Market Rally Retreats On Apple Reveal, But Not Much; 5 Stocks In Buy Areas

Dow Jones futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures after a modestly down session for the stock market rally. Two recent IPOs, Mobileye and Sprinkler, moved on news.

The major indexes retreated Monday, with the Nasdaq and S&P 500 turning negative as AAPL stock reversed slightly lower. But they held onto the bulk of last week’s gains.

Apple (AAPL) reversed slightly lower after unveiling the long-awaited Vision Pro mixed-reality headset,

Tesla (TSLA), Fortinet (FTNT), DexCom (DXCM), Shopify (SHOP) and Wingstop (WING) are in buy range.

Bitcoin plunged as the SEC filed charges vs. Binance, the world’s largest cryptocurrency exchange, and co-founder Changpeng Zhao, for alleged securities violations and operating illegally in the U.S. COIN stock and Bitcoin miners such as Marathon Digital tumbled as well. The SEC has threatened action vs. Coinbase (COIN).

IPOs Moving Late

Late Monday, marketing software maker Sprinkler (CXM) reported a better-than-expected first-quarter profit and revenue gain. CXM stock popped nearly 4% in late trade. Sprinkler stock, a 2021 IPO, had closed just above a short consolidation that could be viewed as a handle to an eight-month consolidation.

Meanwhile, Mobileye (MBLY) fell 3% in late trade, signaling a move back below the 50-day. The self-driving systems firm said it will sell 35 million shares on behalf of Intel (INTC), which spun off Mobileye in an IPO last year. MBLY stock fell 2.7% to 42.37 on Monday. Shares are set to fall below their 50-day line.

Tesla stock is on IBD Leaderboard, with Wingstop on the Leaderboard watchlist. FTNT stock was added to SwingTrader on Monday and is on IBD Long-Term Leaders. WING stock and Fortinet are on the IBD 50. Fortinet was Monday’s IBD Stock Of The Day.

The video embedded in this article discusses Monday’s market action and analyzes FTNT stock, Samsara (IOT) and Fluence Energy (FLNC).