Dow Jones futures and other major stock indexes fell on Tuesday as investors awaited morning comments from Federal Reserve Chairman Jerome Powell and the electric vehicle giant. Tesla (TSLA) is widely expected to report deliveries on the stock market today.
↑
X
Markets Hold After Friday’s Reversal: Focus on Meta, Ollie’s, Synopsys
As of early trading, Dow Jones Industrial Average futures were down 0.3% relative to market capitalization. S&P 500 futures were down 0.4% and the tech-heavy Nasdaq 100 was down 0.5% in premarket trading.
The yield on the 10-year Treasury note fell to 4.45% early Tuesday. Crude oil prices continued their recent gains, with West Texas Intermediate oil futures trading around $84 a barrel.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) was down 0.5%, and the SPDR S&P 500 ETF (SPY) was down 0.4% before the open.
Tesla shares fell 1.9% in morning trading on the stock market today. Tesla shares rose more than 6% on Monday, closing at their highest price since late January, surpassing the $200 mark.
The electric-car maker is due to report its second-quarter delivery numbers on Tuesday morning. Analysts as of Monday were expecting a total of 436,000 deliveries worldwide, according to FactSet. At the end of May, Wall Street was expecting three-month deliveries of 448,000, but that forecast has since fallen 3%.
Current estimates represent a 6.5% decrease compared to last year’s deliveries of 466,140 units, but a 13% increase compared to the first quarter of this year.
Stock Market Today: Powell Speech
On Tuesday, Fed Chairman Powell will speak about central banking at the European Central Bank Forum in Portugal. The policy panel discussion begins at 9:30 a.m. ET.
Other labor market data due for release on Tuesday include the Job Openings and Labor Turnover Survey (JOLTS), due for release at 10 a.m. ET. Job openings are expected to fall to 7.9 million in May from 8.059 million in April.
Meanwhile, markets will be closed on Thursday in observance of Independence Day.
Adapt to changing market conditions with IBD’s new exposure levels
Dow Jones Rising
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%.
“Overall, broad index movements were muted for the session. Day-to-day fluctuations may be limited with stock markets closed on Thursday for Independence Day. But don’t ignore important economic data coming out later this week, including the June nonfarm payrolls report,” Investor’s Business Daily’s Big Picture column said.
On Monday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach the stock market today.
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
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) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
IBD MarketSurge’s “Breaking Out Today” list: Manulife Financial (MFC) is breaking out of a 26.81 buy point 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: Amgen surges
Stocks to watch on the Dow Jones include biotech giant Amgen, which is attempting to break out of a cup base entry of 133.10, according to MarketSurge pattern recognition. Amgen edged up modestly in the premarket. JPMorgan broke out of a flat base entry of 205.88. The banking leader was IBD’s Stock of the Day on Monday. Shares were down 0.3% at the open.
Outside the Dow Jones index, Burlington Stores was trading flat in premarket trading despite its recent decline, hovering in buy range above the cup base entry price of 232.69. Carvana is firmly below the cup base buy point of 129 following Monday’s decline. Carvana shares were down another 1.1% on Tuesday morning.
Pizza maker Domino’s Pizza is trading sideways with a buy point of 542.75. Shares were flat in premarket trading on Tuesday.
Meta shares were also attempting to break out of a 514.01 buy point on a cup-handle basis, but Friday’s selloff pushed the stock below that entry.The parent company of Facebook and Instagram is an IBD Leaderboard stock.Meta shares were down 0.7% early Tuesday.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
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.
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven stocks, Nvidia shares fell more than 1% in premarket trading on Tuesday. The market leader recovered from a two-day decline on Monday to rise 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, shares of Amazon, Apple and Microsoft fell before the stock market opened on Tuesday.
Amazon is rising above a 191.70 buy point in a flat base following a recent bounce from its 50-day line. Amazon shares were down 0.1% in premarket trading on Tuesday.
Apple shares rose 2.9% on Monday to close just shy of their all-time high. The stock is above a cup-based buy point of 199.62. Apple was down 0.5% on Tuesday.
Microsoft shares rose 2.2% on Monday, surpassing a flat buy point of 430.82 to hit a new high, before trading down 0.5% early Tuesday.
Follow Scott Lehtonen on X (formerly Twitter). translator Learn more about growth stocks, the Dow Jones Industrial Average and today’s stock market here.
You may also like:
Check out IBD’s new exposure levels to stay abreast of market trends.
Top growth stocks to buy and watch
Learn how to time the market with IBD’s ETF market strategy
Find the best long-term investments with IBD’s long-term leaders
MarketSurge Spot buy points and sell signals with pattern recognition
