The stock market picked up where it left off Friday — with more record gains. On Friday, the Nasdaq composite and S&P 500 hit fresh record highs. Early Monday, they did it again, rising on the back of a potential NAFTA deal between the United States and Mexico. Top growth stock ServiceNow (NOW) is trying to break out above a potential buy point — according to MarketSmith chart analysis — while cybersecurity leader Palo Alto Networks (PANW) edged higher after Friday’s breakout.
The Dow Jones industrial average led the major indexes with a 0.8% gain, but remains off its highs set back in January. The tech-heavy Nasdaq and S&P 500 advanced about 0.7% apiece, setting fresh record highs. The Nasdaq reached the 8,000 price level for the first time.
Among the Dow stocks, Caterpillar (CAT) was one of the top performers with a more than 2% gain. Shares are trying to recapture their 50-day line, where they have found resistance in prior weeks.
Electric automaker Tesla (TSLA) fell about 2% after the company decided to remain public. CEO Elon Musk gave up on a plan to go private. Tesla stock is trading about 17% off its 52-week high and below its 50-day line.
IBD 50 stock Palo Alto Networks surged to a breakout Friday, moving up about 4% in heavy volume. Shares rose 0.3% Monday and are nearing the top of the 5% buy range. The buy range tops out at 230.45.
Domino’s Pizza (DPZ) was unchanged early Monday, and is still above a 295.34 buy point. On Friday, the stock broke out above cup-with-high-handle entry.
Hot IPO stock BJ’s Wholesale Club (BJ) reversed slightly lower in early trade, as it looked to snap a seven-day win streak. The retailer is set to report its quarterly earnings before the market open Tuesday. Analysts expect the company to earn 27 cents per share on revenue of $3.28 billion. Shares are extended from a 27.56 buy point.
