Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed ahead of Tuesday’s stock market open. While Nvidia stock boasts a new buy point, game stop (GME) soared after the return of Keith Gill, known by his social media name “Roaring Kitty.” Next up is an important inflation report from the Labor Department.
X
Keith Gill, who caused meme stocks to soar during the pandemic, has returned to social media for the first time in three years. Gil (aka Roaring Kitty) posted on social media platform X for the first time since June 2021 on Sunday night. The post was an image of a meme that implied he was “getting serious.”
GameStop stock soared more than 74%, while AMC Entertainment (AMC) soared more than 79%. Late Monday, GameStop stock rose 3% and AMC stock rose another 17%.
The Labor Department is next scheduled to release the producer price index, a key measure of wholesale inflation, on Tuesday. PPI rose 0.3% in April and is expected to rise 2.2% for the year, according to Econoday estimates. Core PPI is also expected to rise 0.2% month-on-month and 2.3% year-on-year.
This week’s economic spotlight is likely to focus 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.
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stock market today
On Monday, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 fell less than 0.1%. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, rose 0.3%.
netapp (NTAP), NXP Semiconductors (NXPI), taiwan semiconductor manufacturing industry (TSM) 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.
and Dow Jones tech icons apple (AAPL) and microsoft (MSFT) Stock markets ended mixed today, with Apple up 1.8% and Microsoft down 0.3%.
JP Morgan and Taiwan Semi are featured in this “Stocks Near the 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 4.48%. And oil prices rose, with West Texas Intermediate futures prices settling at around $79.20 per barrel.
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Stock market today: what to do now
With the recent stock market rally, 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.
On Monday’s IBD Live show, the IBD Live team discussed the current trading situation. Ernie Gutierrez talked about his “dizzying levels” and why he likes to take profits when stocks reach extreme levels.Arnie also covered mobile apps and commercial staffing companies in China. sweet spring (BZ). Justin Nielsen reviewed his weekly industry group analysis and highlighted the year-to-date underperformance of the Nasdaq and S&P 500 so far.
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 buy point. especially, KKR (KKR) broke above the flat-based buy point of 103.48. 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: JP Morgan, Merck
JPMorgan is rapidly approaching a flat base entry of 200.94 after a strong rally in recent weeks.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries.
4 Top Growth Stocks to Watch Stock market movements
Outside of the Dow Jones index, NetApp is trading just below its double-dip buy point at 108.82, according to IBD MarketSurge.
NXP Semiconductors is in buy range above the double bottom entry at 251.96. The stock rose 0.8% on Monday.
Chipmaker Taiwan Semiconductor has broken through a double-bottom buy point of 148.43 on Friday’s strong monthly sales. The stock fell 1.9% on Monday, below its entry price.
Tradeweb is down 0.7% on Monday and is squarely in buy range above the flat base buy point of 108.04.
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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 |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of May 5, 2024
IBD experts break down the top names in current stock market movements on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven brands, Nvidia (NVDA) and tesla (TSLA) rose 0.6% and 2%, respectively, on Monday.
Nvidia stock rose further above its 50-day line on Monday. The artificial intelligence giant’s stock added a handle to its benchmark on Monday, lowering its buy point from 974 to 922.20. AI Leader is his IBD leaderboard stock.
Tesla stock ended a four-day losing streak on Monday. The stock is right at its 50-day line after last week’s decline.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks included in the Magnificent Seven, Apple shares rose 1.8% on Monday to close at their highest since February 12th. The stock price has again risen above the 200-day line, forming the right side of the new standard.
Microsoft stock fell just 0.3% on its 50-day line on Monday. The software giant is building a flat base with a buy point of 430.82, and the 50-day line will be a key hurdle.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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