Dow Jones futures were little changed in early Tuesday, along with S & P 500 futures and Nasdaq futures. Tesla (TSLA) announced its self-driving progress on Monday, but a declining Tesla share price supported investment in the autopilot. While the shares of Lyft have fallen after a much-hyped IPO, a number of IPOs of recent times is interesting. These include Tech Unicorns, Pinterest Stocks and Zoom Stocks, but also Tradeweb Stocks, Jumia Stocks and PagerDuty Stocks.
No IPO even has a short IPO base. They should not be bought now. But these five IPOs have worked well so far. Pinterest (PINS), Enlarge Video Communication (ZM), Tradeweb Markets (TW), Jumia Technologies (JMIA) and PagerDuty (PD ) all grow fast. Zoom and Tradeweb shares are actually profitable.
Lyft shares could also build up. However, it is preferable that after a modest uptrend an IPO basis or other consolidation forms. The stock of Lyft has fallen well below the offer price of 72.
Dow Jones Futures Today
The Dow Jones Futures, the S & P 500 Futures, and the Nasdaq 100 Futures all rose less than 0.1% from Fair Value. Keep in mind that the overnight action in Dow futures and elsewhere is not necessarily translated into actual trading in the next regular trading session.
Current Stock Market Rally
The current stock market rally continued to hover near record highs. The Dow Jones fell 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) rose 0.5% on Monday. The iShares expanded tech software sector (IGV) recovered by 1% after a loss of 1.6% last week. The VanEck Vectors Semiconductor ETF (SMH) fell 0.1%, after rising 3.3% last week.
Tesla Autonomy Day
The Tesla Autonomy Day was an opportunity for CEO Elon Musk to highlight Tesla's autonomous driving features. Musk said a new chip and other hardware can fully self-drive as the software improves. He also said Lidar was "lame," even though almost every other self-propelled effort makes extensive use of the laser-based sensors. Musk also suggested that a Tesla robotaxi service could start next year.
The Tesla Autonomy Day event began in the late afternoon and continued after the close.
Tesla shares fell 3.85% to 262.75 on Monday. Autonomy Day has little impact. Investors could look to the Tesla earnings report on Wednesday for a loss forecast.
The Tesla share is in favor of an investment in the autopilot.
The relative strength of a stock versus the S & P 500 Index, a 6-month low on a daily chart. However, on a weekly chart, the RS line is at its lowest level since the end of 2016 and almost at a five-year low.
Since a truly impressive rally in 2013, the Tesla share has not reached the S & P 500 index. At this peak in September 2013, investors could have sold Tesla shares better and bought an investment fund of the S & P 500 or an ETF.
Of course, an active investor over the past few years would have found tens or hundreds of quality stocks outperforming the S & P 500 index over long distances. But do not invest in speculative stocks while you're at the wheel.
Follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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