Futures: AI Stock Leader Plunges On Earnings

Futures: AI Stock Leader Plunges On Earnings

Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were lower ahead of Tuesday’s stock market open. Artificial Intelligence Stocks Palo Alto Networks (PANW) plunged on its profits Monday evening. And later this week, Nvidia (NVDA) the results and minutes of the Federal Reserve’s latest policy meeting are expected to be released.


Top performers in Monday evening earnings include Palo Alto Networks and Zoom video communications (ZM). Palo Alto Cybersecurity Leader plunged more than 9% in extended trading, while Zoom stock pared its losses to less than 1%.

Next week will see the release of Federal Reserve minutes for May on Wednesday. Investors will be looking for further clues about what Fed Chairman Jerome Powell and other central bankers are thinking about where interest rates will move in the future.

Other economic reports due next week include existing home sales on Wednesday, new home sales on Thursday and S&P flash U.S. purchasing managers’ index data for manufacturing and services, which will be released THURSDAY.

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Stock market today

On Monday, the Dow Jones Industrial Average fell 0.5% and the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite index climbed 0.7%.

Robinhood Markets (HOOD), PDD (PDD), Taiwan Semiconductor Manufacturing (TSM), Exchange Office (TTD) And Commercial Web Marketplaces (T.W.) — plus Dow Jones components JPMorgan Chase (JPM) And Merck (MRK) – are among the best companies to watch on the stock market today.

And the tech icons of the Dow Jones Apple (AAPL) And Microsoft (MSFT) finished higher in today’s stock marketwith Apple and Microsoft up 0.6% and 1.2%, respectively.

Microsoft and Trade Desk are featured in this Column Stocks close to a buy zone.

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Dow Jones Today: Oil Prices and Treasury Yields

Ahead of Tuesday’s open, Dow Jones futures fell 0.1% from fair value, while S&P 500 futures edged lower. Tech-heavy futures contracts on the Nasdaq 100 were down 0.1% from fair value. Remember that overnight action on Dow Jones futures and elsewhere does not necessarily translate into actual trading during the next regular trading session.

On Monday, the 10-year U.S. Treasury yield rose to 4.44%. And oil prices fell, as West Texas intermediate futures settled at around $79.20 a barrel.

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Stock market today: what to do now

Now is an important time to read Chronicle The Big Picture by MII amid the ongoing stock market rally. After Monday’s action, don’t forget to check out Today’s overview for a updated exposure level.

On Monday’s IBD LiveThe IBD Live team discussed current business conditions and continued to explore the prospects of a new power trend in the market.

An essential resource for daily escapes is IBD MarketSurge’s “Breaking Out Today” list. This shows MarketSurge Growth 250 stocks that exceed buy points. Notably, Abercrombie & Fitch (ANF) rose above the 140.28 buy point of a consolidation. Meanwhile, MarketSurge’s “Near Pivot” list shows stocks near buy points in the bases.

To find more action ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks close to a buy zone. These features identify uptrends and buy points and can be checked daily.

Dow Jones: JPMorgan, Merck

JPMorgan gave up entry from its flat base at 200.94 during Monday’s 4.5% decline. Meanwhile, pharmaceutical giant Merck is building a flat base with a 133.10 entry.

4 Most Important Growth Stocks to Watch in the Market share

Apart from the Dow Jones index, PDD parents meeting is in the buying range beyond the 142.32 for a mug with handle point of purchaseaccording to Increase in ITN market.

Robinhood Markets rose 3.7% on Monday, surpassing a 20.55 buy point in a cup base. Chipmaker Taiwan Semiconductor is in a buy range above a 148.43 buy point in a double-bottom base following strong recent gains.

Trade Desk climbed 2.9% on Monday, closing again above a 94 entry in a consolidation. And Tradeweb is squarely in its buy range above the 108.04 buy point on a flat base, despite falling 1.8% on Friday.

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Stocks to watch

These are four stocks that are in or near buy zones in the current stock market.

Company NameSymbolCorrect purchase pointPoint of purchase type
Microsoft (MSFT)430.82Flat base
Robinhood Markets (HOOD)8:55 p.m.Cup base
Taiwan Semiconductor (TSM)148.43Double bottom
Commercial Web Marketplaces (T.W.)108.04Flat base
Source: MII data as of May 20, 2024

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Seven Magnificent Stocks: Nvidia, Tesla

Among the actions of the Magnificent Seven, Nvidia (NVDA) increased by 2.5%, while You’re here (TSLA) skidded 1.4% on Monday.

Nvidia stock rebounded above the 50-day line again on Monday. Shares of the artificial intelligence giant are above a buy point at 922.20. The AI ​​leader is a MII classification action.

Nvidia Earnings are due out Wednesday after the market closes. Analysts surveyed by FactSet expect the graphics chip maker to earn adjusted earnings of $5.60 per share, up 414% year over year, on revenue of $24.59 billion. , up 242% in the quarter ended April 28. This would mark its fourth consecutive quarter of tripling. -Single-digit percentage growth in sales and profits.

Tesla stock ended a two-day winning streak on Monday. Stocks are trying to find support around their 50-day line.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones Stocks In the Magnificent Seven, Apple stock gained 0.6% on Monday, closing at its highest level since late January. Stocks forming the right side of a new base that has an entry of 199.62.

Microsoft shares climbed 1.2% on Monday, closing in on the 430.82 buy point on a flat base.

The software leader is expected to announce new initiatives in the field of artificial intelligence at its Build 2024 event, which begins Tuesday. Dow component will look to maintain momentum in AI following Google-parent Alphabet(GOOGLE) recent I/O developers conference.

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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