March 4, 2024

Brighton Journal

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Dow Jones futures: ARM Rockets down 42%; AI Stock Arista plunges into profits

Dow Jones futures: ARM Rockets down 42%;  AI Stock Arista plunges into profits

Dow Jones futures fell, along with S&P 500 futures and Nasdaq 100 futures, before the stock market opened on Tuesday. Stock market leader arm (arm) rose as much as 42% to new highs on Monday, while AI stocks soared Arista Networks (network) declined on earnings results after the close.


Arms stocks closed with a 29% advance on Monday, adding to last week's 62% rise. On Wednesday, Arm beat analysts' expectations for its fiscal third quarter and provided a bullish forecast for the current period.

Late Monday, Arista shares were down nearly 7% even though the cloud networking solutions provider beat earnings and sales estimates. Arista stock finished just short of the double entry level at 198.46.

Rhythm design systems (CDNS) was another key driver of earnings. Cadence stock fell about 6% in extended trading. The stock remains above the flat entry level of 279.33.

Stock Market Today: Tesla Chips

On Monday, the Dow Jones Industrial Average rose 0.3%, and the S&P 500 fell 0.1%. The Nasdaq Composite Index, which is dominated by technology stocks, fell by 0.3%.

Among the seven wonderful stocks Tesla (TSLAThe stock was the biggest loser, down 2.8%. And Nvidia (NVDA) rose to new highs before cutting gains to 0.2%.

Finally, the technology icons of the Dow Jones apple (Camel) And Microsoft (MSFT) is trading lower on the stock market today, with Apple shares down 0.9% and Microsoft shares down 1.3%.

Lennar (flexible), MongoDB (MDB), Samsara (The Internet of things) And UiPath (road) – In addition to members of the Dow Jones Index Procter & Gamble Company (s) And Walmart (And die) — one of the best stocks to buy and watch in the current market rally.

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Samsara and UiPath are shown in the column of stocks near the buy zone.

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Dow Jones Index Today: Oil Prices and Treasury Yields

Before the opening bell on Tuesday, Dow futures lost 0.2% versus fair value, and S&P 500 futures fell 0.4%. Nasdaq 100 futures traded 0.7% lower versus fair value. Remember, overnight movement in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

On Monday, the yield on the 10-year US Treasury note fell to 4.17%. Meanwhile, oil prices extended last week's gains, with West Texas Intermediate futures settling at $77 per barrel.

Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard

Stock Market Rising: What to Do Now

Now is an important time to read IBD's Big Picture column, with the stock market forecast in a certain uptrend.

After Monday's action, be sure to check today's Big Picture for an updated exposure level.

A great source for daily breakouts is IBD MarketSmith's “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that have crossed new buy points. There were three hacks today, including… NXP Semiconductor (Nxby), which breaks the flat entry level of 238.27.

Meanwhile, MarketSmith's “Near Pivot” list shows stocks that are approaching buy points in bases, e.g Take care of the brothers (Tulle). Toll Brothers is approaching the flat entry level of 105.91. Toll Brothers is IBD Stock of the Day Monday.

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To find more stock ideas, check out IBD's stock lists, such as Bahraini dinar 50, Large cap 20 The stock is near the buy zone. These features identify bullish patterns and buy points and should be checked every day.

Dow Jones: Disney, Walmart

Consumer products giant Procter & Gamble's stock fell 0.3% on Monday, falling further below a 158.38 buy point in the cup base, according to IBD MarketSmith pattern recognition.

Discount retail leader Walmart is in a buy range beyond a 163.57 entry level in a cup with handle, even as the stock rose 0.6% on Monday.

4 Higher Growth Stocks to Watch in Stock market pool

Lennar, exit UiPath

Homebuilder Lennar surpassed its flat base buy point of 156.01, with a 3.2% rise on Monday.

Software leader MongoDB is out of buy territory after a 442.84 buy point, despite falling 2.6% on Monday, according to IBD Marketsmith.

Samsara rebounded bullishly from its 50-day line last week. But shares fell on Monday, falling 2.8%. The stock is approaching an official entry at 36.91 after giving up an early buy trigger at 35.18 during Monday's reversal.

UiPath rose 2% on Monday, surpassing a cup base entry level of 26.53. Stocks closed in a buy range.

Learn how to time the market with IBD's ETF market strategy

Best bets on the stock market today

These are the four best stocks to watch in the stock market today, including Dow Jones stocks.

a company Code Correct point of purchase Point of purchase type
Novo Nordisk (NVO) 105.69 Flat base
Merck (Mark) 119.65 Cup base
Kings Project (DKNG) 39.35 Cup base
Spotify (spot) 202.88 Flat base
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Source: IBD data as of February 12, 2024

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The 7 Great Stocks: Nvidia and Tesla

Among the seven great stocks, Nvidia (NVDA) rose by 0.2% and Tesla (TSLA) fell 2.8% on Monday.

Nvidia shares hit new highs and closed more than 40% past a 505.48 buy point in a flat base following the breakout move on January 8.

Tesla snapped a four-day winning streak on Monday but is still rebounding from its lowest level since May 2023.

Dow Jones leaders: Apple, Microsoft

Among the Dow Jones stocks in Magnificent Seven, apple (Camel) And Microsoft (MSFT) was trading lower on Monday.

Apple is forming a new double bottom base with a new buy point at 196.38. But Apple stock must first reclaim the key 50-day moving average, a potential resistance level.

Microsoft shares remain outside of a buy range after a 384.30 buy point in a flat base.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen To learn more about growth stocks and the Dow Jones Industrial Average.

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