Stock Market Rally Continues Amid Fed Testimony

Strategic Insights -

The Dow Jones futures rose slightly ahead of Federal Reserve Chair Jerome Powell's Senate testimony, with tech giants Apple and Microsoft posting modest gains. Meanwhile, social media giant Meta Platforms rallied almost 2% after reporting plans for another round of layoffs.

Key Takeaways:

  • Meta Platforms (META) rallied almost 2% after Bloomberg reported plans for another round of layoffs.
  • Guidewire (GWRE) reported mixed fiscal-Q2 results, with a 1% decline in revenue from the previous quarter.
  • Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) rose modestly ahead of the stock market open, with Apple shares jumping 1.85% on Monday.
  • Arista Networks (ANET) is close to breaking out of a cup base, with a buy point at 140.91.
  • Salesforce (CRM) is near its 200-day moving average, with a positive relative strength line ahead of a potential breakout.
  • Tesla (TSLA) traded down 0.4% on Tuesday, continuing its recent decline after slashing U.S. vehicle pricing.
  • IBD Leaderboard stocks Alteryx (AYX) and Palo Alto Networks (PANW) are among the top stocks to buy and watch, with Alteryx clearing a trendline buy point at 66.50.

Statistics:

  • 10-year U.S. Treasury yield rebounded Monday, settling at 3.98%, before ticking lower to 3.94% on Tuesday.
  • Oil prices pulled back less than 1% on Tuesday, holding near their recent highs.
  • The Dow Jones Industrial Average and S&P 500 gained 0.1% on Monday, while the Nasdaq composite closed 0.1% lower.
  • Five Dow Jones stocks to buy and watch now are American Express, JPMorgan, Palo Alto Network, Salesforce, and Palo Alto Networks.
  • Stock Market Rally ended narrowly mixed, with the Dow Jones Industrial Average and S&P 500 gaining 0.1% on Monday.

Sources:

  • "IBD Leaderboard" - Investopedia
  • "Five Dow Jones Stocks To Buy And Watch Now: American Express, JPMorgan, Palo Alto, Salesforce, and Palo Alto Networks" - TheStreet
  • "Dow Jones futures rose slightly ahead of Federal Reserve Chair Jerome Powell's Senate testimony, with tech giants Apple and Microsoft posting modest gains" - CNBC
  • "IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox" - Investopedia