May 28, 2024
Stock Market

Stock Market Today: Dow Jones Futures Fall Ahead Of Today’s Fed Minutes; Nvidia Earnings Next


Dow Jones futures fell Tuesday, as Wall Street braced for today’s minutes from the latest Federal Reserve policy meeting. Meanwhile, artificial intelligence leader Nvidia (NVDA) dropped ahead of its heavily anticipated earnings results, due later on the stock market today.




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Before the opening bell, Dow Jones futures fell 0.2%, while S&P 500 futures declined 0.3%. Tech-heavy Nasdaq 100 futures were down 0.6% vs. fair value in morning trading.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) ETF was down 0.7%, as the SPDR S&P 500 ETF (SPY) fell 0.3%.

The 10-year Treasury yield inched down to 4.26%. Further, oil prices continue to slip from their recent highs, as West Texas Intermediate futures lost 0.3%, trading below $77 a barrel.

Stock Market Today: Fed Minutes

Due Wednesday at 2 p.m. ET, the latest minutes from the Federal Reserve board are expected to provide insight into the future path of interest rates. The comments could steer markets in a certain direction, depending on the Fed’s findings.

Ahead of Wednesday’s open, key earnings movers include Analog Devices (ADI), Palo Alto Networks (PANW), SolarEdge Technologies (SEDG), Sprout Social (SPT) and Wingstop (WING).

Analog shares fell more than 1% in premarket trading, while Palo Alto stock crumbled more than 23%. SolarEdge plunged more than 20%, as Sprout shares lost almost 9%. Finally, Wingstop shares dropped more than 2% in early trading.

Elsewhere, Super Micro Computer (SMCI) threatened to extend its heavy losses, falling another 3% in early morning action.

And Amazon (AMZN) shares climbed nearly 1% after the S&P Dow Jones Indices said the e-commerce giant is joining the 30-stock Dow Jones Industrial Average, replacing Walgreens Boots Alliance (WBA). The change will be effective at the start of trading on Monday, Feb. 26.

Dow Jones Falls

On Tuesday, the Dow Jones Industrial Average declined 0.2%, while the S&P 500 dropped 0.6%. The tech-heavy Nasdaq composite ended the session down 0.9%.

Tuesday’s Big Picture column commented, “However there was one bearish sign that will upset investors. Volume was higher on both main exchanges, which means an additional distribution day was added to the Nasdaq and the S&P 500. It comes after Friday’s narrow escape due to lower volume.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.


Learn How To Time The Stock Market With IBD’s ETF Market Strategy


Best Stocks To Buy And Watch In Stock Market Today

Birkenstock (BIRK), Lennar (LEN), Toll Brothers (TOL) and UiPath (PATH) — plus Dow Jones components Procter & Gamble (PG) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.


Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard


Dow Jones Stocks: Walmart Rallies On Earnings

Consumer products giant Procter & Gamble gained 0.6% Tuesday, rising for a third straight day. Shares are back above their 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares were up 0.2% Wednesday.

Following Tuesday’s big gains, discount retail leader Walmart is out of buy range past a 163.57 entry in a cup with handle. Walmart shares tacked on 0.3% Wednesday morning.


4 Top Growth Stocks To Watch In The Stock Market Rally


Lennar, Toll Brothers Eye Buy Points

Birkenstock is forging a choppy cup base with a 52.12 buy point, according to IBD MarketSmith. An early entry at 51.09 is also in play. That could transform into a proper handle. Birkenstock shares dropped 1.3% Wednesday morning.

Homebuilder Lennar remains below its flat base’s 156.01 buy point amid Tuesday’s 0.5%. Lennar shares added 0.7% early Wednesday.

Fellow homebuilder Toll Brothers is bouncing from its 50-day line and is approaching a flat base’s 105.91 buy point. Toll stock rallied 2.5% Wednesday morning after the company’s earnings report.

UiPath dropped 4.6% Tuesday, triggering the 7% loss rule below a 26.53 cup-base entry. UiPath shares fell another 2.4% early Wednesday.


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Best Bets On Stock Market Today

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 202.88 Flat base
Source: IBD Data As Of Feb. 12, 2024

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


Magnificent Seven Stocks: Nvidia, Tesla

Magnificent Seven stocks Nvidia and Tesla (TSLA) fell 1.5% and 0.8%, respectively, in premarket action Wednesday.

Nvidia stock tumbled more than 4% Tuesday, further from its record high. The AI giant will report its earnings results after the close. Nvidia stock remains sharply past a 505.48 buy point in a flat base after a Jan. 8 breakout move.

Tesla skidded 3.1% Tuesday, giving back a large part of the recent gains. Shares remain off their lowest level since May 2023.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed ahead of Wednesday’s stock market open.

Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares hovered around the break-even point Wednesday.

Microsoft shares are falling back into buy range past a 384.30 buy point in a flat base, amid a three-day losing streak. The software giant was down 0.7% Wednesday morning.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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