Futures: AI Stock Soars On Earnings Late

Feb 6, 2024

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. Artificial intelligence stock Palantir Technologies (PLTR) soared on a positive earnings report, while Magnificent Seven stock Tesla (TSLA) dived to new recent lows.


Late Monday, Palantir jumped more than 18% after the company reported adjusted EPS of 8 cents, in line with estimates, on revenue of $608.4 million. Sales were expected to rise to $602.9 million.

Meanwhile, shares of Apple supplier NXP Semiconductor (NXPI) rallied 3% in extended trade after reporting strong earning and sales results.

Stock Market Today: Tesla Dives

On Monday, the Dow Jones Industrial Average moved down 0.7% and the S&P 500 slipped 0.3%. The tech-heavy Nasdaq composite dropped 0.2%.

Among the Magnificent Seven stocks, Tesla (TSLA) was the biggest loser, down 3.65%. And Nvidia (NVDA) rallied 4.8% to record highs.

Finally, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded mixed in today’s stock market, with Apple stock up 1% and Microsoft down 1.35%.

Expedia (EXPE), KKR (KKR), Lennar (LEN) and MongoDB (MDB) — plus Dow Jones members Caterpillar and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.

Disney and Lennar were featured in this Stocks Near A Buy Zone column.

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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year U.S. Treasury yield jumped to 4.16%. Meanwhile, oil prices rebounded, as West Texas intermediate futures settled just below $73 a barrel.

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Stock Market Rally: What To Do Now

Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend.

Following Monday’s losses, be sure to check out today’s The Big Picture for an updated exposure level.

A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. There were three breakouts today, including JFrog (FROG), which is breaking out past a 35.35 flat-base entry.

Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases, like Global Payments (GPN). Global Payments is approaching a 138.07 flat-base entry.

To find more stock ideas, check IBD Stock Lists, like IBD 50Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.

Dow Jones: Disney, Walmart

Media giant leader Disney is in buy range above a flat base’s 96.51 buy point, despite a 0.5% loss Monday, according to IBD MarketSmith pattern recognition. Earnings are due out Wednesday after the market closes.

Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, even as the stock dropped 0.5% Monday.

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Lennar Eyes Buy Point

Travel stock Expedia is tracing a flat base that shows a 155.84 buy point. Shares are finding support around their 50-day line, as they climbed 0.4% Monday.

IBD Leaderboard stock KKR remains above an 85.66 flat-base entry amid a 1.2% drop Monday.

Homebuilder Lennar is within striking distance of a flat base’s 156.01 buy point, with a near-1% fall Monday.

Software leader MongoDB is breaking out past a 426.51 buy point, with a 6.6% surge Friday, according to IBD MarketSmith. MongoDB shares tacked on 0.2% Monday.

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Best Bets In Monday’s Action

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Lennar (LEN) 156.01 Flat base
Merck (MRK) 119.65 Cup base
KKR (KKR) 85.66 Flat base
MongoDB (MDB) 426.51 Handle entry
Source: IBD Data As Of Feb. 5, 2024

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Tesla Stock

Tesla dived as much as 6.9% Monday, hitting its lowest level since May 2023, before finishing with a 3.65% loss. Shares are around 40% off their 52-week high.

Tesla earnings estimates for 2024 are now below 2023’s level, signaling another year of negative growth for this growth story stock. Meanwhile, the EV giant on Sunday raised the U.S. price of its Model 3 Long Range variant.

Analysts now expect Tesla earnings per share of just $3.08 a share in 2024, according to FactSet. That would be a 1% decline vs. last year’s $3.12. That was a 23% decline vs. 2022.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed during Monday’s stock market action.

Apple climbed 1% Monday, still below its 50-day line after sharp losses in recent weeks. Shares continue to trace a flat base with a 199.62 buy point.

Microsoft stock declined 1.35% Monday, ending a two-day rally. Shares are extended past a 366.78 cup-base buy point.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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