Dow Jones Today, Futures Pare Gains; Tesla Extends Rally; Steelmakers Climb On

Stocks jumped at the starting bell hen turned mixed Monday, as the Dow launched into November with another new high. Align Technology (TSLA) and Diamondback Energy (FANG) were early leaders. ON Semiconductor (ON) rallied on earnings. Steelmakers and Harley Davidson (HOG) were mixed after a U.S.-E.U. tariff agreement. And Salesforce.com (CRM) ran high on the head of the Dow Jones today following an analyst price target hike.

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The Dow Jones futures Industrial Average trimmed is advance to 0.2% on the stock market today. The S&P 500 and the Nasdaq Composite reversed early gains and dropped about 0.1% each.

Tesla (TSLA) climbed 1.7%, as the stock garnered Monday’s broadest positive social media commentary on the WallStreetBets channel early Monday, according to SwaggyStocks. The IBD Leaderboard stock triggered the eight-week hold rule by rising more than 20% above a 900.60 buy point in fewer than two weeks following its breakout.

China-based EV makers began reporting October sales. Xpeng (XPEV) rallied more than 4% on a strong monthly report. Nio (NIO) tumbled 3.3% as sales dived due to production issues.

In earnings news, ON Semiconductor spiked 8% after reporting a solid third-quarter earnings and revenue beat. Ahead of the release, the company announced it had completed its $415 million acquisition of GT Advanced Technologies.

Arista Networks (ANET), Mosaic (MOS) and IBD 50 stock Diamondback Energy (FANG) are due to report during today’s afterhours session.

Moderna (MRNA) dropped 2.7%, the deepest drop on the S&P 500 and Nasdaq 100. The biotech announced Monday the Food And Drug Administration required more time to review vaccine doses in persons aged 12 to 17 years.

The market launches into a week of heavy-duty economic news with a pair of manufacturing gauges on Monday. Markit reports its final October purchasing managers index at 9:45 a.m. ET. The Institute for Supply Management’s October PMI is due out at 10 a.m. ET, along with September construction spending data from the Commerce Department.

Dow Jones Today: Salesforce, Goldman Sachs Climb

Salesforce.com took over the lead on the Dow Jones today, rising 1.5% in early action. Morgan Stanley raised its price target on the stock to 360, from 345, while keeping its overweight rating. The note estimated Salesforce’s potential market at $255 billion, reinforcing the 20% CAGR growth forecast.

Salesforce stock is extended, up 10% from a late-September breakout.

Goldman Sachs (GS) also perked higher early Monday, up 0.5%. Goldman shares ended Friday less than 2% below a 420.86 buy point in a flat base. The stock rose 9.3% in October, and is ahead 57% since the start of the year.

U.S.-E.U. Steel Deal Twists Steelmakers, Lifts Harley Davidson

Steel stocks opened mixed as the U.S. and European Union agreed during the weekend’s G-20 summit to a workaround of trade-war era steel and aluminum tariffs. The agreement allows limited quantities of steel and aluminum into the U.S. without the tariffs. The U.S. had imposed tariffs of 25% on steel products and 10% on aluminum, beginning in January 2018.

U.S. Steel (X) fell 2.5%. IBD Leaderboard stock Nucor (NUE) and Steel Dynamics (STLD) each…