Dow Jones futures rise: 5 stocks near buy points in market move; Tesla FSD Beta expands a lot

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




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The stock market was positive for a second session in a row on Wednesday. Fed officials see slower rate hikes coming “soon,” according to Fed minutes from the November meeting released Wednesday afternoon.

The Nasdaq team led, supported by a rebound Tesla (TSLA). The major indexes are all up nicely so far this short week. But a longer break before the market gathering could be constructive.

Investors should be cautious about adding risk given technical resistance and notable economic reports ahead.

On the other hand, Dexcom (DXCM), UnitedHealth (UNH), Neurocrine Biosciences (NBIX), Medpace Holdings (MEDP) oath Shockwave Medical ( SWAV ) are five healthcare stocks showing interesting action.

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

Tesla FSD Beta version

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

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

Despite the name, Full Self-Driving does not offer full self-driving, but is a level 2 driver assistance system. The Swedish National Road Safety Agency investigates the safety of autopilot and FSD. The Justice Department is reportedly conducting a criminal investigation into Tesla’s self-driving claims.

Tesla shares rose 7.8% to 183.20 on Wednesday, rebounding from Tuesday’s bear market lows when Citigroup upgraded the electric car giant from sell to hold. 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 British soccer giant Manchester United (MANU). The Federal Trade Commission may try to prevent Microsoft (MSFT) contract to buy Activision Blizzard (ATVI) for almost 69 billion dollars.

Dow Jones futures today

Dow Jones futures rose by a fraction. fair value. S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.35%.

The 10-year treasury yield decreased by 3 points to 3.68%.

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

US stock markets were closed on Thursday for the Thanksgiving holiday. On Friday, US stock markets will close early at 1:00 PM ET. But other exchanges around the world are usually open on Thursdays and Fridays.

Remember that overnight action in Dow futures and elsewhere does not necessarily translate to actual trading in the next regular stock market.


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Stock market rally

Stocks saw some volatility on Wednesday, but extended gains, led by technicals.

Initial jobless claims rose to a three-month high, while continuing claims hit an eight-month high. S&P Global’s purchasing managers’ index for US manufacturing and services both indicated a contraction.

Fed meeting minutes bolstered expectations for a 50 basis point rate hike in December. 14 sessions. Markets still favor another half point move in February, but there is a decent chance of a quarter point increase.

The Dow Jones industrial average rose 0.3% in Wednesday’s trading. The S&P 500 rose 0.6%, led by TSLA shares. The Nasdaq composite rose 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 by 7.2%.

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

The US dollar fell significantly for a second session in a row, again near recent lows.


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ETFs

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

The SPDR S&P Metals & Mining ETF ( XME ) rose 0.3%. The US Global Jets ETF (JETS) rose 0.1%. The SPDR S&P Homebuilders ETF ( XHB ) rose 0.5%. The Energy Select SPDR ETF (XLE) fell 1.1%. The Healthcare Sector SPDR Fund (XLV) rose by 0.4%. Dow Jones giant UNH shares tops XLV.

ARK Innovation ETF ( ARKK ) gained 2.9% and ARK Genomics ETF ( ARKG ) gained 0.9%, reflecting more speculative activity. TSLA stock is a major holding in ETFs Ark Invest.


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Stocks to watch

Shares of Dexcom rose 1.7% to 112.92, finding support at its 21-day moving average. DXCM stock has been on a hiatus this month after rallying on earnings in October. 28. Dexcom stock appears to have a long handle with a 123.46 buy point from a seven-month high. Investors could buy DXCM stock from the first break of the 21-day line, perhaps using Tuesday’s high of 113.88 as a specific buy point.

Medpace shares fell 1.3% to 218.81 on Wednesday. Shares have been rallying near record highs since surging 38% in October. 25 after income. Since then, MEDP stock has been shaping a messy handle on a deep, year-round cup base. While shares have seen a lot of intraday volatility, MEDP stock is now on track to form a three-week tight pattern by Friday’s close. Investors could use Nov. 15 close at 226.57 as an early entry, covering the bulk of recent trades.

NBIX shares fell 1.5% to 118.97. Stocks are consolidating near multi-year highs, extended since it began in October. Despite last week’s dip to the 50-day line, Neurocrine stock has a three-week solid pattern that is on track for a fourth week. Technically, it has a 126.09 buy point, although investors may want to wait for calmer action.

Shockwave shares rose 4.7% to 264.06 on Wednesday, back above the 21-day line but meeting resistance at the 50-day line. After a failed breakout at the end of October and heavy selling that continued through the gains, SWAV stock has rebounded over the past week. A new base will take longer, but aggressive investors could use a strong move above the 50-day as an early entry.

Shares of UNH rose 1.3% to 529.71, breaking back above the 50-day and 21-day lines after briefly dipping below the 200-day line last week. UnitedHealth stock used to be the long-term IBD leader and still shares many characteristics. Investors could use a bounce from the 50-day line as either an early entry or a long-term leader entry. UNH stock has to forge a new foundation after a cup-with-handle break quickly failed last month.


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Market rally analysis

A rally in the stock market added to Tuesday’s gains. The S&P 500 peaked in November. 15 a day high and closed within 1% of its 200 day line.

The Russell 2000 came right up to its 200-day line.

The Nasdaq added to Tuesday’s rebound from its 21-day moving average, though it remains below that in November. 15 short-term highs and well below 200 days.

The Dow Jones was down less than 20 points from August. 16 maximum per day.

The S&P 500’s decisive move above its 200-day line — which roughly coincides with a year-long declining top line — is a huge test for a market rally.

A flurry of economic data could change Fed expectations and thus the stock market. Wednesday Nov. On October 30, the JOLTS report will show job vacancies, with Federal Reserve Chairman Jerome Powell speaking later in the day. On Thursday, the PCE price index, the Fed’s favorite inflation measure, will be released, along with unemployment claims and the ISM manufacturing index. The activity report for the month of November is expected on Friday, Nov. 2.

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


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What to do now

The market rally has shown a pretty good rally this week, with more stocks flashing buy signals over the past few days. Investors could have added a little more risk as a result.

But they may want to be cautious about making significant new purchases with the S&P 500 hovering below its 200-day line and so much Fed-criticism on the economy expected next week.

Also consider taking partial profits from fast-rising stocks. Stocks have been making brief gains amid a fading boom and sector turnaround.

Still, investors should work hard on their investment shopping lists, looking for structure and functional names in a variety of sectors.

Read The Big Picture every day to stay in tune with market trends and leading stocks and sectors.

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

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