Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were mixed ahead of the stock market open on Tuesday. Artificial intelligence leaders Nvidia (NVDA) and Super micro computer (SMCI) continued its decline on Monday, as did Magnificent Seven stock Meta platforms (META) was sold off sharply.
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Late Monday, the artificial intelligence giant inspiration (ORCL) was the main driver of earnings. Oracle shares jumped more than 11% in extended trading.
additional, Adobe (literary) and Byblos (JBL) will report later this week.
The release of the US Labor Department's Consumer Price Index on Tuesday highlights the week. The CPI is expected to rise by 0.4% on a monthly basis, an increase of 3.1%. Wall Street expects core prices in February to rise by 0.3%, with a 3.7% rise year over year. The inflation report is scheduled to be released at 8:30 a.m. ET.
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Stock Market Today: Meta Chip and Nvidia
On Monday, the Dow Jones Industrial Average rose 0.1%, and the S&P 500 fell 0.1%. The Nasdaq Composite Index, which is dominated by technology stocks, fell by 0.4%.
Among Magnificent Seven stocks, Meta was the biggest loser, down 4.4%. Nvidia stock fell 2%, adding to Friday's bearish reversal. Meanwhile, AI company Titan Super Micro's stock fell more than 5%, closing about 12% below the record high it hit on Friday.
Finally, the technology icons of the Dow Jones apple (Apple) and Microsoft (MSFT) Shares were trading mixed on the stock market today, with Apple shares up 1.2% and Microsoft shares down 0.4%.
Duolingo (close), Fifth Third Bancorp (VTB), Fortnite (fascinated) and roadblock (SQ) – in addition to the components of the Dow Jones Index Disney (dis), IBM (IBM) and Procter & Gamble Company (PG) – Among the best stocks to buy and watch in the stock market today.
The block is displayed in the column of arrows that are close to the buy zone. Fifth Third is a recent addition to the IBD Leaderboard portfolio.
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Dow Jones Index Today: Oil Prices and Treasury Yields
Before the opening bell on Tuesday, Dow futures fell 0.1%, while S&P 500 futures rose 0.2%. The tech-heavy Nasdaq 100 futures rose 0.4% 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 4.1%. Meanwhile, oil prices continue to hold near recent highs, with West Texas Intermediate futures settling above $78 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.
An essential resource for daily breakouts is IBD MarketSurge's “Breakthrough of the Day” list. It shows MarketSurge Growth 250 stocks that have crossed new buy points. There were no breakthroughs on Monday.
Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are approaching buy points in bases, such as Fleetcore Technologies (FLT), which is approaching the flat entry level of 298.48.
To find more stock ideas, see lists of IBD stocks like the 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, Procter & Gamble
Disney is trying to surpass a buy point for its large cup with handle base of 112.92, according to IBD MarketSurge chart analysis. Shares closed at their entry level on Monday, up 1.8%.
IBM stock fell further below a flat buy point of 196.90, with a 2.2% decline on Monday.
Consumer products giant Procter & Gamble rose 0.8% on Monday, surpassing a 158.38 buy point in the cup base.
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Square arrows attempts to breakout
IPO leader Duolingo added a handle to the base of the cup, raising the buy point to 241.86. Duolingo shares rose 4.3% on Monday.
Fifth Third Bancorp stock rose 1% on Monday, surpassing a buy point of 35.73.
Leading cybersecurity firm Fortinet adds a handle to its long cup base, raising the buy point to 73.91. The stock rose 0.2% on Monday.
The square main block adds a raised handle to the base of the cup, raising the valid buy point to 83.29. The short-term breakout failed after the 80.29 entry last week when the stock fell 7% from the buy reason. Square shares were up 1% on Monday, about 2% away from the entry point.
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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 | (non Governmental Organization) | 105.69 | Flat base |
| Merck | (Mark) | 119.65 | Cup base |
| Kings Project | (Deking) | 39.35 | Cup base |
| Spotify | (spot) | 202.88 | Flat base |
Source: IBD data as of March 4, 2024
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The 7 Great Stocks: Nvidia and Tesla
Among the Magnificent Seven stocks, Nvidia fell 2% on Monday, while Tesla rose 1.4%.
Nvidia shares fell away from their record highs on Friday. However, they closed about 70% past the 505.48 buy point on a flat base after the breakout move on January 8th.
Tesla stock rose 1.1% on Monday, still well off its recent 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 mixed on Monday.
Despite the two-day rally, Apple stock is still well below its 50- and 200-day lines. Shares are up about 13% from their 52-week high.
Microsoft shares are falling to the 50-day line, which is a key support level to watch.
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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