Dow Jones futures, S&P 500 futures and Nasdaq 100 futures fell ahead of the stock market’s opening on Tuesday. Nvidia (NVDA) was attracting attention due to extended trading, but Magnificent Seven stock alphabet (Google) and tesla (TSLA) rebounded sharply ahead of the two-day Federal Reserve meeting.
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Nvidia shares later fell nearly 2% late Monday. Jensen Huang CEO gave a keynote address at the company’s annual GTC conference for artificial intelligence developers in San Jose, California. The four-day show is called “AI Woodstock.” Nvidia is his IBD leaderboard stock.
After the market closes stone co (STNE) became the driving force behind profits. Stoneco shares plunged more than 10% in extended trading.
This week’s key earnings reports include: KB Home (KBH), micron technology (Mu) and Nike (NKE). Ollie’s Bargain Outlet (Ori), lululemon athletica (Lulu) and Five Below (Five) will also be reported.
The economic focus this week will be on the Federal Reserve’s two-day policy meeting, with interest rate decisions set for Wednesday.
Fed Chairman Jerome Powell hints at the possibility of short-term interest rate cuts, confirming the possibility of a June rate cut that could be a surprise to those in the dead-end camp, or those expecting higher inflation to maintain the status quo. , may suggest that interest rates may remain where they are. . But soft-landing forecasters have been surprised to find that the Fed’s forecast could result in one fewer rate cut in both 2024 and 2025 than the one it signaled in December.
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Stock market today: Google, Tesla rise
On Monday, the Dow Jones Industrial Average rose 0.2% and the S&P 500 rose 0.6%. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, rose 0.8%.
Among the Magnificent Seven stocks, Tesla stock was the biggest winner, rising 6.3%. Google’s parent company Alphabet also rose 4.6% after reports that it was in talks with Apple to license Gemini, an artificial intelligence training model for use in iPhones.
Finally, the Dow Jones tech icon apple (AAPL) and microsoft (MSFT) Stock prices rose in the stock market today, with Apple stock and Microsoft stock rising 0.6% and 0.2%, respectively.
Arista Networks (ANET), Duolingo (Duor), dexcom (DXCM) and XP (XP) — 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.
Arista and Disney were featured in this “Stocks Near a Buy Zone” column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures were down 0.1% and S&P 500 futures were down 0.2%. Tech-heavy Nasdaq 100 futures fell 0.3% to fair value. 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 4.34%. Meanwhile, crude oil prices continued to rise on Monday, with West Texas Intermediate futures prices settling above $82 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 in locations like Arista Networks.
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 Market Surge chart analysis, Disney is breaking through the 112.92 buy point, which is the large threshold for cups with handles. And the stock was up 1.7%, above Monday’s closing price.
IBM stock remained flat below the benchmark buy point of 196.90 and rose 0.3% on Monday.
Consumer goods giant Procter & Gamble edged lower on Monday, but remains above its cup-based buy point of 158.38.
4 Top Growth Stocks to Watch stock market rise
Arista stock approaches breakout
Arista stock rose 4.2% on Monday, approaching a flat base buy point of 292.66, according to market surge chart. You’re only 2% away from your latest purchase trigger.
IPO leader Duolingo is nearing the cup-with-handle entry of 241.86, but is about 10% off the buy point.
Dexcom stock rose 3.3% on Monday, regaining an entry of 132.03 on a flat basis.
Finally, Brazil-based XP fell 0.6% on Monday, breaking above its 50-day support. The stock is building a cup with a handle showing 27.03 entries.
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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 Stock: Tesla
Among the Magnificent Seven stocks, Tesla stock rose more than 6% on Monday, rebounding from last week’s 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 rose in Monday’s stock market action.
Apple stock rose 0.6% on Monday, its highest level since March 4. Stock prices remain well below their long-term 200-day line.
Microsoft stock hit a new high last week, with support at the 50-day line. With this, the software giant has entered a new purchasing field.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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