Dow Jones Futures: Google, These 3 Dow Giants Are In Focus

Dow Jones futures were little changed Sunday night, along with S&P 500 futures and Nasdaq futures. The current stock market rally generally moved higher last week, as the Nasdaq hit record highs. Stock market attention on Monday turns to Google parent Alphabet (GOOGL), Boeing (BA) and Walt Disney (DIS), with Apple (AAPL) on Tuesday.

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But don’t forget about the dozens of top companies reporting earnings this week, with several in or near buy zones, including Google stock. Google stock boasts a best-possible 99 IBD Composite Rating and is in buy range.

Dow Jones Futures Today

Dow Jones futures, S&P 500 futures and Nasdaq 100 futures all rose less than 0.1% vs. fair value. Boeing stock, Disney stock and Apple stock are all Dow Jones and S&P 500 components, with Apple also in the Nasdaq composite.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

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Current Stock Market Rally

Last week the Nasdaq cleared its all-time highs, fully erasing the late 2018 stock market correction. The S&P 500 index finishing the week just 1 point off an all-time best. The Dow Jones edged lower.

Among the best ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) surged 4.2%, led by Microsoft (MSFT) and ServiceNow (NOW). The VanEck Vectors Semiconductor ETF (SMH) fell 1.8% on Xilinx (XLNX) and Intel (INTC). The Innovator IBD 50 ETF (FFTY) jumped 1.8%.

Not only did software sector rally strongly, and re-establish its stock market leadership, but many top software stocks are near buy points.

Google Earnings

Google earnings are expected to rise 6% vs. a year earlier to $10.53 a share. That would be a sharp slowdown from Q4’s 32% pace.

Google stock is in buy range from a 1,236.53 buy point from a nine-month saucer with handle, closing Friday at 1,277.42. Volume on the breakout was so-so at best. Google stock is about 1% off its record high of 1291.44. The relative strength line is trending higher but is a little further below its record levels. It’s only just now reaching the short-term handle high.

No ‘Endgame’ For Disney Stock Rally?

Box office for Disney’s “Avengers: Endgame” topped $1.2 billion worldwide in its first five days of release, a new record and well above estimates. Will that big upside surprise keep pushing the Dow Jones stock higher? Disney stock has surged 20% in the last 10 sessions, fueled by “Avengers” optimism and the looming Disney+ streaming service.

Boeing Shareholder Meeting

Boeing holds its annual shareholder meeting in Chicago Monday. While the Dow Jones aerospace giant just reported first-quarter earnings last week, Boeing management is sure to face tough questions from investors and analysts about the 737 Max fiasco.

Boeing said Sunday it’ll make an angle-of-attack disagree alert standard on all 737 Max planes. Southwest Airlines (LUV) said it wasn’t told that a standard safety feature in the Boeing 737 Max had been deactivated until last October’s Lion Air crash. Meanwhile, American Airlines (AAL) pilots want more extensive Boeing 737 Max training than the company has proposed, Reuters reported.

Boeing stock has been trading between its 50-day and 200-day moving average for several weeks.

Apple Earnings

Apple earnings are due Tuesday night. Analysts expect Apple earnings to show a 14% decline for fiscal Q2  amid continued weak iPhone demand in China. Revenue should fall for a second straight quarter.

But an Apple dividend hike and share buyback program may be in the offing as part of the earnings report, analysts say. That could support Apple stock.

Apple stock closed Friday at 204.30. Shares of the Dow Jones tech titan are still in buy range from a 197.79 cup-with-handle buy point. The Apple stock breakout came on low volume. The base was deep and the handle just above the midpoint of the base. The RS line is well off record highs. All of those are not great signs for Apple stock.

Focus On Top Stocks In Stock Market Rally

Keep in mind that that in addition to Google stock, there are six stocks with Composite Ratings of at least 95 that report earnings. Chegg (CHGG), a textbook and online education provider, is near a buy point.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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