Dow Jones futures fell along with other major indexes on Tuesday as this week’s Federal Reserve meeting was scheduled to begin later in the day.leader in artificial intelligence super microcomputer (SMCI) fell sharply on the stock market today after the company announced a stock offering of 2 million shares.
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In morning trading, Dow Jones futures were down 0.1% to fair value, and S&P 500 futures were down 0.4%. Futures on the tech-heavy Nasdaq 100 fell 0.7% before the opening bell.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.6%, while the SPDR S&P 500 ETF (spy) fell 0.4%.
The 10-year US Treasury yield fell to 4.32%. Additionally, oil prices edged lower after Monday’s rise, with West Texas Intermediate futures trading around $82.70 per barrel.
AI stock Super Micro plunged 10% on Tuesday morning. proposed initial public offering Sell 2 million shares. The stock will add to the deep losses it incurred on Monday when the company joined the S&P 500.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Stock Market Today: Economic Data, Fed Meeting
The Fed’s two-day policy meeting begins on Tuesday, with interest rate decisions to be made on Wednesday.
Fed Chairman Jerome Powell has hinted at the possibility of short-term interest rate cuts, potentially confirming the possibility of a June rate cut. This may come as a surprise to those in the no-holds-barred camp, or those expecting higher inflation, as they are expected to keep interest rates 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.
Investors got more housing data with the Commerce Department’s early release of housing starts and permits for February. Housing starts totaled 1,521,000, exceeding expectations of 1,449,000. The number of permits rose to 1.518 million, exceeding Econoday’s forecast of 1.5 million.
The main revenue drivers for Tuesday morning were: stone co (STNE) and tencent music (TME). StoneCo shares fell more than 8%, while Tencent Music shares rose 0.7% in pre-market trading.
Dow Jones 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%.
Monday’s Big Picture column said, “We also can’t ignore the fact that the S&P 500 index on Monday easily erased the minor declines of the past two weeks. This is because IBD, which is legitimately concerned about the unusually high number of distribution days, For our readers, this is more than just a little comfort.” Over the past 25 trading sessions for both the S&P large-cap gauge and the Nasdaq. ”
As the stock market continues to rise, now is an important time to read IBD’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Best stocks to buy and watch in the stock market today
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.
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. There were no new breakouts on Monday.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points in locations like Arista Networks.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Stocks: Disney regains buy point
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. Disney stock was down 0.5% Tuesday morning.
IBM stock remained flat below the benchmark buy point of 196.90 and rose 0.3% on Monday. Stocks were flat on Tuesday.
Consumer goods giant Procter & Gamble edged lower on Monday, but remains above its cup-based buy point of 158.38. P&G stock edged lower on Tuesday.
4 Top Growth Stocks to Watch stock market rise
Arista stock is nearing a buy point
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. Arista stock was down 1.5% on Tuesday morning.
IPO leader Duolingo is nearing the cup-with-handle entry of 241.86, but is about 10% off the buy point. Duolingo stock fell 0.5% Tuesday.
Dexcom stock rose 3.3% on Monday, regaining an entry of 132.03 on a flat basis. Dexcom stock rose 0.3% early Tuesday.
Finally, Brazil-based XP fell 0.6% on Monday, breaking above support at its 50-day moving average. The stock is building a cup with a handle showing 27.03 entries. XP stock was down 1.2% on Tuesday morning.
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 Name | 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 February 28, 2024
IBD experts break down the top stocks in the current stock market rally on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Magnificent Seven Stocks Nvidia (NVDA) and tesla (TSLA) fell 2.5% and 1.6%, respectively, in premarket trading on Tuesday.
Nvidia stock rose 0.7% on Monday, ending a three-day losing streak. Nvidia is his IBD leaderboard stock.
Tesla stock rose 6.3%, rebounding from last week’s lows. Still, the stock is well below its 50-day and 200-day moving averages, and more than 40% off its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) fell ahead of stock market trading on Tuesday.
Apple shares rose 0.6% on Monday, hitting their highest since March 4. The stock price remains well below its long-term 200-day line. On Tuesday, Apple fell 0.2%.
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. Microsoft stock fell 0.4% on the stock market that day.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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