Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed ahead of Tuesday’s stock market open.leader in artificial intelligence Nvidia (NVDA) and super microcomputer (SMCI) Magnificent Seven stock continued to fall on Monday. meta platform (Meta) sold rapidly.
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Late Monday, the AI giant oracle (ORCL) became the driving force behind profits. Oracle shares rose more than 9% in extended trading.
Even further away, adobe (adobe) and Jabiru (JBL) Will report later this week.
This week, all eyes will be on the consumer price index released by the U.S. Department of Labor on Tuesday. CPI rose 0.4% month-on-month and is expected to rise 3.1%. Wall Street expects core prices to rise 0.3% in February, up 3.7% from a year earlier. The inflation report is scheduled to be released at 8:30 a.m. ET.
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Stock Market Today: Meta and Nvidia Slides
On Monday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell 0.1%. The tech-heavy Nasdaq Composite fell 0.4%.
The biggest decliner among the Magnificent Seven stocks was Meta, which fell 4.4%. And Nvidia fell 2%, fueling Friday’s bear market reversal. Meanwhile, AI giant Supermicro fell more than 5% and closed down about 12% from its all-time high on Friday.
Finally, the Dow Jones tech icon apple (AAPL) and microsoft (MSFT) The stock market was mixed today, with Apple shares up 1.2% and Microsoft shares down 0.4%.
Duolingo (Duor), fifth third bancorp (FITB), fortinet (FTNT) and block (square) — plus Dow Jones component disney (DIS), IBM (IBM) and procter and gamble (P.G.) — one of the best stocks to buy and watch in the stock market today.
Block was featured in this “Stocks Near a Buy Zone” column. And Fifth Third is a recent addition to his IBD Leaderboard portfolio.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed relative to their fair values. Note that overnight movements in Dow Jones futures or elsewhere do not necessarily translate into actual trades in the next regular stock market.
On Monday, the 10-year Treasury yield rose to 4.1%. Meanwhile, oil prices continue to hover near recent highs, with West Texas Intermediate futures hovering just above $78 a barrel.
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Stock market rise: what to do now
Now is an important time to read IBD’s The Big Picture column, as the outlook for the stock market confirms an uptrend. Be sure to check out The Big Picture today for the latest exposure levels following Monday’s action.
Essential resources for daily breakouts include: IBD Market Surge “Today’s Breakout” list.it shows Rapid market growth 250 Stocks that are breaking through new buy points. I didn’t have any breakouts on Monday.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on the basis of: fleet core technologies (FLT), approaching a flat base entry of 298.48.
To find more stock ideas, check out IBD stock lists like: IBD50, big cap 20 and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Dow Jones: Disney, IBM, P&G
According to IBD MarketSurge’s chart analysis, Disney is about to break through the 112.92 buy point, which is the large threshold for cups with handles. And the stock closed up 1.8% just before Monday’s entry.
IBM stock was down 2.2% as of Monday, falling further below its flat-based buy point of 196.90.
Consumer goods giant Procter & Gamble rose 0.8% on Monday, further above its cup-based buy point of 158.38.
4 Top Growth Stocks to Watch stock market rise
Square stock breakout attempt
IPO leader Duolingo added a handle to its cup base, bringing the buy point to 241.86. Duolingo stock rose 4.3% on Monday.
Fifth Third Bancorp rose 1% on Monday, moving above its buy point of 35.73.
Cybersecurity leader Fortinet adds a handle to its long cup base and has a buy point of 73.91. The stock rose 0.2% on Monday.
The square parent block adds a tall handle to the cup base and has a correct purchase point of 83.29. A brief breakout above the 80.29 entry last week failed, and the stock fell 7% from the buying trigger. Square stock rose 1% on Monday and is about 2% away from entry.
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Best bets on the stock market today
These are the four best stocks to watch in the stock market today, including the Dow Jones leader.
| company | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| novo nordisk | (NVO) | 105.69 | flat base |
| Merck | (M.R.K.) | 119.65 | cup base |
| draft kings | (DKNG) | 39.35 | cup base |
| spotify | (spot) | 202.88 | flat base |
Source: IBD data as of March 4, 2024
IBD experts break down the top stocks in the current stock market rally on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven stocks, Nvidia fell 2% on Monday, while Tesla stock rose 1.4%.
Nvidia stock has moved further away from Friday’s all-time high. Still, it closed about 70% above the 505.48 buy point on a flat basis after the January 8 breakout.
Tesla stock rose 1.1% on Monday, but is still slightly off its recent lows. The stock remains well below its 50-day and 200-day lines and more than 40% off its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Magnificent Seven Dow Jones stocks, Apple and Microsoft traded mixed on Monday.
Despite two days of gains, Apple stock remains well below its 50-day and 200-day lines. The stock is up about 13% from its 52-week high.
Microsoft stock is moving back towards its 50-day line, an important support level to watch.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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