Futures for the Dow Jones and other major stock indexes fell Tuesday as investors awaited comments from Federal Reserve Chairman Jerome Powell, due later in the morning. Anticipation also includes the electric vehicle giant You’re here (TSLA), which is widely expected to publish its delivery figures on the stock market today.
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Markets hold steady after Friday’s reversal; Meta, Ollie’s and Synopsys in the spotlight
Before the session began, futures for the Dow Jones Industrial Average were down 0.3% from fair value. Futures for the S&P 500 were down 0.4% while the tech-heavy Nasdaq 100 was down 0.5% in premarket trading.
The yield on the 10-year Treasury note fell to 4.45% on Tuesday morning. Oil prices extended recent gains, with West Texas Intermediate futures trading around $84 a barrel.
Among us exchange traded fundsInvesco QQQ Trust (QQQ) fell 0.5%, while the SPDR S&P 500 ETF (TO SPY) fell 0.4% before the open.
Tesla shares fell 1.9% in premarket trading today. On Monday, Tesla rose more than 6%, closing at its highest level since late January and breaking the 200-point mark.
Electric vehicle manufacturer deliveries in the second quarter Results for the first week of May are due Tuesday morning. On Monday, analysts were expecting 436,000 vehicles to be delivered worldwide, according to FactSet. At the end of May, Wall Street was expecting 448,000 deliveries for the quarter, but estimates have since fallen 3%.
The current estimate would be down 6.5% from last year’s 466,140 deliveries. But it would be up 13% from the first quarter of this year.
Stock market today: Powell speech
On Tuesday, Fed Chairman Jerome Powell will speak at the European Central Bank Forum on Central Banking in Portugal. The monetary policy panel will begin at 9:30 a.m. ET.
Other labor market data released Tuesday includes the Job Openings and Turnover Survey, or JOLTS, which is due out 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 for Independence Day on Thursday.
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The Dow Jones is rising
On Monday, the Dow Jones Industrial Average rose 0.1% and the S&P 500 rose 0.3%. The tech-heavy Nasdaq Composite Index climbed 0.8%.
Investor’s Business Daily’s “Big Picture” Column “Overall, session moves by the broader indices were muted. Daily swings may be limited by the fact that the stock market is scheduled to close Thursday for the July 4 holiday. However, don’t ignore key economic data coming later this week, including June Nonfarm Payrolls Report” . “
During Monday’s IBD Live showThe IBD Live team discussed current trading conditions and how investors should handle the stock market today.
It’s the perfect time to read The “Big Picture” column amidst the ongoing stock market action. Also be sure to read how to adapt to changing market conditions, with New levels of exposure to MII.
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Stock Market Today: Top Stocks to Watch
Burlington Stores (BURL), Carvana (CVNA), Domino’s Pizza (DPZ) And Meta-platforms (META) — plus the components of the Dow Jones Amazon (AMZN), Apple (AAPL), Amgen (AMGN) And Microsoft (MSFT) — are among the best companies to watch on the Stock market today.
In IBD Market Surge “Going out today” list, Manulife Financial (MFC) breaks above a 26.81 buy point in a flat base.
Check MarketSurge “Near Pivot” List for stocks near buy points in the bases. For more stock ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks near buy zone.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: Amgen makes a breakthrough
Among the Dow stocks to watch is biotech giant Amgen, which is trying to break above the cup-and-handle base of 133.10, according to MarketSurge Pattern Recognition. Amgen edged higher before the market open. And JPMorgan edged past a flat-based entry of 205.88. The bank leader was IBD Action of the Day. Shares fell 0.3% in early trading.
Outside of the Dow Jones Index, Burlington Stores Carvana shares were trading flat before the market opened, in a buy range above a 232.69-basis cup entry point despite recent losses. Carvana is well below a 129-basis cup buy point after Monday’s losses. Carvana shares were down another 1.1% Tuesday morning.
Domino’s Pizza Manufacturer traces a flat base that has a buy point of 542.75. Shares were flat in premarket trading Tuesday.
And Meta-stock tries to exceed 514.01 buy points in a cup base with handle, but Friday’s drop sent the stock back below that entry. The parent company of Facebook and Instagram is a IBD Stock RankingsMeta shares were down 0.7% early Tuesday.
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Stock market today: companies to watch
Here are four stocks that are in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct purchase point | Type of point of purchase |
|---|---|---|---|
| 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 the top stocks in the stock market today on IBD Live
The Seven Magnificent Actions: Nvidia
Among the seven magnificent actionsNvidia shares fell more than 1% in premarket trading Tuesday. The market leader rebounded from two days of losses on Monday, rising 0.6%.
Shares remain well above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader is also a IBD Rankings action.
Dow Jones leaders: Amazon, Apple, Microsoft
Among Dow Jones Components In the Magnificent Seven, Amazon, Apple and Microsoft were down before Tuesday’s close. stock market opening.
Amazon breaks through the 191.70 buy point on a steady basis after a recent rebound from the 50-day line. Amazon shares were down 0.1% before the market open on Tuesday.
Apple shares rose 2.9% on Monday, closing near their record highs. Shares are extended above the 199.62-point buy point. Apple was down 0.5% on Tuesday.
Microsoft shares rose 2.2% on Monday, breaking above a buy point of 430.82 points and hitting new highs. And early Tuesday, the stock was down 0.5%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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