Dow Jones futures and other major indexes fell on Tuesday, as Apple shares were sold off on the back of a report that showed… iPhone sales slow down sharply In China. Meanwhile, celebrity investor Cathie Wood sold nearly $31 million worth of stock Coinbase (currency) in the stock market today.
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Dow Jones futures were down 0.4% versus fair value in morning trading, and S&P 500 futures were down 0.45%. Futures for the tech-heavy Nasdaq 100 index fell 0.7% before the opening bell.
Among the US exchange-traded funds is the Nasdaq 100 Index Invesco QQQ Trust (QQQ) The ETF fell 0.7%, as the SPDR S&P 500 ETF fell (spy) decreased by 0.5%.
The yield on the 10-year Treasury note fell by 7 basis points to 4.15%. Furthermore, oil prices added to Monday's losses, as West Texas Intermediate crude futures fell nearly 1%, trading at $78 per barrel.
Cathie Wood sells, Apple shares fall
Cathie Wood's Ark Invest funds sold roughly 135,000 shares of Coinbase stock on Monday, or about $30.9 million worth using the closing price, according to daily trading disclosures. Coinbase stock rose more than 11% on Monday, hitting a new high.
Coinbase shares rose nearly 2% before the market open on Tuesday, as the price of bitcoin rose to trade at about $66,900. Per CoinDesk. Bitcoin is up 3% in the past 24 hours.
apple (Camel) The stock lost 2.2% on Tuesday on a report that showed iPhone sales slowing in China. The company sold 24% fewer iPhones in China in the first six weeks of 2024 compared to the previous year, according to Research company Counterpoint Research.
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Stock market today
The February S&P Global PMI is scheduled for release at 9:45 a.m. EST and is expected to hold steady at 51.4. The services index is also expected to remain unchanged from the mid-month estimate, with a reading of 51.3.
Meanwhile, the Commerce Department's factory orders are scheduled to be released at 10 a.m., and orders are expected to decline 3% in January.
Finally, the Institute for Supply Management's Services Index is expected to fall to 53.0 in February from 53.4 in January.
Key earnings drivers included on Tuesday First Watch Restaurant (FWRG), getlab (GTLB), New (New) And Goal (TGT).
First Watch shares fell 3.5% in pre-market trading, while GitLab shares fell more than 21%. Nio shares fell 2.2%. Target shares jumped more than 9% in early trading.
Dow Jones Falls
On Monday, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 fell 0.1%. The Nasdaq Composite Index, which is dominated by technology stocks, fell by 0.4%.
Monday's Big Picture column commented: “The Nasdaq closed Monday higher than 5% above its 50-day moving average; the S&P was also up nearly 5% above its 50-day line. These gaps must tempt sellers, though Although the stock market has held up to even larger gaps this year.”
Now is an important time to read IBD's “Big Picture” column amid the ongoing stock market rally. Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
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The best stocks to buy and watch in today's stock market
Duolingo (Ragdoll), Fortnite (Fascinated) And Weatherford (WFRD) – 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.
IBM and Duolingo are featured in this “Stocks Near Buy Zone” column.
A great resource for daily hacks is IBD MarketSurge's “Breakthrough of the Day” list. It shows MarketSurge Growth 250 stocks that have crossed new buy points. There was one hack on Monday: Rollins (Roll) which broke out after 44.43 entered a cup with handle.
Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are approaching buy points in the rules, such as Samsara. Shares are approaching a 36.78 cup-with-handle entry.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard
Dow Jones Stocks: Disney Eyes Buy Point
Disney is breaking through a buy point of the large cup with handle base of 112.92, according to IBD MarketSurge chart analysis. Shares rose 1.6% on Monday. Disney shares fell 0.3% on Tuesday.
IBM stock is quickly approaching a steady buy point at 196.90, with a 2.6% advance on Monday. IBM shares fell 0.1% on Tuesday.
Consumer products giant Procter & Gamble rose 0.5% on Monday, holding above a buy point of 158.38 in a cup base. P&G stock fell 0.3% on Tuesday.
3 top growth stocks to watch in Stock market pool
Duolingo eyes purchase point
IPO leader Duolingo is building the right side of a cup base that has a buy point of 245.87. Shares fell 5% on Monday. Duolingo shares fell 1.1% Tuesday morning.
Leading cybersecurity firm Fortinet adds a handle to its long cup base, raising the buy point to 73.91. Fortinet stock rose 2.35% on Monday. The stock lost 0.7% early Tuesday.
Weatherford Oil shares are back in buy range above a 102.65 buy point in a cup base, with a 3.2% decline on Monday. The 5% buy range reaches 107.78. Weatherford shares rose slightly on Tuesday.
Best bets on the stock market today
These are the four best stocks to watch in the stock market today, including Dow Jones stocks.
| Company Name | 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 |
Source: IBD data as of February 28, 2024
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The seven great stocks: Nvidia, Tesla
Among the seven great stocks, Nvidia (NVDA) by 0.6%, while Tesla (TSLA) fell another 3% on Tuesday.
Artificial intelligence giant Nvidia looked to add to gains on Monday that saw the stock reach record highs. Shares are nearly 70% above the flat base entry of 505.48. Nvidia is an IBD Leaderboard stock.
Tesla stock closed at its lowest level since February 13, down 7.2%. Shares remain sharply below their 50 and 200 day lines.
Dow Jones Leaders: Microsoft
Among the Dow Jones stocks in Magnificent Seven, Microsoft (MSFT) was trading lower before the stock market opened on Tuesday.
Microsoft shares remain outside of a buy range after a 384.30 buy point in a flat base, amid a 0.5% rally on Friday. The software giant fell 0.6% on the stock market today.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen To learn more about growth stocks, the Dow Jones Industrial Average, and today's stock market.
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