Dow Jones futures edged lower Tuesday morning as Wall Street awaited key economic data in the form of two housing reports. Artificial intelligence giant Nvidia (NVDA) reached record levels on Tuesday, while Stoppage of play (GME) skyrocketed in the stock market today after raising nearly $1 billion in a stock sale.
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Before the open, Dow Jones futures were down 0.1% from fair value, while S&P 500 futures were up 0.2%. Tech-focused Nasdaq 100 futures rose 0.3% premarket.
Early Tuesday, the yield on the 10-year Treasury fell slightly to 4.46%. Oil prices climbed as West Texas Intermediate futures traded above $78.80 a barrel.
Among us exchange traded fundsthe Invesco QQQ trust (QQQ) rose 0.3% and the SPDR S&P 500 ETF (TO SPY) increased by 0.2%.
GameStop shares jumped more than 20% Tuesday morning after the company announced Friday that it had raised nearly $933.4 million through a stock offering announced during the recent price rally of action. The stock was trading around 23 per share in premarket trading, still far from its May 14 record price of 64.83.
Stock market today: Inflation data looms
Before Tuesday’s opener, two housing reports are scheduled to be released at 9 a.m. ET: the Federal Housing Finance Agency’s House Price Index and the Case-House Price Index. Shiller.
The FHFA index is expected to increase by 0.5% for the month of March. And the Case-Shiller index is expected to rise 1% for the month, with a year-over-year increase of 7.4%.
This week’s major economic releases include the Federal Reserve’s Beige Book, which compiles data on economic conditions from the Federal Reserve’s 12 districts. This should be released on Wednesday.
But the headline event is Friday’s release of personal consumption expenditure data for April. This is essential given growing fears among investors of a possible resurgence of inflation. The core PCE price index, the Fed’s preferred inflation gauge, is expected to rise 2.8% year over year, according to Econoday estimates. The overall PCE is expected to increase by 2.7% on an annualized basis. A larger-than-expected cut would help ease concerns about interest rates.
Big Earnings Reports Include Dow Jones Stocks Selling power (RCMP), clothing retailer Abercrombie & Fitch (ANF) And How are you (HOW ARE YOU).
Be sure to read about how to adapt to changing market conditions, with IBD’s new exposure levels.
The Dow Jones on the rise
The Dow Jones industrials rose slightly on Friday, while the S&P 500 gained 0.7%. The Nasdaq Composite Index rebounded 1.1%.
Investor’s Business Daily Big Picture Column said Friday: “Advancers led declines more than 2-1 on the New York Stock Exchange and nearly 2-1 on the Nasdaq. Volume was lower on both exchanges.”
During Friday’s IBD LiveThe IBD Live team discussed current business conditions and how investors should handle the stock market rally.
Now is an important time to read The Overview section in the middle of the current stock market action. Also be sure to read about how to adapt to changing market conditions, with New levels of IBD exposure.
Learn to Time the Stock Market with IBD’s ETF Market Strategy
Stock market today: the best stocks to watch
monday.com (MNDY), Netflix (NFLX) And Crocs (CROX) — plus Dow Jones components Merck (MRK) And Microsoft (MSFT) – are among the best companies to watch on the stock market today.
Microsoft was featured in the IBD Column Stocks close to a buy zone.
An essential resource for breakouts is IBD MarketSurge’s “Breaking Out Today” list. This shows MarketSurge Growth 250 stocks that exceed new buy points. Notably, Intuitive surgical (ISRG) is trying to break above the 403.76 buy point on a flat base. Check MarketSurge “Near the Pivot” List for 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.
Receive real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Merck Component
Pharmaceutical giant Merck is building a flat base with a 133.10 entry. The stock rose 0.7% on the stock market today.
4 Most Important Growth Stocks to Watch in the Stock market today
Recent IBD Stock of the Day Crocs surpass the 146.79 buy point in cup basis, as shares rose more than 4% on Friday. Crocs stock rose 1.1% on Tuesday, moving into the buy zone.
Outside of the Dow Jones Index, Monday.com topped the base at 239 in cross-section. point of purchasewith strong gains last week, according to Increase in the ITN market. Shares were unchanged Tuesday morning.
Streaming giant Netflix rose 1.7% on Friday, resuming entry in Cup 639. Netflix stock rose 0.3% in premarket trading Tuesday.
Find the best stocks to buy and watch with the IBD Stock Analyzer and IBD Screen of the Day
Stock market today: companies to watch
These are four stocks that are in or near buy zones in the current stock market.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | Cup base |
| Crocs | (CROX) | 146.79 | Cup base |
| Taiwan Semiconductor | (TSM) | 148.43 | Double bottom |
Source: MII data as of May 28, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Seven Magnificent Stocks: Nvidia, Tesla
Among the actions of the Magnificent SevenNvidia rose 3.1% and You’re here (TSLA) fell 1% on the stock market today.
Nvidia stock extended its earnings-fueled gains from Thursday, as shares rose another 2.6% on Friday. The company is a MII classification action. Last week, Nvidia stock surpassed a point of purchase at 974, reaching new highs.
And stocks are expected to hit new record highs Tuesday morning.
Tesla stock rebounded 3.2% on Friday, ending a two-day loss. Shares are holding above their 50-day line, but remain about 40% off their 52-week high.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones Stocks in the Magnificent Seven, Apple (AAPL) and Microsoft traded mixed ahead of Tuesday’s open stock market.
Apple shares rose 1.7% on Friday, rebounding after two days of steep losses. Shares form a cup base that has a buy point of 199.62, and recent losses could be the start of a potential handle offering lower entry.
The stock was up 1.9% Tuesday morning after the company’s iPhone shipments to China surged 52% in April amid deep reductions.
Microsoft shares rose 0.7% on Friday, just below the 430.82 buy point on a flat base after a brief breakout attempt last week. Early Tuesday, Microsoft stock fell 0.3%.
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 the stock market today.
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