Futures Rally As Apple iPhone 13 Set To Debut

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher early Tuesday following Monday’s mixed stock market action. The Apple iPhone 13 is set for a Tuesday debut, while Tesla stock reversed from sharp losses.

On Monday, the Dow Jones Industrial Average advanced 0.8%. The S&P 500 rallied 0.2%, while the Nasdaq dropped 0.1% to extend a losing streak.

Among the Dow Jones leaders, Apple (AAPL) rallied 0.4%, while Microsoft (MSFT) also moved up 0.4% in today’s stock market. Nike (NKE) offers a new buy point, but remains below a key technical level.

Tesla (TSLA) rallied nearly 1% after reversing from early sharp losses Monday, finding support at a recent buy point. PayPal (PYPL) lost 1.35% Monday, as a new base continues to take shape.

Among the top stocks to buy and watch, Palantir Technologies (PLTR), Shopify (SHOP), Under Armour (UAA) and Yeti (YETI) are near new buy zones.

Microsoft, PayPal and Tesla are IBD Leaderboard stocks. Yeti is an IBD IPO Leader. Nike was featured in this week’s Stocks Near A Buy Zone column.

Dow Jones Futures Today

Ahead of the stock market open Tuesday, Dow Jones futures rallied 0.1% vs. fair value, while S&P 500 futures rose 0.1%. Nasdaq 100 futures gained 0.1% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Among exchange traded funds, Innovator IBD 50 (FFTY) declined 2.7% Monday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.1%. And the SPDR S&P 500 ETF (SPY) rose 0.3%.

Stock Market Rally Mixed

The Nasdaq extended a losing streak to four sessions Monday, while the S&P 500 halted its five-day losing streak around its 50-day line. The Dow Jones Industrial Average remains below its 50-day line despite Monday’s gains.

Friday’s The Big Picture column commented, “After two weeks of gains, the S&P 500 and Nasdaq fell 1.6% and 1.7% for the past week. In all, the losses did not knock indexes out of their longer-term uptrend. But that uptrend has seen its share of pullbacks, and another downward phase appears to be unfolding.”

For more stock market commentary, check out IBD’s The Big Picture.