April 17, 2024

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Dow Jones Futures Drop: Nvidia Retracts CEO Speech; Google and Tesla rise before the Fed

Dow Jones Futures Drop: Nvidia Retracts CEO Speech;  Google and Tesla rise before the Fed

Dow Jones futures fell, along with S&P 500 futures and Nasdaq 100 futures, before the stock market opened on Tuesday. Nvidia (NVDA) was in focus in the extended trade, while Magnificent Seven shares the alphabet (Google) And Tesla (TSLA) rose sharply ahead of the Federal Reserve's two-day meeting.


Late Monday, Nvidia stock was down about 1.5% afterward CEO Jensen Huang He delivered the keynote at the company's annual GTC conference for AI developers in San Jose, California. The four-day exhibition is called “AI Woodstock.” Nvidia is an IBD Leaderboard stock.

After the market closes. Stoneco company (My sixty) was the main driver of earnings. StoneCo shares fell more than 10% in extended trading.

Key earnings reports this week include: KB Home (KBH), Micron technology (Mo) And Nike (Nicky). Dealer Ollie (first), Lululemon Athletica (Lulu) And Five below (five) will also report back.

This week, the economic spotlight is on the Federal Reserve's two-day monetary policy meeting, with an interest rate decision on Wednesday.

Fed Chair Jerome Powell may signal that a near-term rate cut may be on the cards, supporting prospects of a move in June on something surprising to the no-bear camp, or those who expect higher inflation will keep interest rates where they are. . However, the Fed's forecast may indicate one fewer rate cut in 2024 and 2025 than it showed in December, surprising forecasters of a soft landing.

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Stock Market Today: Google, Tesla Rally

On Monday, the Dow Jones Industrial Average rose 0.2%, and the S&P 500 rose 0.6%. The Nasdaq Composite, which is dominated by technology stocks, advanced 0.8%.

Among the Magnificent Seven stocks, Tesla was the biggest gainer, rising 6.3%, and Alphabet, Google's parent company, rose 4.6% after a report that it was in talks with Apple about licensing its “Gemini” artificial intelligence training model. For use on iPhone devices.

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Finally, the technology icons of the Dow Jones apple (Camel) And Microsoft (MSFT) is on the rise in the stock market today, with Apple and Microsoft shares rising 0.6% and 0.2%, respectively.

Arista Networks (network), Duolingo (Ragdoll), Discom (DXCM) And XP (XP) – in addition to the components of the Dow Jones Index Disney (Dis), IBM (IBM) And Procter & Gamble Company (s) — among the best stocks to buy and watch in the stock market today.

Arista and Disney appear 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 fell 0.1% and S&P 500 futures lost 0.15%. The tech-heavy Nasdaq 100 futures fell 0.2% 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 10-year US Treasury yield rose to 4.34%. Meanwhile, oil prices continued to rise on Monday, with West Texas Intermediate futures settling above $82 per barrel.

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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.

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An essential resource for your daily escape IBD MarketSurge Check out today list. He appears Market growth 250 Stocks breaking through new buy points. There were no breakthroughs on Monday.

Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are approaching buy points in the rules, such as Arista Networks.

To find more stock ideas, check out lists of IBD stocks like… Bahraini dinar 50, Large cap 20 The stock is near the buy zone. These features identify bullish patterns and buy points and are available to check every day.

Dow Jones: Disney, IBM, Procter & Gamble

Disney is breaking through a buy point of the large cup with handle base of 112.92, according to IBD MarketSurge chart analysis. Shares closed above their entry level on Monday, with a gain of 1.7%.

IBM stock remains below its steady buy point of 196.90, with a 0.3% gain on Monday.

Consumer products giant Procter & Gamble fell on Monday, still above a 158.38 buy point in a cup base.

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Arista stock is approaching a breakout

Arista shares rose 4.2% on Monday, approaching a flat buy point of 292.66, according to Marketsorg Graphs. They are only 2% away from the recent buy trigger.

IPO leader Duolingo is approaching the cup-with-handle entry level of 241.86, but is about 10% away from the buy point.

Dexcom shares rose 3.3% on Monday, reclaiming the entry level of 132.03 on a flat base.

Finally, Brazil-based XP stock lost 0.6% on Monday, holding above support at its 50-day line. Stocks are building a cup with handle that displays an entry of 27.03.

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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 March 4, 2024

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The 7 Great Stocks: Tesla

Among the Magnificent Seven stocks, Tesla rose more than 6% on 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 the Dow Jones stocks in the Magnificent Seven, Apple and Microsoft shares traded higher during Monday's stock market action.

Apple shares rose 0.6% on Monday, their 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 to new highs last week. This put the software giant in a new buying zone.

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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