On Monday, Dow Jones futures and other major stock indexes rose. tesla (TSLA) soared on reports that the Chinese government has given provisional approval for electric vehicle giants to start fully autonomous driving in China. meanwhile, Nvidia (NVDA) highlighted a new buy point in the stock market today.
X
Dow Jones futures rose 0.1% to fair value in premarket trading, while S&P 500 futures rose 0.2%. Futures on the tech-heavy Nasdaq 100 rose 0.4% before the opening bell.
Early Monday morning, the 10-year Treasury yield fell to 4.63%. Oil prices also fell, with West Texas Intermediate futures trading around $83.20 a barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.5% and SPDR S&P 500 ETF (SPY) rose 0.3%.
According to the Wall Street Journal, Tesla plans to roll out self-driving services based on the Chinese tech giant’s mapping and navigation capabilities. Baidu (BIDU).
The partnership clears a key regulatory hurdle for Tesla to offer driver assistance systems locally. Rolling out FSD in China would allow Tesla to compete with major Chinese automakers that already offer advanced driver assistance features.
Tesla shares soared more than 14% in premarket trading and are on track to regain their 50-day line for the first time since early January.
Stock Market Today: Fed Meeting
While the two-day Federal Reserve meeting that begins this Tuesday is sure to grab attention, there are also a number of important economic reports that investors should keep an eye on.
The latest consumer confidence index will be released on Tuesday, and the ADP jobs report will be released on Wednesday. But the key report will be the April jobs report, which will be released on Friday. Analysts expect the U.S. economy to add 250,000 new jobs, down from last month. Analysts expect the unemployment rate to remain stable at 3.8%.
Monday’s key earnings reports include: domino pizza (DPZ), ON Semiconductor (on) and SoFi technology (Sophie).
Domino’s Pizza shares rose more than 4% in early trading, with On shares up 0.7%. And SoFi stock fell nearly 5% in premarket trading.
Other major earnings reports this week include members of the Magnificent Seven apple (AAPL) and Amazon (AMZN).
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones rise
On Friday, the Nasdaq Composite Index rose 2% and the S&P 500 Index rose 1%. The Dow Jones Industrial Average edged up 0.4%.
Friday’s The Big Picture column said, “Remember, just because conditions are improving, it doesn’t mean you need to recklessly increase exposure. Please increase your exposure gradually by purchasing leading stocks.
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Stocks to watch in today’s stock market
Chipotle Mexican Grill (CMG), dexcom (DXCM), texas roadhouse (TXRH) and trade web market (TW) — plus Dow Jones components American express (AXP) — One of the most interesting companies on the stock market today.
Tradeweb was featured in this “Stocks Near a Buy Zone” column.
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. Additionally, 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.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express
American Express is rebounding massively with support near its 50-day moving average. The bullish rebound has placed the software leader in new buy territory, with the stock rallying above the 231.69 entry in a short-term consolidation. Stock prices rose 0.6% on the stock market that day.
4 Top Growth Stocks to Watch stock market correction
Outside of the Dow Jones index, Chipotle rose an additional 2.4% on Friday to end further above its short-term consolidated buy point of 3,023.98, according to IBD MarketSurge. Chipotle stock rose 1% in early trading Monday.
Texas Roadhouse is sitting just above a flat-based buy point of 157.12. The stock rose 1.6% on Monday.
Tradeweb has formed a flat base with a buy point of 108.04 and remains below its 50-day moving average. Stocks rose on Monday.
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Stock Market Today: Companies to Watch
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 |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of April 22, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven Stock: Nvidia
Magnificent Seven Stocks Nvidia (NVDA) edged lower in pre-market trading on Monday.
Nvidia stock rose 6.2% on Friday, regaining its 50-day moving average on heavy volume. As a result of the consolidation, a new buy point has emerged at 974, but aggressive investors can use the 906.13 entry as an early entry.
Dow Jones Leader: Amazon, Apple, Microsoft
The Magnificent Seven Dow Jones stocks include Amazon, Apple, microsoft (MSFT) rose ahead of the stock market’s opening on Monday.
Amazon stock regained its 50-day line on a bullish note Friday, rising 3.4%. Shares rose 1.4% in early trading Monday.
Apple shares fell 0.4% on Friday, ending a four-day winning streak. The stock is about 15% off its 52-week high. Apple rose 2.6% on the stock market that day.
Microsoft rebounded 1.8% in Friday trading after the earnings release. Software giants are fighting to regain the 50-day line. The stock fell 0.2% on Monday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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