Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed ahead of Tuesday’s stock market open. Nvidia (NVDA) rebounds, this week’s big earnings reports include: microsoft (MSFT), boeing (BA), tesla (TSLA), meta platform (META) and Google’s parent company alphabet (Google).
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late monday, cadence design system (CDNS), new core (nue) and Packaging Corporation of America (PKG) reported its financial results.
Cadence stock fell nearly 9%, and Nucor shares fell 3% in extended trading. After the stock market closed, packaging stocks rose slightly.
This week’s economic calendar includes first-quarter GDP and the Federal Reserve’s main inflation measure, the Consumer Expenditure Price Index. Based on information already reported, upcoming data is unlikely to alleviate the recent spike in interest rates.
GDP statistics released on Thursday will provide a clearer picture. The first official estimate of real GDP predicts growth of 2.1% in the first quarter, down from 3.4% in the fourth quarter.
The Bureau of Economic Analysis reports the core PCE price index along with GDP. Personal spending and expenditures for March will be released on Friday.
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stock market today
On Monday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 rebounded 0.9%. The Nasdaq Composite Index, which has a high proportion of tech stocks, rose 1.1%.
Among the Magnificent Seven stocks, Nvidia was the big winner, rising 4.4%, reversing some of Friday’s 10% decline. The stock fell below its 50-day line, a key sell signal, last week.
and Dow Jones tech icons apple (AAPL) and Microsoft closed higher on the stock market today, rising 0.5% each.
alphabet, dexcom (DXCM), On hold (Onon) and trade web market (TW) — plus Dow Jones components American express (AXP) — One of the most interesting companies on the stock market today.
Alphabet and Tradeweb are featured in this “Stocks Near a Buy Zone” column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and tech-heavy Nasdaq 100 futures were little changed relative to their fair values. Note that overnight movements in Dow Jones futures or elsewhere do not necessarily translate into actual trades in the next regular stock market.
On Monday, the 10-year Treasury yield fell to 4.61%. Crude oil prices also declined, with West Texas Intermediate futures prices hovering just above $82 per barrel.
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Stock market correction: what to do now
As the outlook for the stock market adjusts, now is an important time to read IBD’s The Big Picture column. Be sure to check out The Big Picture today for the latest exposure levels following Monday’s action.
Monday’s IBD Live Show began with an assessment of the trading situation. The team looked at several historical periods in the stock market to better understand how the current market decline is shaping up.
An essential resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. especially, Sprouts Farmers Market (SFM) broke above the 65.53 buy point. Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Dow Jones: American Express
According to MarketSurge charts, American Express has rebounded massively from support near its 50-day moving average. The rebound places software leaders in new buying territory. Keep in mind that market risk is currently high. The stock is also rising above the 231.69 entry in a short-term consolidation.
On Friday, American Express reported better-than-expected first-quarter profit and revenue results and a solid outlook, sparking a 6.2% rise. The payments leader earned $3.33 per share on revenue of $17.8 billion, up 39% and 13% year over year, respectively.
4 Top Growth Stocks to Watch stock market correction
Google stock price is above buy point
Google’s parent company Alphabet’s stock rose 2.2% on Monday, above a consolidated buy point of 153.78, according to MarketSurge charts.
Dexcom fell below its flat base entry of 132.03 during last week’s decline, but remains above the important 50-day line. This would provide bullish support for the stock’s outlook.
Retail giant On Holding abandoned its 50-day line on Friday and remains below it despite Monday’s 1.1% rise.
Tradeweb is building a flat base with a buy point of 108.04. However, the stock continues to struggle below its 50-day line. Look for it to decisively regain that level to indicate that a potential breakout is just around the corner.
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Up-and-coming stock
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| alphabet | (Google) | 153.78 | integration |
| dexcom | (DXCM) | 132.03 | flat base |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of April 22, 2024
IBD experts analyze the top stocks in the current stock market correction on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven stocks, Nvidia stock rebounded on Monday but remains below its 50-day line. The AI ​​giant is his IBD leaderboard stock.
Tesla fell 3.4% on Monday after the company lowered prices for its electric vehicles in the U.S., China and Europe, as well as lowering prices for full self-driving features. These are the latest shifts in pricing strategy by the struggling EV giant. The stock also hit a new 52-week low.
Dow Jones Leader: Apple, Microsoft
Among the Magnificent Seven Dow Jones stocks, Apple and Microsoft rose in Monday’s stock market action.
Apple stock rose 0.5% on Monday, ending a five-day losing streak. The stock price remains well below its long-term 200-day line.
Microsoft stock rose 0.5% on Monday, ending a three-day decline. The software giant abandoned its 50-day line last week.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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