Dow Futures: Stock Market Rally Hits Record Highs As Tesla Surges; 3 Tech Giants Break Out

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower early Tuesday following Monday's record highs. Tesla stock surged on strong deliveries, while tech giants Alphabet, Facebook and Microsoft are in new buy zones.

On Monday, the tech-heavy Nasdaq composite advanced 1.7%. The S&P 500 moved up 1.4%, while the Dow Jones Industrial Average traded up 1.1%.

Among the Dow Jones leaders, Apple (AAPL) rallied 2.4% Monday, while Microsoft (MSFT) raced 2.8% higher in today's stock market. Boeing (BA) moved out of buy range following last week's bullish move.

Tesla (TSLA) surged 4.4% Monday after the company reported strong deliveries. FANG leaders Alphabet (GOOGL) and Facebook (FB) broke out past new buy points Monday.

Tesla's (TSLA) first-quarter deliveries easily beat estimates Friday, despite the growing number of electric vehicle competitors and the global chip shortage weighing on production across the industry. Tesla stock rose Monday.

Deliveries of 184,800 were up 109% from a year ago and 2.3% from Q4, defying predictions for a sequential decline. Analysts on average had forecast 168,000, according to FactSet.

Tesla's Q1 deliveries consisted exclusively of the Model 3 and Model Y, though its production total of 180,338 included 2,020 Model S sedans and Model X SUVs.

The strong results come amid gains from a growing array of rivals. On Thursday afternoon, Ford (F) reported Q1 sales, including 6,614 Mustang Mach-E electric crossover vehicles.

Last month, Morgan Stanley analysts said the Mach-E stole EV share from Tesla after Ford reported February tallies.

Meanwhile, Tesla's top Chinese rival Nio (NIO) reported sales of 20,060 units, topping its lowered forecast. Xpeng (XPEV) reported 13,340, and Li Auto's (LI) notched 12,579.

Before Friday's report, RBC Capital Markets Research analysts projected Tesla deliveries of 170,000 units, down from a previous view for 182,000 deliveries, as chip and battery shortages squeeze EV makers.

Shares rallied 4.4% to close at 691.05 on the stock market today after surging 7% in premarket trade. The relative strength line for Tesla stock also is rising again. Chinese EV stocks reversed lower. Nio stock dipped 0.9%, Xpeng lost 2.5%, and Li Auto (LI) eased 1.2%.

Meanwhile, Wedbush analyst Daniel Ives upgraded Tesla stock to outperform on Monday and lifted his price target to 1,000 from 950, with a long-term bull case reaching 1,300.

"In our opinion the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla's Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway," he wrote in a note.
"We now believe Tesla could exceed 850k deliveries for the year with 900k a stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector."

Noting deliveries in China were especially strong, Ives estimated that the country could represent about 40% of the total for Tesla by 2022.

Among the top stocks to watch, chip leaders Nvidia (NVDA) and Qorvo (QRVO) are in or near buy zones.

Alphabet, Boeing and Microsoft are IBD Leaderboard stocks. Nvidia and Qorvo were featured in this week's Stocks Near A Buy Zone column. Alphabet and Microsoft were discussed in Monday's IBD Live show.

Dow Jones Futures Today
Ahead of the stock market open Tuesday, Dow Jones futures lost 0.3% vs. fair value, while S&P 500 futures moved down 0.2%. Nasdaq 100 futures lost 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.

U.S. Stock Market Today Overview
Index    Symbol    Price    Gain/Loss    % Change
Dow Jones    (0DJIA)    33525.48    +372.27    +1.12
S&P 500    (0S&P5)    4077.78    +57.91    +1.44
Nasdaq    (0NDQC )    13705.59    +225.48    +1.67
Russell 2000    (IWM)    224.83    +1.09    +0.49
IBD 50    (FFTY)    45.00    +0.39    +0.87
Last Update: 4:54 PM ET 4/5/2021
On Monday, the 10-year Treasury yield closed at 1.72%, just below last week's 14-month high of 1.765%.

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.8% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rallied 2%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 1.4%.

Stock Market Rally: Dow, S&P Hit New Highs
Amid the current stock market rally, the Dow Jones Industrial Average and S&P 500 hit record highs Monday.

Meanwhile, the tech-heavy Nasdaq regained its key 50-day moving average on Thursday and moved past resistance around the 13,600 level, extending a win streak to three sessions.

Thursday's Big Picture commented, "On Thursday, the Nasdaq added 1.8% after gapping up at the open, in a second straight day of solid gains. The composite closed just above its 50-day moving average after spending two weeks below it. But don't take that as an absolutely positive sign. It would do the Nasdaq some good if it can make a decisive move above that line. Also, the Nasdaq is coming up against a test of possible resistance around the 13,600 level."

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Bitcoin Price
Bitcoin hit its high-water mark on March 13, topping out at $61,556. The price of Bitcoin held flat Monday at around $58,250, according to CoinDesk.

The Grayscale Bitcoin Trust (GBTC) jumped 4% Monday, adding to its rebound from the 50-day moving average.

Dow Jones Stocks: Boeing
Inside the Dow Jones Industrial Average, Boeing moved out of buy range above a 244.18 buy point in a cup base. The 5% buy range goes up to 256.39. Shares closed Monday at 259.36.

Shares rallied 2.5% Monday.

Stocks In Buy Zones: Alphabet, Facebook
IBD Leaderboard stock Alphabet is breaking out past a flat base's new buy point at 2,145.24, according to IBD MarketSmith chart analysis. Shares are in the 5% buy zone that goes up to 2,252.50 amid Monday's 4.2% advance.

According to Leaderboard commentary, "Alphabet held up better than other big-cap techs when the sector slumped. Support at the 21-day line is now much better. The stock also found support at the 50-day line. The last base was second stage, which is positive."

Fellow FANG stock leader Facebook is trading just above a cup-with-handle's 299.81 buy point. On Monday, Facebook stock rallied 3.4% to move into buy range.

Chip Stocks To Buy And Watch: Nvidia, Qorvo
Graphics-chip maker Nvidia continues to move up the right side of a new cup base, offering a 615 buy point. Be on the lookout for a potential handle to offer a more risk-optimal entry.

Nvidia stock rallied 1.3% Monday, extending a win streak to three sessions.

According to IBD Stock Checkup, Nvidia stock shows a solid 93 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock's fundamental and technical metrics.

Elsewhere in the semiconductor industry, Qorvo is in buy range past a 191.93 entry in a consolidation. Shares are also above an early entry at 186.96 following Friday's breakout move. Qorvo stock gained 2.8% Monday.

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Tesla Stock
Tesla stock surged as much as 7% Monday before paring gains to 4.4% following the company's strong deliveries. Shares of Tesla are eyeing their 10-week line, which is a key resistance level.

Tesla could be forming a new base, but it is too early for a new risk-optimal buy point.

On Feb. 22, Tesla broke down through its key 10-week moving average line, a critical support level. On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rallied 2.4% Monday, pushing a win streak to three sessions. Apple stock is rebounding from its 40-week line and could soon again try to reclaim its 10-week line.

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On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.

Meanwhile, software giant Microsoft moved up 2.8% Monday. Microsoft is breaking out past a flat base's 246.23 buy point and is in buy range.