Stock Market Rally Awaits Fed Chief Powell, Key Economic Data; Apple Extends Slide | Investor's Business Daily - Investor's Business Daily

The stock market rally closed mixed Tuesday with Apple (AAPL) once again a drag on the major indexes, along with Amazon.com (AMZN) and Tesla (TSLA).

Nasdaq 100 futures rose 0.1%.

Crude oil futures rose 1%.

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

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

After Monday's sharp selling, the stock market rally closed mixed Tuesday.

The Dow Jones Industrial Average closed just above break-even in Tuesday's stock market trading.

Apple stock fell 2.1%, its third straight significant decline, as China Covid cases, lockdowns and protests weigh on the tech giant.

Above the 50-day line looms 200-day resistance for AAPL stock.

Amazon stock declined 1.6% and Tesla stock fell 1.1%, both retreating from near their 21-day lines.

The 10-year Treasury yield rose 5 basis points to 3.75%.

Tesla stock is a major holding across Ark Invest's ETFs.

Boeing stock rose 2% to 175.32 on Tuesday, back above a 173.95 cup-base buy point, according to MarketSmith analysis.

The recent pause in BA stock has the 21-day line catching up.

Chevron stock climbed 1.45% to 180.94, slightly below the 182.50 buy point and just above the 21-day line.

But with Chevron stock right at the 21-day and no longer extended from the 50-day, it's looking more interesting.

The stock market rally is pulling back with key technical tests and economic data on tap, along with uncertainty over China's Covid policies.

The S&P 500 index is extending a pullback from just below the 200-day moving average, but still above its 21-day line.

The Russell 2000, which dropped back below the 200-day and 21-day lines on Monday, nudged back above the 21-day.

The laggard Nasdaq fell below the 21-day line and is closing in on its 50-day line.

Apple stock, Tesla and other megacaps have been weighing on the Nasdaq and the S&P 500 index.

The silver lining is that the stock market isn't rallying into Fed speeches and important economic data.

If the market rally revs higher soon, a large of number of stocks will look actionable.

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