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Recent gains dominated by market rally


Jun 5, 2023

After hours on Monday, Dow Jones futures, as well as S&P 500 and Nasdaq futures, fell slightly following a modest decline in stock market gains. Both Mobileye and Sprinkler, two recent IPOs, moved overnight after the news. The Nasdaq and S&P 500 had turned negative earlier that day as major indices fell, and Apple (AAPL) shares experienced a slight drop. Despite this, most of last week’s gains were maintained. Apple shares fell slightly after unveiling its highly anticipated Vision Pro mixed reality headset. Meanwhile, Tesla (TSLA), Fortinet (FTNT), DexCom (DXCM), Shopify (SHOP), and Wingstop (WING) remain in a buying range.

Bitcoin experienced a significant drop after the SEC sued the world’s largest cryptocurrency exchange Binance and co-founder Zhao Changpeng on suspicion of securities violations and illegal operations of US COIN stocks. Bitcoin miners, like Marathon Digital, also fell. The SEC has warned that it may take action against Coinbase (COIN).

Late on Monday, marketing software maker Sprinkler (CXM) reported better-than-expected first-quarter profit and revenue growth. CXM shares surged more than 3% in late trading. Sprinkler shares, due for an IPO in 2021, closed just above a short-term rally seen as a handle to an eight-month selloff. Meanwhile, Mobileye (MBLY) fell 3.5% in late trading, suggesting a move below 50 days.

Tesla shares are on the IBD leaderboard, and Wingstop is on the leaderboard’s watchlist. FTNT stock was added to SwingTrader on Monday and is included in the IBD long-term leader. WING stock and Fortinet are included in his IBD 50. Fortinet was IBD Stock of the Day on Monday.

After hitting an intraday high of 184.95, Apple shares closed 0.8% lower at 179.58 after unveiling the highly anticipated Vision Pro mixed reality headset at its annual Worldwide Developers Conference. Aimed at gaming, communication, and productivity, the $3,499 price tag is higher than speculation of around $3,000 and could deter potential buyers.

Monday’s gains in the stock market showed a modest overall decline after the Nasdaq rebounded from its solid gains in the morning. The Dow Jones Industrial Average fell 0.6% in stock market trading on Monday, while the S&P 500 index fell 0.2%. The Nasdaq Composite fell 0.1%. Small-cap Russell 2000 fell 1.3%.

Some stocks signaled a flash buy on Monday, but investors should not force exposure and instead be pulled into the rising market gradually. When the market starts to slump, it’s crucial to watch out for exits and prepare your watchlist.

By Editor

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