The Dow Jones Industrial Average rallied Monday after economic data in an abbreviated trading week. Despite that positive momentum and a broker’s price target hike, Nvidia (NVDA) threatened to extend a losing streak on the stock market today.
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Nasdaq Reverses After Hitting 18,000; Uber, JPMorgan, Hilton In Focus
After the opening bell, the Dow Jones Industrial Average gained 0.6%, as the S&P 500 inched higher. The tech-focused Nasdaq composite moved up 0.1% in morning trading.
Early Monday, the 10-year Treasury yield rose to 4.45%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $82 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.2%, as the SPDR S&P 500 ETF (SPY) gained 0.1% after the open.
Nvidia stock dropped 2.5% Monday despite receiving a price-target hike at Morgan Stanley. Analyst Joseph Moore upped the target from 116 to 144, maintaining an overweight rating.
Nvidia stock fell for a second straight session Friday, with a 0.4% fall. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Elsewhere, Boeing (BA) agreed to buy supplier Spirit AeroSystems (SPR) for $37.25 a share, or $4.7 billion. Boeing shares rose almost 2%, while Spirit stock jumped nearly 4%.
Stock Market Today: Jobs Report Loom
Markets will be closed for the Independence Day holiday on Thursday.
This week’s economic data is headlined by Friday’s June jobs report. The monthly employment report is expected to show a solid gain of 190,000 jobs as wage growth slows according to FactSet. The unemployment rate is seen holding at 4%.
Other labor market data this week includes Tuesday’s Job Openings and Labor Turnover Survey. The ADP employment report and weekly jobless claims follow. On Wednesday, the Institute for Supply Management service sector activity index and minutes of the June 11-12 Fed meeting are out.
Early Monday, the Purchasing Managers’ Manufacturing Index, or PMI, rose to 51.6 in June vs. May’s 51.3 reading. It was expected to come in at 51.7, per Econoday estimates.
Finally, the Institute of Supply Management manufacturing index unexpectedly fell to 48.5 in June vs. May’s 48.7. It was estimated to rise to 49.1.
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Dow Jones Falls
On Friday, the Dow Jones industrials moved down 0.1%, while the S&P 500 and Nasdaq composite lost 0.4% and 0.7%, respectively.
Investor’s Business Daily’s Big Picture column said, “The stock market suffered a bearish reversal Friday but still turned in excellent gains for the first half of 2024. “
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today:Â Best Stocks To Watch
Burlington Stores (BURL), Carvana (CVNA), Domino’s Pizza (DPZ) and Meta Platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Stifel Financial (SF) broke out past a 81.68 buy point in a cup with handle Friday. Shares ended Friday above the entry.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base’s 133.10 entry, according to MarketSurge pattern recognition. Amgen was up 0.3% in morning trading Monday.
Outside the Dow Jones index, Burlington Stores is in buy range above a 232.69 cup-base entry amid recent gains. Burlington stock gained 0.5% Monday.
Carvana is below a 129 buy point in a cup base following Friday’s losses. Carvana stock fell 0.4% Monday.
Pizza maker Domino’s is tracing a flat base that has a 542.75 buy point, according to IBD MarketSurge. Domino’s shares lost 0.4% Monday morning.
Finally, Meta stock is trying to break out above a 514.01 buy point in a cup-with-handle base, but losses on Friday sent the stock back below that entry. The Facebook and Instagram parent is a new IBD Leaderboard stock. Meta stock dipped 0.2% Monday morning.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Meta Platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla (TSLA) rallied 5.4% on the stock market today in morning trading and cracked the 200 level.
Tesla stock moved up another 0.2% Friday, closing near its highest level since early March.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher after Monday’s stock market open.
Amazon is breaking out past a 191.70 buy point in a flat base following a recent rebound from the 50-day line. Amazon stock moved up 1.1% Monday.
Apple stock declined 1.6% Friday, snapping a four-day win streak. Shares are extended past the 5% buy range above a cup base’s 199.62 buy point. Apple was up 1.3% Monday.
Microsoft shares dropped 1.3% Friday, falling back into buy range above a flat base’s 430.82 buy point. And early Monday the stock gained 0.4%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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