The major stock indexes slid from record highs Monday amid reports of Chinese pessimism on a potential U.S.-China trade deal. The Dow Jones industrials traded mostly unchanged in today's stock market, handily outperforming the tech-heavy Nasdaq composite and S&P 500.
XAmong the Dow Jones stocks, Apple (AAPL) hit a key profit zone, while Visa (V) is approaching a potential buy point. Outside of the Dow Jones industrials, top Chinese stock Alibaba (BABA) is in buy range ahead of its Hong Kong IPO.
Check out this week's IBD Investing Action Plan for important stock market events, like earnings results from Dow Jones stock Home Depot (HD) and top retailer Target (TGT). Meanwhile, Tesla (TSLA) will unveil its electric pickup truck on Thursday.
Dow Jones Leads In Current Stock Market Rally
The Nasdaq composite slid 0.2% early Monday. The S&P 500 dropped 0.15%, while Dow Jones industrials turned higher after early losses.
All three major indexes hit record highs Friday. Year to date, the Nasdaq composite is up about 28%. The S&P 500 has gained about 24%, while the Dow Jones Industrial Average has climbed about 19%.
Among exchange traded funds, Innovator IBD 50 (FFTY) outperformed with a 0.3% advance Monday. The ETF of top growth stocks reached its highest level since early September.
Dow Jones Stocks: Apple's Strong iPhone Sales
Among the Dow Jones stocks, Apple reached an all-time high following a Bloomberg report of strong iPhone 11 sales in China, before reversing lower. Apple shares hit the 20%-25 profit-taking level from a 221.47 buy point in a flat base, according to MarketSmith chart analysis. The profit zone starts at 265.76. Apple is an IBD Leaderboard stock idea.
Elsewhere in the Dow Jones Industrial Average, Home Depot looked to extend a win streak to five trading sessions early Monday with a modest 0.4% rise. Shares are rebounding from their 50-day moving average line. Home Depot stock will report earnings before the stock market open.
One of this week's top stocks to watch, top payment stock Visa is approaching a 182.50 buy point in a cup with handle. Shares rose 0.2% in morning trade.
Stock Market Earnings: Chip Leader Plunges
Cabot Microelectronics (CCMP) sold off more than 10% after the company's weak guidance for the current quarter. Shares are now about 12% above a 124.86 buy point in a cup with handle. Cabot stock is piercing its 50-day line support level.
Among other chip stocks, graphics-chip maker Nvidia (NVDA) looked to rebound from Friday's 2.7% decline with an over-2% rise Monday. Nvidia stock is extended beyond the 5% buy zone from a 188.50 entry in a cup with handle.
Top Stocks To Watch: Alibaba In Buy Range
Among the IBD 50 top growth stocks, Alibaba (BABA) remains in the 5% buy zone above a cup with handle's 184.23 buy point. Alibaba stock was mostly unchanged amid the morning volatility.
Alibaba's new Hong Kong IPO is expected to begin trading on Nov. 26. The company will set the IPO price on Nov. 20.
According to IBD Stock Checkup, Alibaba has a 91 out of a best-possible 99 IBD Composite Rating. Investors can use the Composite Rating as an easy gauge of a stock's fundamental and technical metrics.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.
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