The major stock indexes opened modestly higher Tuesday. The Dow Jones industrials gained about 100 points in today's stock market, boosted by Dow Jones stocks Goldman Sachs (GS) and JPMorgan (JPM). Hot IPO stock StoneCo (STNE) soared to an all-time high after its earnings results. Chinese IPO Tencent Music Entertainment (TME), meanwhile, will report its earnings after the stock market close.
XAmong exchange traded funds, the Innovator IBD 50 Fund (FFTY) gained about 0.5%, indicating that top growth stocks are performing in line with Tuesday's early stock market rally. The ETF is approaching potential resistance around its 200-day line.
Current Stock Market Action
The tech-heavy Nasdaq composite gained 0.3%. The S&P 500 rose 0.3%, while the Dow Jones industrials rallied 0.4%. Year to date, the Nasdaq is up about 16%, while the S&P 500 shows a 13% gain. The Dow has advanced about 11%.
The Nasdaq remained above a key support level in today's stock market, the 200-day moving average, which it regained amid last week's hefty advance. The S&P 500 and Dow Jones industrials, meanwhile, were also above it, with the S&P 500 edging above long-term resistance near 2800. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Goldman, JPMorgan Lead
Among the Dow Jones stocks, Goldman Sachs and JPMorgan were two of the top performers in morning trade Tuesday. Goldman stock gained 1.5%, extending a win streak to eight trading sessions. The investment bank is approaching its long-term 200-day line.
JPMorgan moved up 1%, as it tests its long-term 200-day line. Shares are about 9% off their 52-week high.
Stock Market Earnings: HD Supply, StoneCo
Health savings account-provider HealthEquity (HQY) topped analyst estimates late Monday. Shares reversed from early losses Tuesday to turn unchanged. HealthEquity stock is just below an 84.10 buy point in a deep cup-with-handle base.
Marijuana stock Tilray (TLRY) flattened, trading a fraction higher after its Q4 results late Monday. Fellow cannabis stock Canopy Growth (CGC) gained 1% and is about 12% away from a 51.91 buy point in a cup with handle.
Leaderboard watch list stock HD Supply (HDS) backed off from a potential breakout after its Q4 earnings before the stock market open. The industrial distributor turned unchanged and is approaching a 44.77 buy point in a cup with handle.
IPO stock StoneCo jumped 20% after it reported its quarterly earnings results late Monday. The Brazilian point of sale technology and services provider moved past a 34.60 entry in a deep cup-with-handle base Monday.
Fellow IPO Leader Tencent Music Entertainment will report after the stock market close Tuesday. Analysts anticipate the Chinese IPO to earn 8 cents per share on revenue of $770 million.
Top Stocks To Watch: Essent Group
Among the IBD 50 stocks, Essent Group (ESNT) moved up more than 1% early Tuesday, adding to Monday's breakout. The stock is in the 5% buy zone of a 45.16 buy point from a handle entry.
According to IBD Stock Checkup, Essent stock has a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company's stock.
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