The Dow Jones Industrial Average rallied 150 points Tuesday, as the U.S. Senate is expected to pass a roughly $1 trillion infrastructure package. Tesla stock dropped following July China sales data. Apple (AAPL) rallied 1% Tuesday among Dow Jones leaders, while Microsoft (MSFT) moved up 0.2% in today’s stock market. Home Depot (HD) is trying to clear a new buy point but is below the entry.
Tesla (TSLA) threatened to fall after Monday’s 2.1% gain, dropping over 1% Tuesday morning.
Among the top stocks to buy and watch, MercadoLibre (MELI), Snap (SNAP), and Square (SQ) are in or near new buy zones.
MercadoLibre, Microsoft and Tesla are IBD Leaderboard stocks. Square is an IBD SwingTrader stock. Snap was featured in this week’s Stocks Near A Buy Zone column. Shares gained 0.1% Tuesday morning.
According to IBD MarketSmith chart analysis, the stock is also building the right side of a cup base. Another possible entry looms at 2020.10. And be on the lookout for a potential handle to offer a more risk-optimal buy point.
Snap is trading just past the 5% buy zone above a 73.69 buy point in a consolidation. The 5% buy area tops out at 77.37. Shares gained 0.8% Tuesday morning.
On July 23, Snap surged almost 24% following a second-quarter earnings report that topped estimates with revenue more than doubling and an outlook that also beat views.