BREAKING: Stocks Open Slightly Lower
While the market indexes came under pressure last week, this year’s impressive rally remains intact. That has top growth stocks like Tesla stock, Nvidia (NVDA), Meta Platforms (META), Uber Technologies (UBER), Celsius (CELH) and more entering the IBD Leaderboard universe.
United Airlines (UAL), ELF Beauty (ELF), Penumbra (PEN) and June IPO Cava (CAVA) have also landed on the Leaderboard watchlist.
A common question for investors owning or watching all these stocks as the market feels some heat but also shows resilience is this: How are Tesla (TSLA), META, NVDA and others faring around their key moving averages?
Tesla stock, for example, pulled back toward its 50-day moving average after reporting earnings on July 19. Today, the EV leader failed to hold support at that benchmark. Volume on much of the post-earnings pullback has been below average, but note how Tesla reversed higher off its lows Monday. It still closed the session below the 50-day line but near the top of the day’s price range.
The company announced that Tesla’s CFO will step down.
Meta stock, on the other hand, continues to show impressive resilience in the face of market pressure, staying solidly above its 21-day exponential moving average. It also reversed higher Monday to closes with nearly a 2% gain in light volume.
After gapping up in heavy volume following earnings on May 25, Nvidia stock is now testing its own 21-day line. The artificial intelligence and semiconductor powerhouse jumped out of a three-weeks tight pattern last month and has refused to breach its 10-week line. With its next quarterly earnings report due Aug. 23, Nvidia remains within a 439.90-461.90 buy zone.
Celsius stock, which was featured in this column on July 31, has struggled to hold support at its 50-day line but managed to do so to kick off the new week. Like Nvidia, the maker of calorie-burning fitness drinks remains in buy range. The buy zone extends from 140.85 to 154.94.
Swiss shoemaker On Holding (ONON), as well as database and AI play MongoDB (MDB), are both exploring buy zones and buy points while testing their own key moving averages.
ONON stock has so far held above its 21-day line, while MongoDB showed resilience Monday by bouncing off its 50-day moving average.
A new addition to IBD Leaderboard, Shake Shack (SHAK) has also stirred up an entry point for investors, rebounding off its 10-week line. The burger-and-shake chain trades within a 74.65-82.12 buy zone.
Tapping into the AI lovefest among top funds, Meta stock and Tesla stock are both riding the artificial intelligence zeitgeist lifting many tech and growth stocks. Top money managers invested a whopping $10.1 billion in Meta stock and scooped up just under $1.4 billion worth of Tesla stock recently.
Fellow IBD Leaderboard stocks MDB and Martin Marietta (MLM) also made this month’s list of new buys by the best mutual funds. ELF stock, which has rocketed since bottoming out in May of 2022, gets ready for its close-up with a spot on the IBD Leaderboard watchlist.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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