Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed before the stock market opened on Tuesday. Nvidia (NVDA) rebounded, while including big earnings reports this week Microsoft (MSFT), Boeing (Bachelor's), Tesla (TSLA), Meta platforms (dead) and Google's parent the alphabet (Google).
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late Monday, Rhythm design systems (CDNS), Nocor (No) And American Packaging Company (kg package) reported their earnings results.
Cadence stock fell nearly 9%, while Nucor shares sold off 3% in extended trading. Shares of packaging companies rose after the stock market closed.
This week's economic data calendar will include first-quarter GDP, the Federal Reserve's core inflation measure, and the personal consumption expenditures price index. Based on the inputs already reported, the upcoming data will likely not moderate the recent rise in interest rates.
GDP data due on Thursday will provide the big picture. The first official estimate of real GDP is expected to show growth of 2.1% in the first quarter, down from 3.4% in the fourth quarter.
Along with GDP, the Bureau of Economic Analysis releases the Core Personal Consumption Expenditures Price Index report. Personal spending and expenditures for March are scheduled to be released on Friday.
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Stock market today
On Monday, the Dow Jones Industrial Average rose 0.7% and the S&P 500 rose 0.9%. The Nasdaq Composite Index, which is dominated by technology stocks, advanced 1.1%.
Among Magnificent Seven stocks, Nvidia was the biggest gainer, rising 4.4% to recover part of Friday's 10% decline. Shares fell below the 50-day line last week, a major sell signal.
And Dow Jones tech icons apple (Camel) Microsoft closed higher on the stock market today, up 0.5% each.
the alphabet, Discom (DXCM), Ali Holding (Onon) And TradeWeb Markets (T.W) – in addition to the Dow Jones component American pass (XP) – is among the top companies to watch in the stock market today.
Alphabet and Tradeweb are shown in the column of stocks near the buy zone.
Dow Jones Index Today: Oil Prices and Treasury Yields
Before the opening bell on Tuesday, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed versus fair value. Remember, overnight movement in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
On Monday, the yield on the 10-year US Treasury note fell to 4.61%. Oil prices fell, with West Texas Intermediate futures settling above $82 a barrel.
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Stock Market Correction: What to Do Now
Now is an important time to read IBD's “Big Picture” column, as the stock market outlook sees a correction. After Monday's action, be sure to check today's Big Picture for an updated exposure level.
IBD Live Show Monday He began by assessing the trading conditions. The team scanned some past periods in the stock market to get a better idea of how much the market is currently down.
An essential resource for your daily escape IBD MarketSurge Check out today list. He appears Market growth 250 Stocks breaking through new buy points. and what is worth to mention, Sprouts Farmers Market (Sfm) The buy barrier 65.53 was breached. Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are approaching buy points in the bases.
To find more stock ideas, check out lists of IBD stocks like… Bahraini dinar 50, Big hat 20 The stock is near the buy zone. These features identify bullish patterns and buy points and are available to check every day.
Dow Jones: American Express
American Express is bouncing with significant amounts of support around its 50-day moving average, according to Marketsorg Graphs. The bounce puts the software leader into a new buying zone. Keep in mind that market risk is high at the moment. Shares also rise above the 231.69 entry level in a short consolidation.
On Friday, American Express reported better-than-expected first-quarter earnings and sales results, along with strong forecasts, resulting in a 6.2% rise. The payments industry leader earned $3.33 per share on sales of $17.8 billion, year-over-year increases of 39% and 13%, respectively.
4 Higher Growth Stocks to Watch in Stock market correction
Google stock is above the buy point
Alphabet, Google's parent company, exceeded its buy level at 153.78 points during the merger, according to Marketsorg Charts, as the stock rose 2.2% on Monday.
The Dexcom fell below a flat entry level of 132.03 during last week's losses, but is still holding above its key 50-day line. Support would be bullish for the stock's prospects.
Retail leader On Holding gave up its 50-day line on Friday and remains below that level despite Monday's 1.1% gain.
Tradeweb is building a flat base with a buy point of 108.04. But stocks are still struggling below the 50-day line. Look for a decisive retracement of this level to indicate that a potential breakout is on the horizon.
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Stocks to watch
These are four stocks that are in or near buy zones in the stock market today.
| Company Name | Code | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| American Express | (XP) | 231.69 | Merger |
| the alphabet | (Google) | 153.78 | Merger |
| Discom | (DXCM) | 132.03 | Flat base |
| TradeWeb Markets | (T.W) | 108.04 | Flat base |
Source: IBD data as of April 22, 2024
The 7 Great Stocks: Nvidia and Tesla
Among the Magnificent Seven stocks, Nvidia stock rebounded on Monday, but remained below its 50-day line. The artificial intelligence giant is an IBD Leaderboard stock.
Tesla shares fell 3.4% on Monday after the company reduced the prices of electric cars in the United States, China and Europe, in addition to reducing the price of its full self-driving feature. It's the latest shift in pricing strategy by the struggling electric car giant. Shares hit 52-week lows.
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven, Apple and Microsoft shares traded higher during Monday's stock market action.
Apple shares rose 0.5% on Monday, ending a five-day losing streak. Shares remain sharply below their long-term 200-day line.
Microsoft shares ended a three-day slide on Monday, rebounding 0.5%. The software giant abandoned the 50-day streak last week.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen To learn more about growth stocks and the Dow Jones Industrial Average.
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