The stock market jumped higher early Monday with the Dow Jones industrial average leading the way, after Treasury Secretary Steven Mnuchin said over the weekend that the trade war with China was on hold. Top growth stock Micron Technology (MU) rebounded from a two-day losing streak after the company issued bullish fiscal Q3 guidance. (For updates on this story and other market coverage, visit Stock News Today.)
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The Dow Jones industrial average paced the major indexes with a 1.2% advance in morning trade Monday, while the S&P 500 followed up with a 0.7% gain. The tech-heavy Nasdaq moved up 0.9% after two straight days of minor losses.
Among the Dow stocks, Caterpillar (CAT) rose 2.5%, as it continues to form the right side of a potential formation.
Boeing (BA) added to its recent breakout gains with a near-3% rise Monday. Shares broke out above an early entry of 348.67 in modest volume Friday. The stock is about 3% above that level.
Intel (INTC) gained 2.6%, as it traded around a recent buy point. Shares were vacillating around a 53.88 flat-base entry after several attempts to move above that resistance level.
Among companies reporting earnings, Leaderboard member Pure Storage (PSTG) will announce its Q1 results after the close. Analysts expect the data storage play to lose 12 cents per share on revenue of $253 million. Shares are extended from a cup with handle's 21.43 buy point. The stock hit a new high Monday.
Fellow data storage stock and IBD 50 name Micron Technology snapped a two-day losing streak, as it advanced almost 5% after the company raised its fiscal Q3 guidance. Shares are building the right side of a potential base, according to MarketSmith's chart analysis. Right now, the buy point is 63.52.
Among the FANG stocks, Netflix (NFLX) outpaced its peers with a 2% rise. Shares have been quietly trading above the 50-day line over the past several weeks.
Inside The IBD 50
Among the top growth stocks, Chinese leader Alibaba (BABA) rose more than 2% and continues to trade just under a double bottom's 201.60 buy point. So far, the stock has had trouble clearing the 200 price level.
On the downside, Baozun (BZUN) slid about 2% and is just above a base's 52.43 buy point after last week's earnings-generated breakout.
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