Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower ahead of Tuesday’s stock market open. Nvidia (NVDA) was in focus in extended trade, while Magnificent Seven stocks Alphabet (GOOGL) and Tesla (TSLA) rallied sharply ahead of the Federal Reserve’s two-day meeting.
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Late Monday, Nvidia stock fell nearly 2% after Chief Executive Jensen Huang delivered the keynote speech at the company’s annual GTC conference for artificial intelligence developers in San Jose, Calif. The four-day show is being called “AI Woodstock.” Nvidia is an IBD Leaderboard stock.
After the market closed, StoneCo (STNE) was a key earnings mover. StoneCo shares dived more than 10% in extended trade.
This week, key earnings reports include KB Home (KBH), Micron Technology (MU) and Nike (NKE). Ollie’s Bargain Outlet (OLLI), Lululemon Athletica (LULU) and Five Below (FIVE) will also report.
The economic spotlight this week is on the Federal Reserve’s two-day policy meeting, with an interest-rate decision on Wednesday.
Fed Chairman Jerome Powell may signal that a near-term rate cut could be in the cards, supporting the odds of a June move in something of a surprise for the no-landing camp, or those who expect higher inflation will keep rates as they are. Yet Fed projections may pencil in one fewer rate cut in both 2024 and 2025 than they showed in December, surprising soft-landing forecasters.
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Stock Market Today: Google, Tesla Rally
On Monday, the Dow Jones Industrial Average moved up 0.2% and the S&P 500 gained 0.6%. The tech-heavy Nasdaq composite advanced 0.8%.
Among the Magnificent Seven stocks, Tesla stock was the biggest winner, up 6.3% And Google parent Alphabet rallied 4.6% on a report that it’s in talks with Apple over licensing its “Gemini” artificial intelligence training model for use in iPhones.
Finally, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded higher in today’s stock market, with Apple stock and Microsoft up 0.6% and 0.2%, respectively.
Arista Networks (ANET), Duolingo (DUOL), Dexcom (DXCM) and XP (XP) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.
Arista and Disney were featured in this Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures dipped 0.1% and S&P 500 futures lost 0.2%. Tech-heavy Nasdaq 100 futures were down 0.4% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield rose to 4.34%. Meanwhile, oil prices continued to rally Monday, as West Texas intermediate futures settled above $82 a barrel.
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Stock Market Rally: What To Do Now
Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There were no breakouts Monday.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Arista Networks.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Dow Jones: Disney, IBM, P&G
Disney is breaking out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed above their entry Monday, with a 1.7% gain.
IBM stock remains below a flat base’s 196.90 buy point, with a 0.3% rise Monday.
Consumer products giant Procter & Gamble inched lower Monday, still above a 158.38 buy point in a cup base.
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Arista Stock Nears Breakout
Arista shares rallied 4.2% Monday, nearing a 292.66 flat-base buy point, according to MarketSurge charts. They are just 2% away from their latest buy trigger.
IPO Leader Duolingo is approaching a cup-with-handle’s 241.86 entry, but is about 10% away from the buy point.
Dexcom shares advanced 3.3% Monday, retaking a 132.03 entry in a flat base.
Finally, Brazil-based XP lost 0.6% Monday, holding above support at the 50-day line. Shares are building a cup with handle that displays a 27.03 entry.
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Best Bets On Stock Market Today
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company | Symbol | Correct buy point | Type of buy point |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| Merck | (MRK) | 119.65 | Cup base |
| DraftKings | (DKNG) | 39.35 | Cup base |
| Spotify | (SPOT) | 202.88 | Flat base |
Source: IBD Data As Of March 4, 2024
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Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla stock raced more than 6% higher Monday, rebounding from last week’s lows.
Shares remain sharply below their 50- and 200-day lines and more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher during Monday’s stock market action.
Apple stock moved up 0.6% Monday, its highest level since March 4. Shares remain sharply below their long-term 200-day line.
Microsoft shares found support at the 50-day line, sending them into new highs last week. That placed the software giant in a new buy area.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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