Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, fell ahead of the stock market’s open on Tuesday. Tesla shares surged ahead of second-quarter deliveries. Meanwhile, attention on Wall Street will turn to a speech from Federal Reserve Chairman Jerome Powell on Tuesday.
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Markets Hold After Friday’s Reversal: Focus on Meta, Ollie’s, Synopsys
Tesla shares rose more than 6% on Monday, closing at their highest since late January. The electric car maker is widely expected to announce second-quarter deliveries on Tuesday morning.
Also on Tuesday, Fed Chairman Powell is scheduled to speak on central banking at the European Central Bank Forum in Portugal, with the policy panel discussion starting at 9:30 a.m. ET.
Meanwhile, the headline economic data for the week will be the release of June employment data on Friday. The monthly report is expected to show a strong gain of 190,000 jobs a month amid slowing wage growth, according to FactSet. The unemployment rate is expected to remain at 4%.
Finally, the market will be closed on Thursday in observance of Independence Day.
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Stock Market Today
On Monday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 added 0.3%. The tech-heavy Nasdaq Composite Index rose 0.8%.
Burlington Store (bar), Carvana (CVNA), Domino’s Pizza (DPZ) and Meta Platform (META) — A component of the Dow Jones Amazon (AMZN), apple (AAPL), Amgen (AMGN), JPMorgan Chase (JPM) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
This “Stocks Near Buy Zone” column features JPMorgan and Meta.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of the open of trading on Tuesday, Dow Jones futures were down 0.1% relative to fair value, while S&P 500 futures were down 0.2%. Tech-heavy Nasdaq 100 futures were down 0.3% relative to fair value. Keep in mind that overnight movements in Dow Jones futures and other futures don’t necessarily translate into actual trading in the next regular stock market session.
The yield on the 10-year Treasury note rose to 4.47% on Monday. Oil prices also rose as West Texas Intermediate crude futures closed above $83 a barrel.
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Stock Market Today: What to Do Now
As the stock market continues to rally, now is an important time to read IBD’s The Big Picture column, and be sure to check out today’s The Big Picture and today’s exposure levels following Monday’s action.
On Monday’s IBD Live show, the IBD Live team discussed the current trading landscape.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list, which highlights the MarketSurge Growth 250 stocks breaking out above buy points. Notable stocks on this list include: Manulife Financial (MFC) is breaking out of a 26.81 buy point on a flat base on the stock market today, while MarketSurge’s “Near Pivot” list shows stocks approaching a buy point on a base.
To find more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and can be checked daily.
Dow Jones Index: Amgen, JP Morgan
Dow Jones stocks to watch include biotech giant Amgen, which is attempting to break out of a cup base entry of 133.10 according to MarketSurge pattern recognition, and JPMorgan, which has broken out of a flat base entry of 205.88. The banking industry leader was IBD’s Stock of the Day.
Outside the Dow Jones index, Burlington Stores is in buy range above the 232.69 cup entry price despite recent declines, while Carvana is firmly below the 129 cup buy point following Monday’s drop.
Pizza maker Domino’s is drawing a flat base with a buy point of 542.75, according to IBD MarketSurge. And Meta stock is trying to break out of a 514.01 buy point in a cup-with-handle base, but Friday’s selloff has pushed the stock below that entry. The parent company of Facebook and Instagram is a stock on the IBD Leaderboard.
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Stock Market Today: Companies to Watch
These are four stocks that are in or near the buy zone on the stock market today.
| Company Name | symbol | The right purchase point | Types of purchase points |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup Base |
| Domino | (DPZ) | 542.75 | Flat Base |
| Meta Platform | (Meta) | 514.01 | Flat Base |
| Amazon | (Amazon) | 191.70 | Flat Base |
Source: IBD Data as of June 27, 2024
On IBD Live, IBD experts break down key stocks in current stock market trends.
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven stocks, Nvidia shares rebounded after two days of declines, rising 0.6%.
The stock remains well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones Magnificent Seven stocks, Amazon is trading above a 191.70 buy point in a flat base following a recent bounce from its 50-day line.
Apple shares rose 2.9% on Monday to close just shy of their all-time high, with the stock trading above a cup-based buy point of 199.62.
Microsoft shares rose 2.2% on Monday, climbing above a sideways buy point of 430.82 to hit a new high.
Follow Scott Lehtonen on X/Twitter translator For more information on growth stocks and the Dow Jones Industrial Average, click here.
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