Dow Jones futures edged lower late Monday, along with S&P 500 futures and Nasdaq futures. Tesla (TSLA) touted its self-driving advances Monday but a sinking Tesla stock made the case for putting investing on autopilot. Meanwhile, while Lyft stock has flopped after a much-hyped initial public offering, a number of recent IPO stocks are worth watching. They include tech unicorns Pinterest stock and Zoom stock, but also Tradeweb stock, Jumia stock and PagerDuty stock.
XTo be clear, none of these IPOs has even a short IPO base. They should not be bought right now. But these five IPOs have acted well so far. Pinterest (PINS), Zoom Video Communications (ZM), Tradeweb Markets (TW), Jumia Technologies (JMIA) and PagerDuty (PD) are all growing rapidly. Zoom stock and Tradeweb stock are actually profitable.
Lyft stock could also set up eventually. But it's preferable for an IPO base or other consolidation to form after a modest uptrend. Lyft stock has fallen well below its 72 offering price.
Dow Jones Futures Today
Dow Jones futures fell 0.15% vs. fair value. S&P 500 futures sank 0.1%. Nasdaq 100 futures were slightly below fair value. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Current Stock Market Rally
The current stock market rally continued to hover near record highs. The Dow Jones dipped 0.2%, the S&P 500 index rose 0.1% and the Nasdaq composite 0.2%.
Growth stocks tended to outperform. Among the best ETFs, Innovator IBD 50 (FFTY) advanced 0.5% on Monday. The iShares Expanded Tech-Software Sector ETF (IGV) rebounded 1% after losing 1.6% last week. The VanEck Vectors Semiconductor ETF (SMH) did dip 0.1% but after spiking 3.3% last week.
Tesla Autonomy Day
Tesla Autonomy Day was a chance for CEO Elon Musk to tout Tesla autonomous driving features. Musk said a new chip and other hardware are capable of full self-driving, once the software improves. He also said lidar is "lame" even as nearly every other self-driving effort uses the laser-based sensors extensively. Musk also suggested a Tesla robotaxi service could begin next year.
Tesla Autonomy Day event kicked off in late afternoon and continued after the stock market close.
Tesla Stock
Tesla stock fell 3.85% to 262.75 on Monday, with the Autonomy Day event having little impact. Investors may be looking ahead to the Tesla earnings report on Wednesday, with forecasts for a loss.
Tesla stock actually makes the case for putting investing on autopilot.
The relative strength line, which tracks a stock vs. the S&P 500 index, hit a six-month low on a daily chart. But on a weekly chart, the RS line is at its lowest level since late 2016, and almost at a five-year low.
Since a truly impressive rally in 2013, Tesla stock has failed to keep up with the S&P 500 index. At that September 2013 peak, investors would have been better off selling Tesla stock and buying an S&P 500 index mutual fund or ETF.
Of course, an active investor could have found dozens or hundreds of quality stocks over the past several years that outperformed the S&P 500 index for long stretches. But don't invest in speculative stocks if you're going to be asleep at the wheel.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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2019-04-23 00:22:30Z
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