Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower ahead of Tuesday’s stock market open. Artificial intelligence leaders Nvidia (NVDA) and Super Micro Computer (SMCI) surged to new highs Monday, while Magnificent Seven stocks Apple (AAPL), Google parent Alphabet (GOOGL) and Tesla (TSLA) sold off sharply.
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Super Micro soared as much as 28% Monday before trimming gains to 18%, while Deckers Outdoor (DECK) rallied 2.6% after S&P Dow Jones indices announced the two companies’ stocks will be added to the S&P 500 index, replacing Whirlpool (WHR) and Zions Bancorp (ZION).
Late Monday, key earnings movers were AeroVironment (AVAV) and GitLab (GTLB). AeroVironment shares leapt 17% in extended trade, while GitLab dived 10%.
Further, CrowdStrike (CRWD), Broadcom (AVGO), MongoDB (MDB) and Samsara (IOT) will report later this week.
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Stock Market Today: Tesla Dives
On Monday, the Dow Jones Industrial Average moved down 0.25% and the S&P 500 slipped 0.1%. The tech-heavy Nasdaq composite dropped 0.4%.
Among the Magnificent Seven stocks, Tesla stock was the biggest loser, down 7.2%. And Google stock tumbled 2.8% to fall further below the 50-day line.
Finally, Dow Jones tech icons Apple and Microsoft (MSFT) traded lower in today’s stock market, with Apple stock down 2.5% and Microsoft 0.1%.
Duolingo (DUOL), Fortinet (FTNT) and Weatherford (WFRD) — 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.
IBM and Duolingo 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 dipped 0.1%, while S&P 500 futures were down 0.15% vs. fair value. Nasdaq 100 futures were down 0.2% 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 4.21%. Meanwhile, oil prices continue to hold near their recent highs, as West Texas intermediate futures settled below $79 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.
A great 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 was one breakout Monday: Rollins (ROL) that broke out past a 44.43 cup-with-handle entry.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Samsara. Shares are approaching a 36.78 cup-with-handle entry.
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. Shares rallied 1.6% Monday.
IBM stock is rapidly nearing a flat base’s 196.90 buy point, with a 2.6% advance Monday.
Consumer products giant Procter & Gamble rose 0.5% Monday, holding above a 158.38 buy point in a cup base.
3 Top Growth Stocks To Watch In The Stock Market Rally
Duolingo Eyes Buy Point
IPO Leader Duolingo is building the right side of a cup base that has a 245.87 buy point. Shares skidded 5% Monday.
Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. Fortinet stock rose 2.35% Monday.
Oil stock Weatherford is back in buy range above a 102.65 buy point in a cup base, with a 3.2% drop Monday. The 5% buy range tops out at 107.78.
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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: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia pared gains to 3.6%, while Tesla stock dived 7.2% Monday.
Nvidia shares hit more record highs Monday. They closed nearly 70% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla stock closed at its lowest level since Feb. 13. Shares remain sharply below their 50- and 200-day lines.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower Monday.
Apple broke down further below its 200-day line, closing at its lowest level since Nov. 1.
Microsoft shares remain out of buy range past a 384.30 buy point in a flat base, despite the slight fall Monday.
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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Read More:Nvidia, Super Micro Surge To New Highs; Apple Stock, Google, Tesla Sell Off
2024-03-05 03:37:00
