The Dow Jones Industrial Average fell more than 150 points at one point on Monday as Nvidia stock hit a record high.Meanwhile, the leader in artificial intelligence stocks super microcomputer (SMCI) soared on the stock market today following news that it will be added to the S&P 500.
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The Dow Jones Industrial Average was down 0.3% in morning trading, and the S&P 500 index was down 0.1%. The tech-heavy Nasdaq Composite Index fell 0.15% after the opening bell.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) SPDR S&P 500 ETF (spy) fell 0.3%.
The 10-year US Treasury yield rose to 4.23%. Additionally, oil prices have taken a break from last week’s rise, with West Texas Intermediate futures up 0.3% to trade around $80.20 a barrel.
Stock Market Today: Nvidia, Super Micro Rally
AI giant Nvidia (NVDA) The stock rose 3.9% in morning trading, hitting a new all-time high. The stock is more than 60% above its flat-based entry of 505.48. Nvidia is his IBD leaderboard stock.
Supermicro soared more than 22% on Monday morning, but deckers (deck) rose 4.2%. Late Friday, S&P Dow Jones Indices announced that the stocks of both companies will be added to the S&P 500 index. swirl (WHR) and Zions Bancorp (zion). Whirlpool and Zion both saw slight declines.
On the economic front this week, highlights include Fed Chairman Jerome Powell’s Wednesday speech and Friday’s February jobs report.
Key revenue drivers for Monday include: sea limited (S.E.). Sea Limited’s share price rose more than 11% in early action.
Next week’s earnings calendar is once again busy in the technology sector as investors await earnings. GitLab (GTLB), cloud strike (CRWD), broadcom (AVGO), Mongo DB (MDB) and samsara (IoT).
dow jones rise
On Friday, the Nasdaq Composite Index closed 1.1% higher, hitting a record high. The fact that it has finally surpassed the November 2021 high of 16,212 is a positive sign. He has risen in 16 of the past 18 weeks, outperforming all moving averages.
The Dow Jones Industrial Average ended the week down 0.1%, despite a daily gain of 0.2%. Additionally, the S&P 500 rose 0.8%, closing above the 5,100 mark for the first time.
Friday’s Big Picture column says, “Stock markets powered higher on Friday as stocks rose further on the week. Now, Federal Reserve Chairman Jerome Powell’s testimony and the latest jobs numbers “It’s on the agenda for investors.”
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 on the stock market today
advanced micro device (AMD), shark ninja (SN), toll brothers (Thor) and weatherford (WFRD) — plus Dow Jones component disney (DIS), Dow (Dow) and procter and gamble (P.G.) — one of the best stocks to buy and watch in the stock market today.
Disney and Weatherford were featured in this “Stocks Near a Buy Zone” column.
A great resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. There were seven breakouts on Friday. marvel technology (MRVL). The stock price rose above the flat base entry of 73.53.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on the basis of: Duolingo (Duor), the cup base entry is 245.87.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Stocks: Disney Eyes Buy Points
According to IBD MarketSurge chart analysis, Disney is forming a large handle cup base with a buy point of 112.92. The stock is trading about 1% below its new buy point. Disney stock rose 0.7% on the stock market that day.
Consumer goods giant Procter & Gamble fell 0.1% Friday, but remains in buy range above its cup-based buy point of 158.38. P&G shares were down 0.7% early Monday.
The Dow, the chemical giant, is flat, below the 55.90 buy point, following Friday’s 1.4% gain. Dow shares rose slightly on Monday.
4 Top Growth Stocks to Watch stock market rise
AMD breakout
On Wednesday’s IBD Stock of the Day, Advanced Micro Devices has broken through a flat-based buy point of 184.92 after last week’s big rally. The 5% buy zone rose to 194.17. The stock rose 3% on Monday.
Homebuilder Toll Brothers is out of buy range above its flat-based buy point of 105.91. Toll Brothers stock rose 1.2% Monday morning.
The most recent IBD Stock Of The Day, SharkNinja, is trading above a flat-based buy point of 53.40. The buy zone is up to 56.07. And the stock rose 0.4% on Monday.
Oil stock Weatherford rebounded sharply on Friday, rising above a buy point of 102.65 on a cup basis. The top of the 5% buy range is 107.78. Shares were up 1.3% early Monday.
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 Stock: Tesla
Among the Magnificent Seven brands, tesla (TSLA) fell 5.3% in Monday morning trading.
Tesla continues to rebound from early February lows and is just below recent highs.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) fell after the stock market opened on Monday.
Apple has formed a flat base with a buy point of 199.62. However, Apple stock first needs to regain its all-important 50-day moving average as it looks for long-term support near its 200-day line. The stock fell 2.9% on Monday after the European Union slapped Apple with a $1.95 billion antitrust fine for distributing a music streaming app.
Microsoft stock rose 0.5% on Friday, but remains out of buy range even after passing a sideways buy point at 384.30. The software giant fell 0.1% on the stock market today.
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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