The much-hyped wrestling match between Meta Platforms CEO Mark Zuckerberg and Tesla CEO Elon Musk never made it to the mat. But with the market indexes trading below their 50-day moving averages as the correction continues, bellwether names like Meta, Nvidia, Uber are grappling to get the upper hand on that benchmark line. Meta stock and Uber are working on new bases as they join Nvidia and a handful of others on IBD Leaderboard.
Seven stocks have popped onto the IBD Leaderboard watchlist, including DraftKings and enterprise software firms ServiceNow, Salesforce and Manhattan Associates.
Amid the current market turbulence, it's encouraging to see growth stocks in the tech space, such as Nvidia and Meta, earn a spot on the latest list of new buys by the best mutual funds. Top money managers have also continued to show demand for enterprise software firms, with NOW, MANH and CRM stock all commanding a spot on this monthly screen.
Nvidia Stock Shakes Off French Raid
Last week, French authorities raided Nvidia's offices on suspicion that the graphics and artificial intelligence powerhouse engaged in anticompetitive practices. But early Monday, Nvidia stock shook off that news as it gained nearly 3% Monday to close right at its 50-day line.
The IBD Leaderboard team trimmed its position in Nvidia after it reversed well below an add-on entry. But the AI icon continues to hold a spot on IBD Leaderboard, and institutional investors continue to scoop up shares. In addition to making the latest list of new buys by top money managers, the number of mutual funds owning the stock has surged from 5,482 in the first quarter to 6,221 currently.
Meta Stock Getting A Handle On This Market
As the Nasdaq aims to build on a potential rebound, Meta stock has crafted a 326.20 buy point in a consolidation. But a 312.87 handle entry is acceptable too.
Meta has managed to hold support around the 50-day line, bounding off of it Monday to kick off the week.
In a sign of market leadership, the relative strength line for Meta stock has already hit a 52-week high.
The parent of Facebook, WhatsApp and Instagram has launched an impressive rebound in sales and earnings growth after an extended slowdown.
Like Nvidia, Meta has been riding the AI boom as it looks to spur another run after rebounding sharply from last year's bear market.
Uber Stock Navigates Support And Resistance
Like Nvidia, Uber got trimmed last month on IBD Leaderboard as it skidded below its 10-week moving average. The ride-share pioneer already reached its 20% profit goal from a 37.58 entry.
As with Meta stock, the relative strength line for Uber has already hit a 52-week high. The 50-day benchmark now presents a key test for Uber stock as it tries to clear and stay above that line.
The current entry for Uber is 49.49 in a third-stage flat base.
ANET Stock Claws Back Into Buy Zone
The market's wrestling match with key moving averages continues as Arista Networks battles back into its buy zone.
Like fellow Leaderboard names Nvida and Meta, Arista has tapped into the AI zeitgeist. As noted when ANET stock was featured as the IBD Stock Of The Day on Aug. 14, the cloud leader expects to see a revenue boost from AI by 2025. Tied to that trend, Arista's biggest customers include Meta Platfforms and Microsoft.
ANET stock has found support at its 10-week line, creating a buy zone ranging from 181 to 199.10. The relative strength line remains near highs. Arista previously gave back gains from a base entry of 178.36 but has shown resilience during this market correction.
As with Nvidia, Uber, Meta stock and the other IBD Leaderboard stocks, action in the market indexes will impact how aggressive or defensive investors should trade. Keep an eye out for a follow-through day in the S&P 500, Nasdaq or Dow to signal a potential change in trend.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
