With the Nasdaq and S&P 500 trading at or near record highs, Microsoft and Meta Platforms are just the tip of the iceberg spearheading stocks to watch on the Investor's Business Daily Breakout Stocks Index. The two Magnificent Seven megacaps are joined by three IPO Leaders: Hinge Health, Life360 and Nextracker.
But the list doesn't stop there. Cybersecurity stocks to watch CrowdStrike, Palo Alto Networks and CyberArk Software have also secured a spot on this screen. Scroll down for a link to the full list.
Microsoft, Meta Helm Broad Market Rally
Beyond Mag 7 members Microsoft and Meta, the range of industries represented in the Innovator IBD Breakout Opportunities ETF shows strong market breadth. A total of 81 stocks to watch currently earn a spot on the screen.
As a result of the powerful rally on the market indexes, the majority of the stocks have climbed beyond their buy zones. Microsoft — an IBD Long-Term Leader — has drifted back to the top of its buy zone after recently notching another all-time high. Meta stock is extended from a cup-with-handle breakout last month.
Hinge Health, the June 23 IBD Stock Of The Day, has been strong, but volatile since its May 22 IPO. Life36, profiled in The New America column on May 30, has also climbed out of buy range.
After soaring from a May breakout, Nextracker has pulled back to build a new consolidation pattern. Since bouncing off its 50-day line on July 1, the provider of solar tracker and software solutions has continued to climb, taking aim at a 63.19 buy point.
While not joining the others on the IPO Leaders screen, 2023 IPO Oddity Tech remains near its all-time high as it holds support at its 21-day line.
Among cybersecurity stocks, CrowdStrike is extended, while CyberArt has drifted back into the buy zone it had cleared earlier. Shares of Palo Alto Networks continue to trade within buy range.
See Who Joins Microsoft, Meta On The IBD Breakout Stocks Index
More Stocks To Watch As Bulls Keep Running
The BOUT ETF also features a slew of other high-profile names from a wide range of industries.
Oracle recently spiked to a new high as the company's chief executive touted new cloud deals. Financial giant Charles Schwab and food-delivery leader DoorDash have also blasted beyond buy range.
Aerospace and defense stocks also secured a strong presence. GE Aerospace, Howmet Aerospace, Woodward, Heico, Kratos Defense & Security and Leonardo DRS all trade at or near record highs.
Royal Caribbean and Booking Holdings represent the travel sector, while MercadoLibre joins DoorDash among internet retailers.
Click here to see all 81 names on this week's list.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to invest in the entire index in addition to, or rather than, buying individual stocks. Learn more here about the ETF and Innovator.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
