May 29, 2024
Stock Market

Dow Jones Futures: Nvidia Stock Rebounds; Google, Microsoft, Meta, Tesla Set To Report

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. Nvidia (NVDA) rebounded, while big earnings reports this week include Microsoft (MSFT), Boeing (BA), Tesla (TSLA), Meta Platforms (META) and Google parent Alphabet (GOOGL).


Late Monday, Cadence Design Systems (CDNS), Nucor (NUE) and Packaging Corporation of America (PKG) reported their earnings results.

Cadence stock plunged nearly 9%, while Nucor shares sold off 3% in extended trade. Packaging shares edged higher after the stock market close.

This week’s calendar of economic data will feature first-quarter GDP and the Fed’s primary inflation gauge, the Personal Consumption Expenditures price index. Based on the already reported inputs, the forthcoming data likely won’t spell relief for the recent surge in interest rates.

The GDP data, out Thursday, will provide the big picture. The first official estimate of real GDP is expected to show 2.1% growth in the first quarter, down from 3.4% in the fourth quarter.

Along with GDP, the Bureau of Economic Analysis reports the core PCE price index. Personal spending and outlays for March are due Friday.

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Stock Market Today

On Monday, the Dow Jones Industrial Average moved up 0.7% and the S&P 500 rallied 0.9%. The tech-heavy Nasdaq composite advanced 1.1%.

Among the Magnificent Seven stocks, Nvidia was the big winner, up 4.4% to recover a part of Friday’s 10% plunge. Shares broke down below their 50-day line last week, a key sell signal.

And Dow Jones tech icons Apple (AAPL) and Microsoft ended higher in today’s stock market, up 0.5% each.

Alphabet, Dexcom (DXCM), On Holding (ONON) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.

Alphabet and Tradeweb are featured in this Stocks Near A Buy Zone column.

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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and tech-heavy Nasdaq 100 futures were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year U.S. Treasury yield ticked lower to 4.61%. And oil prices dipped, as West Texas intermediate futures settled just above $82 a barrel.

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Stock Market Correction: What To Do Now

Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a correction. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.

Monday’s IBD Live show began with an assessment of trading conditions. The team surveyed a few past periods in the stock market to get a better sense of how the current market pullback is faring.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Notably, Sprouts Farmers Market (SFM) broke out past a 65.53 buy point. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

To find more stock ideas, check IBD Stock Lists like IBD 50Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.

Dow Jones: American Express

American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound places the software leader in a new buy area. Keep in mind that market risk is high right now. Shares are also climbing above a 231.69 entry in a short consolidation.

On Friday, American Express posted better-than-expected earnings and sales results for the first quarter, along with a strong outlook, sparking a 6.2% advance. The payments leader earned $3.33 a share on sales of $17.8 billion, respective year-over-year increases of 39% and 13%.

4 Top Growth Stocks To Watch In The Stock Market Correction

Google Stock Above Buy Point

Google parent Alphabet is above a 153.78 buy point in a consolidation, according to MarketSurge charts, as the stock climbed 2.2% Monday.

Dexcom fell below its 132.03 flat-base entry during last week’s losses, but is still holding above its key 50-day line. Support would be bullish for the stock’s prospects.

Retail leader On Holding gave up its 50-day line Friday and it remains below that level despite Monday’s 1.1% gain.

Tradeweb is building a flat base with a 108.04 buy point. But shares continue to struggle below their 50-day line. Look for a decisive retake of that level to indicate a potential breakout is on the horizon.

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Stocks 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
American Express (AXP) 231.69 Consolidation
Alphabet (GOOGL) 153.78 Consolidation
Dexcom (DXCM) 132.03 Flat base
Tradeweb Markets (TW) 108.04 Flat base
Source: IBD Data As Of April 22, 2024

Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia stock rebounded Monday, but remains below its 50-day line. The AI giant is an IBD Leaderboard stock.

Tesla tumbled 3.4% Monday after the company cut EV prices in the U.S., China and Europe, as well as slashing the price for its Full Self-Driving feature. They are the latest pricing strategy shifts by the struggling EV giant. Shares hit more 52-week lows.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher during Monday’s stock market action.

Apple stock moved up 0.5% Monday, snapping a five-day losing streak. Shares remain sharply below their long-term 200-day line.

Microsoft shares ended a three-day skid Monday, as they bounced 0.5%. The software giant gave up its 50-day line last week.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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