Futures for the Dow Jones and other major stock indexes were in the dark Monday ahead of economic data in a shortened trading week. Despite the positive momentum and a price target hike from one broker, 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 and Hilton in brief
Before the open, futures for the Dow Jones Industrial Average were up 0.3% from fair value. Futures for the S&P 500 and the tech-heavy Nasdaq 100 also rose 0.3% in premarket trading.
Early Monday, the 10-year Treasury yield rose to 4.42%. Oil prices extended recent gains, with West Texas Intermediate futures trading around $82 a barrel.
Among us exchange traded fundsthe Invesco QQQ trust (QQQ) rose 0.2%, and the SPDR S&P 500 ETF (TO SPY) also gained 0.2% before the open.
Nvidia shares fell 0.9% premarket Monday despite raising the price target at Morgan Stanley. Analyst Joseph Moore raised the target from 116 to 144, maintaining an overweight rating.
Nvidia stock fell for a second straight session on Friday, down 0.4%. Shares remain significantly above a split-adjusted alternative buy point at 97.40. The leader in artificial intelligence is also a MII classification action.
Somewhere else, Boeing (Licence) agreed to purchase a supplier Spirit AeroSystems (SPR) for $37.25 a share, or $4.7 billion. Boeing shares were down slightly, while Spirit shares jumped 4.4%.
Stock market today: employment report looms
Markets will be closed Thursday for Independence Day.
Economic data of the week The June jobs report, released Friday, is expected to show a solid gain of 190,000 jobs, as wage growth slows, according to FactSet. The unemployment rate is expected to hold at 4%.
Other labor market data this week includes the job openings survey and labor turnover survey released Tuesday. The ADP employment report and weekly jobless claims follow. Wednesday will see the Institute for Supply Management’s service sector activity index and the minutes from the Fed’s June 11-12 meeting.
On Monday morning, the manufacturing PMI is expected to come in at 51.7 in June, up from 51.3 in May. That data is scheduled for release at 9:45 a.m. ET.
Shortly thereafter, at 10 a.m. ET, the Institute of Supply Management’s manufacturing index is expected to rise to 49.1 in June from 48.7 in May.
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Dow Jones Falls
On Friday, the Dow Jones industrials fell 0.1%, while the S&P 500 and Nasdaq composite indexes lost 0.4% and 0.7%, respectively.
Investor’s Business Daily Big Picture Column said: “The stock market suffered a bearish reversal on Friday, but still posted excellent gains for the first half of 2024.”
During Friday’s IBD LiveThe IBD Live team discussed current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Overview section 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.
Learn How to Time the Stock Market with IBD’s ETF Market Strategy
Stock market today: the best stocks to watch
Stores in Burlington (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 in the stock market today.
In IBD Market Surge “Going out today” list, Stifel Financial (SF) broke out of an 81.68 buy point in a cup and handle on Friday. Shares ended Friday above the entry.
Check MarketSurge’s “Near 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.
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Dow Jones: Amgen explodes
Dow Jones stocks to watch include biotech giant Amgen, which is trying to surpass the 133.10 entry from a cup-with-handle base, according to MarketSurge Pattern Recognition. Amgen gained 0.3% in morning trading Monday.
Apart from the Dow Jones index, Burlington Stores is in a buying range above a base entry of 232.69 cups amid recent gains. Burlington’s stock was flat Monday.
Carvana is below a 129 buy point in a cup base after Friday’s losses. Carvana shares rose 0.7% premarket Monday.
Domino’s pizza maker draws a flat base that has a buy point of 542.75, according to Booming ITN marketShares of Domino’s rose 0.2% Monday morning.
Finally, Metastock tries to exceed 514.01 buy points in a cup-with-handle base, but Friday’s losses sent the stock back below entry. The parent company of Facebook and Instagram is new IBD Ranking StocksMeta shares gained 0.5% Monday morning.
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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 | Point of purchase type |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Metaplatforms | (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 Stocks: Tesla
Among the seven magnificent actions, You’re here (TSLA) rose 1.6% in the stock market today in pre-market trading and crossed the 200 level.
Tesla stock rose another 0.2% on 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 advanced before Monday’s close open stock market.
Amazon breaks above the 191.70 buy point on a flat base following a recent rebound from the 50-day line. Amazon stock rose 1% premarket Monday.
Apple shares fell 1.6% on Friday, snapping a four-day rally. Shares are extended beyond the 5% buy range above the 199.62 basis point buy point. Apple was up 0.5% on Monday.
Microsoft shares fell 1.3% on Friday, falling back into a buy zone above a base buy point of 430.82. And early Monday, the stock gained 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 the stock market today.
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