Futures for the Dow Jones Industrial Average and other major indexes rose on Monday as Wall Street looked to extend the blue-chip index’s winning streak to eight days. meanwhile, Nvidia (NVDA) rallied in the stock market today after Jefferies significantly increased its price target and assigned a buy rating to the artificial intelligence leader.
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In premarket trading, Dow Jones futures rose 0.2% to fair value and S&P 500 futures rose 0.3%. Futures on the tech-heavy Nasdaq 100 rose 0.4% before the opening bell.
Early Monday morning, the 10-year U.S. Treasury yield fell to 4.49%. Oil prices also rose, with West Texas Intermediate futures trading around $78.80 per barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.4% and SPDR S&P 500 ETF (SPY) rose 0.3%.
Nvidia shares rose 0.9% on Monday morning as Jefferies assumed coverage of Nvidia along with a number of other U.S. semiconductor stocks. Jeffries believes the group is still early in the cycle and sees continued power from AI. This brings his new target price for NVIDIA from his 780 shares to his 1,200 shares. Meanwhile, HSBC raised his Nvidia price target to 1,350 shares from his 1,050 shares.
Nvidia stock rose 1.3% on Friday, ending a three-day losing streak. The stock continues to build a foundation with a buy point of 974. Meanwhile, the impetus for early buying comes from the May 6th high of 922.20. Leader in AI is an IBD Leaderboard Stock.
Stock Market Today: CPI Inflation Report
The economic focus this week will be on Wednesday’s consumer price index. Economists expect the core CPI, which excludes food and energy, to rise 0.3% month-over-month, down from a 0.4% rise in March, and price pressures to ease slightly, according to FactSet. Additionally, retail sales statistics for April will be released on Wednesday.
But first, Tuesday will feature the producer price index, a key measure of wholesale inflation.
This week’s major earnings reports are Dow Jones components home depot (HD) and walmart (WMT).
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones extends winning streak
On Friday, the Dow Jones Industrial Average rose another 0.3%, extending its winning streak to eight sessions. The S&P 500 rose 0.2%. The tech-heavy Nasdaq Composite Index fell slightly.
Friday’s The Big Picture Column commented, “S&P 500 sectors closed mixed on Friday. Consumer staples, defense and technology were the biggest gainers, while energy and consumer discretionary were the laggards.” did.
During Friday’s IBD Live show, the IBD Live team discussed the current trading situation. Mike Webster and Justin Nielsen discussed market precedent stretching back to 2023 in light of the follow-through type of behavior witnessed on May 3rd.
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Also, be sure to read about 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
Stock Market Today: Stocks to Watch
netapp (NTAP), NXP Semiconductor (NXPI), pinterest (PIN) and trade web market (TW) — Plus Dow Jones Component JP Morgan Chase (JPM) and Merck (MRK) — one of the most interesting companies on the stock market today.
Chipotle and Merck are 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. especially, Arista Networks (ANET) is breaking through the cup base entry of 307.74.
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: JP Morgan, Merck
JPMorgan is rapidly approaching a flat base entry of 200.94 after a strong rally in recent weeks. Stock prices rose 0.3% on the stock market that day.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries. Merck stock edged higher on Monday.
4 Top Growth Stocks to Watch stock market today
Outside of the Dow Jones index, NetApp is trading just below its double-dip buy point at 108.82, according to IBD MarketSurge. NetApp stock was slow ahead of Monday’s rally.
NXP Semiconductors is in buy range above the double bottom entry at 251.96. The stock fell 1% on Monday.
Pinterest fell 1.5% on Friday, topping a 41.60 cup entry. Stocks rose slightly early Monday.
Tradeweb is squarely in buy range above the flat base buy point of 108.04, and was down 2.6% on Friday. Stocks were flat on Monday.
IBD’s latest newsletter, MarketDiem, delivers actionable ideas about stocks, options, and crypto right to your inbox.
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 May 6, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven Stock: Tesla
Magnificent Seven Stocks tesla (TSLA) rose 0.6% in pre-market trading on Monday.
Tesla stock fell 2% on Friday, ending the day further below its 50-day line. Tesla stock is down more than 40% from its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) rose ahead of the stock market’s opening on Monday.
Apple shares fell 0.8% on Friday, but were still above the 200-day line, forming the right side of the new standard. Shares rose 1.2% on Monday morning following reports that Apple is nearing an agreement with OpenAI to use OpenAI’s technology in the next Apple iOS 18.
Microsoft stock rose 0.6% on Friday, hitting its 50-day line, a key hurdle to keep an eye on. The software giant is building a new flat base with a buy point of 430.82. And Microsoft stock rose 0.7% 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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