Futures for the Dow Jones Industrial Average and other major indexes were mixed on Tuesday as Wall Street awaited key inflation data from the Labor Department and comments from Federal Reserve Chairman Jerome Powell. meanwhile, game stop (GME) soared more than 100% on the stock market today and is looking to extend Monday’s big gains.
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In premarket trading, Dow Jones futures rose 0.1% to fair value while S&P 500 futures rose modestly. Futures on the Nasdaq 100, which focuses on tech stocks, edged higher before the opening bell.
Early Tuesday, the 10-year U.S. Treasury yield held steady at 4.48%. Additionally, oil prices fell slightly 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 less than 0.1%, and SPDR S&P 500 ETF (SPY) rose less than 0.1%.
GameStop shares more than doubled Tuesday morning, on pace to add to Monday’s big gains. The volatile stock has gained 118% in recent moves. meanwhile, AMC Entertainment (AMC) also rose more than 100% in pre-market trading.
On Monday, Keith Gill, who sparked a rise in meme stocks during the pandemic, returned to social media for the first time in three years. Gill, also known as 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.”
Stock Market Today: PPI Inflation Report
Early Tuesday morning, the Biden administration announced new tariffs on $18 billion worth of Chinese imports, saying they are necessary to protect U.S. industry from unfair competition.
The Labor Department is next scheduled to release the Producer Price Index, a key measure of wholesale inflation, on Tuesday at 8:30 a.m. ET. 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.
Meanwhile, Fed Chairman Jerome Powell will participate in a moderated discussion at the Association of Foreign Bankers’ annual meeting in Amsterdam. That discussion is scheduled to take place at 10 a.m. ET.
The main revenue drivers for Tuesday morning were: alibaba (Baba), home depot (HD) and On hold (Onon).
Alibaba shares fell nearly 5% in early trading, while Home Depot shares rose 0.4%. On Holding rose nearly 10% in premarket trading.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones extends winning streak
On Monday, the Dow Jones Industrial Average fell 0.2%, ending an eight-day winning streak, 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%.
“The CBOE Volatility Index, commonly known as the VIX, fell to 12.55 on Friday, the lowest since the index rose to 21.36 on April 19,” Monday’s Big Picture column in Investor’s Business Daily said. “This is a so-called fear gauge, reflecting the rapid cooling of investors’ fears.” Monday it rebounded to 13.59. This reflects investor confidence and should never be sold short in a slow market. This is an attack on the March high. ”
On Monday’s IBD Live show, the IBD Live team discussed the current terms of the deal. IBD staffer Ernie Gutierrez talks about his “dizzying levels” and why he likes to take profits when stocks reach extreme levels.Gutierrez also covered mobile apps and commercial staffing companies in China. sweet spring (BZ). Fellow IBD staff member Justin Nielsen reviewed the weekly industry group analysis and highlighted the year-to-date underperformance of the Nasdaq and S&P 500 so far.
As the stock market continues to move, now is an important time to read 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 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.
JP Morgan and Taiwan Semi are featured in this “Stocks Near the 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, 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.
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 fell slightly on the stock market today.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries. Merck stock edged lower on Tuesday.
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 rose 0.5% before closing on Tuesday.
NXP Semiconductors is in buy range above the double bottom entry at 251.96. The stock rose 0.3% on Tuesday.
Chipmaker Taiwan Semiconductor is on track to break above the 148.43 buy point on a double-bottom basis after Friday’s strong monthly sales. The stock rose 0.6% on Tuesday.
Tradeweb is down 0.7% on Monday and is squarely in buy range above the flat base buy point of 108.04. Stocks were flat on Tuesday.
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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 May 6, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven brands, Nvidia (NVDA) fell 0.4%, tesla (TSLA) was up 0.4% on Tuesday morning.
On Monday, Nvidia stock rose further above its 50-day moving average. The artificial intelligence giant’s stock price increased 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 in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) traded mixed ahead of stock market trading on Tuesday.
Apple shares rose 1.8% on Monday, closing at their highest since February 12th. The stock price is above the 200-day line, forming the right side of the new standard. Shares rose slightly on Tuesday morning.
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. And Microsoft stock fell 0.3% on Tuesday.
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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