Dow futures rose along with the major stock indexes on Monday as Wall Street prepared for two speeches this week from Federal Reserve Chairman Jerome Powell. Among the big winners were NVIDIA (NVDA) Chip manufacturer Taiwan Semiconductor Manufacturing (TSM) surged on the stock market today after a price target increase.
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Nasdaq hits new highs, no holidays. Focus on Meta, Amazon, CrowdStrike
Dow Jones Industrial Average futures rose 0.1% relative to market capitalization before the open. S&P 500 futures and tech-heavy Nasdaq 100 futures were both slightly higher in premarket trading.
The yield on the 10-year Treasury rose to 4.3% early Monday. Oil prices fell, with West Texas Intermediate oil futures trading around $82.30 a barrel.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were both up slightly before the open.
Shares in Taiwan Semiconductor Corp, known as TSMC, rose more than 3% after Morgan Stanley raised its price target on the company by about 9%. The brokerage said the company is likely to raise its full-year sales outlook in its upcoming earnings release.
TSMC is the world’s largest semiconductor foundry. Its wide range of customers include: apple (AAPL), Nvidia, Advanced Micro Devices (AMD), Qualcomm (QCOM) and Broadcom (AVGO).
Stock Market Today: Powell’s Speech
Fed Chairman Jerome Powell is scheduled to appear in Congress on Tuesday and Wednesday, first to answer questions in the US Senate before visiting the Republican-controlled House of Representatives the following day.
Investors are looking for more clues about when the Fed plans to cut interest rates, and Chairman Powell said recently that progress has been made in fighting inflation but that more progress is needed before the central bank could begin cutting rates.
The biggest economic data release of the week is scheduled for Thursday, when the Bureau of Labor Statistics will release its latest Consumer Price Index. Economists expect the headline CPI to slow to 3% growth year-over-year. In contrast, the core CPI is expected to hold steady at 3.4% growth year-over-year. Producer Price Index data is due to be released on Friday.
Meanwhile, major banks are releasing their financial results one after another, as a new financial season begins. JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) are both scheduled to report quarterly earnings on Friday.
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Dow Jones Rising
On Friday, the Dow Jones Industrial Average rose 0.2%, the S&P 500 rose 0.5% and the tech-heavy Nasdaq Composite Index added 0.9%, both of which rose to new record highs.
Investor’s Business Daily’s Big Picture column noted that the Nasdaq is trading above its short-term moving averages and is more than 8% above its 50-day moving average. The index rose 3.5%, its fifth consecutive weekly gain. Additionally, the tech-heavy broad index is up 22.3% so far this year.
On Friday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach today’s stock market.
As the stock market continues to move, now is an important time to read “The Big Picture” column, and be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
Learn how to time the stock market with IBD’s ETF market strategy
Stock Market Today: Best Stocks to Watch
Carvana (CVNA), Meta Platform (Meta) and Monday (MNDY) — Includes components of the Dow Jones Amazon (AMZN), apple (AAPL) JPMorgan Chase (JPM) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
New additions to IBD MarketSurge’s “Breaking Out Today” list include: App Lovin (APP). The stock is trading above a buy point of 88.50 in a flat base.
Check out MarketSurge’s “Near Pivot” list for stocks approaching buy points on the basis, and to find even more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get real-time buy and sell alerts for stock market leaders with IBD Leaderboard
Dow Jones: JP Morgan surges
Among the Dow Jones stocks to watch is banking giant JPMorgan. According to MarketSurge pattern recognition, the stock is attempting to break out of a flat base entry at 205.88. JPMorgan was recently IBD’s Stock of the Day. Shares were down 0.3% at the open.
Outside the Dow Jones index, Carvana is still trading below a 129 buy point in a cup base despite Friday’s gains. Carvana shares were up 0.3% on Monday morning.
Meta shares are again trading above a 514.01 buy point in a cup-shaped base, following Friday’s gains. The parent company of Facebook and Instagram is an IBD Leaderboard stock. Meta shares were up 0.5% before the close on Monday.
And Monday.com broke a 249 buy point on a flat base, rising 2.3% on Friday. The stock was up 0.4% on Monday.
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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
Watch IBD Live as IBD experts break down the biggest names on the stock market today.
7 Great Stocks: NVIDIA, Tesla
Among the Magnificent Seven stocks, Nvidia rose 0.8%. Tesla (TSLA) fell 1% on the stock market in pre-market trading today.
Tesla shares rose 2.1% on Friday, their eighth consecutive trading day of gains. Last week, Tesla surged more than 24%, closing well above its long-term 200-day mark.
Nvidia shares fell 1.9% on Friday, giving up some of Wednesday’s gains. 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, Apple and Microsoft were mixed ahead of the stock market open on Monday.
Amazon shares were up slightly in premarket trading on Monday as the stock is firmly above a 191.70 buy point in a flat base following its recent breakout move.
Apple shares rose 2.2% on Friday, hitting yet another all-time high. The stock is above a cup-based buy point of 199.62. Apple was up 0.7% early Monday.
Microsoft shares rose 1.5% on Friday, climbing above a flat buy point of 430.82 to a new high, and the stock was trading slightly higher early Monday.
Follow Scott Lehtonen on X (formerly Twitter). translator Learn more about growth stocks, the Dow Jones Industrial Average and today’s stock market here.
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