The Dow Jones Industrial Average rose on Monday following a shortened trading week of economic data. Despite the positive momentum and broker price target hikes, NVIDIA (NVDA) announced today that it is at risk of continuing its losing streak in the stock market.
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Nasdaq rebounds after hitting 18,000; focus on Uber, JP Morgan, Hilton
After the open, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 edged up slightly. The tech-heavy Nasdaq Composite Index rose 0.1% in morning trading.
The yield on the 10-year Treasury note rose to 4.45% early Monday. Oil prices continued their recent gains, with West Texas Intermediate oil futures trading around $82 a barrel.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) fell 0.2%, while the SPDR S&P 500 ETF (SPY) rose 0.1% after the open.
Nvidia shares fell 2.5% on Monday despite Morgan Stanley raising its price target. Analyst Joseph Moore raised his price target to 144 from 116 and maintained his overweight rating.
Nvidia shares fell for the second straight session on Friday, down 0.4%. The stock remains well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Elsewhere, Boeing (BA) agrees to acquire supplier Spirit AeroSystems (SPR) at $37.25 a share for a total of $4.7 billion. Boeing shares rose about 2% and Spirit shares rose about 4%.
Stock market today: Jobs report looms
The market will be closed on Thursday in observance of Independence Day.
The headline economic data for the week is Friday’s June employment report, which is expected to show a monthly gain of 190,000 jobs amid slowing wage growth, according to FactSet. The unemployment rate is expected to remain at 4%.
Other labor market data due this week include the Job Openings and Labor Mobility Survey on Tuesday, followed by the ADP employment report and weekly jobless claims. Wednesday sees the release of the Institute for Supply Management’s service sector activity index and minutes from the June 11-12 Federal Reserve meeting.
Early Monday, the Purchasing Managers’ Index (PMI) rose to 51.6 in June from 51.3 in May. Econoday estimates had expected it to reach 51.7.
Finally, the Institute for Supply Management’s (ISM) manufacturing index unexpectedly fell to 48.5 in June from 48.7 in May. It had been expected to rise to 49.1.
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Dow Jones Falls
On Friday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 and Nasdaq Composite fell 0.4% and 0.7%, respectively.
“Stock markets suffered a bearish reversal on Friday but still posted impressive gains for the first half of 2024,” Investor’s Business Daily’s Big Picture section reported.
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
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: Stifel Financial (SF) broke out of a 81.68 buy point in a cup with handle on Friday. The stock closed above the entry on Friday.
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 trying to break out of a cup-handle base entry of 133.10, according to MarketSurge Pattern Recognition. Amgen was up 0.3% in morning trading on Monday.
Outside the Dow Jones index, Burlington Stores Inc. is in buy range after a recent rally pushed it above a cup-based entry price of 232.69. Burlington shares were up 0.5% on Monday.
Carvana is below a 129 buy point in a cup base following Friday’s decline. Carvana shares were down 0.4% on Monday.
Pizza maker Domino’s is trading sideways with a buy point of 542.75, according to IBD MarketSurge. Domino’s shares were down 0.4% on Monday morning.
Finally, Meta stock is attempting to break out of a 514.01 buy point in a cup-and-handle base, but Friday’s losses have pushed the stock below that entry. The parent company of Facebook and Instagram is a new IBD Leaderboard stock. Meta shares were down 0.2% on Monday morning.
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.
7 Great Stocks: Tesla
Among the Magnificent Seven brands, Tesla (TSLA) rose 5.4% on the stock market in morning trading today, breaking through the 200 level.
Tesla shares rose another 0.2% on Friday to close near their highest level since early March.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones “Magnificent Seven” stocks, Amazon, Apple and Microsoft rose after the stock market opened on Monday.
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 up 1.1% on Monday.
Apple shares fell 1.6% on Friday, snapping a four-day rally. The stock has risen out of a 5% buying range from a cup base buy point of 199.62. Apple rose 1.3% on Monday.
Microsoft shares fell 1.3% on Friday, moving back into buy range above a 430.82 buy point in a flat base, and shares were up 0.4% by early Monday morning.
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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