 15 and well below 200 days.

The Dow Jones is close to 20 points from its intraday high on August 16.

The S&P 500 is trading decisively above its 200-day line – roughly a year of falling tops coinciding with the trendline – a major test for a market rally.

A range of economic data could change Fed rate expectations and thus the stock market. On Wednesday, November 30, the October JOLTS report will show job postings and Fed chair Jerome Powell will speak later in the day. On Thursday, the Fed’s favorite inflation indicator, the PCE price index, will be released along with jobless claims and the ISM manufacturing index. The November employment report will be released on Friday, November 2nd.

Ideally, the market would move sideways for a few days and at least let the 21-day line move towards these economic reports.


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what to do now

The market rally has shown some nice gains this week, with more stocks flashing buy signals over the past few days. As a result, investors could add a little more risk.

However, with the S&P 500 hovering below the 200-day line and the critical economic situation for the Fed next week, they may want to be cautious about making significant new purchases.

Also consider taking partial profits from rapidly depleting stocks. Stocks are making short-term advances amid a volatile uptrend and industry rotation.

Still, investors should work hard on their investment shopping lists, looking for setups and suable names in a variety of industries.

Read the Big Picture every day to stay in sync with market direction and leading stocks and industries.

Please follow Ed Carson on Twitter: @IBD_ECarson for stock market updates and more.

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