Dow Jones Futures: AI Stocks Arm, Broadcom, Nvidia Eye Buy Points, While Tesla Surges

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. Artificial intelligence stocks Arm (ARM), Broadcom (AVGO) and Nvidia (NVDA) are close to buy points Monday, while Tesla (TSLA) surged higher.

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This week, Wall Street will turn its attention to Wednesday’s consumer price index for March. Further, minutes from the Federal Reserve’s March policy meeting are due out Wednesday.

Meanwhile, first-quarter earnings season kicks off this week with reports from big banks JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C), along with Delta Air Lines (DAL).

AI Stocks Near Buy Points

AI chip stock Arm is building a consolidation that has an official buy point of 164. But investors could use a decisive rebound from the 50-day line as a new buy area. Today’s price action was strong, but the move occurred on low volume, removing some of the session’s bullishness. Keep an eye out for a big rise in strong volume to indicate institutional support at a key level.

Further, more aggressive investors could also use a move above the 145 price level, the stock’s high price in late March, as an early buy trigger.

AI stock Broadcom is building a short consolidation with a 1,438.17 buy point. The price action looks like a flat base, but it’s slightly too deep, with a depth of just over 16%. The maximum depth of a flat base is 15%. Shares slipped 0.3% Monday, about 8% away from the entry.

And Magnificent Seven stock Nvidia is close to finishing a flat base that would create a buying opportunity at 974. Nvidia stock is in week five of a flat base, which means the entry would be valid after this week. Shares dropped 1% Monday. The AI giant is an IBD Leaderboard stock.

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Stock Market Today

On Monday, the Dow Jones Industrial Average and S&P 500 both inched lower, while the tech-heavy Nasdaq composite rose less than 0.1%.

Google-parent Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Salesforce (CRM), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.

Salesforce is 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, along with 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 rose to 4.42%. And oil prices dipped, as West Texas intermediate futures settled at $86.50 a barrel.

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Stock Market Rally: What To Do Now

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

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. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

To find more stock ideas, check IBD Stock Lists like IBD 50, Big 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: Salesforce, IBM, Verizon

Salesforce is trying to find support around its 50-day moving average, according to MarketSurge charts. A rebound would place the software leader in a new buy area. But investors need to wait for a decisive rebound. Shares also show a flat-base entry at 318.72.

IBM stock is searching for support at the 50-day line, with a 0.4% rise Monday. Shares remain below a flat base’s 196.90 buy point.

Telecom giant Verizon’s recent breakout attempt faltered further Monday amid three straight days of losses.

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Google Stock Retakes Buy Point

Alphabet is back above a 153.78 buy point in a consolidation, as the stock rallied 1.5% Monday.

Arista shares closed Monday in buy range above their 292.66 flat-base buy point, according to MarketSurge charts, even as they inched lower.

DraftKings moved back below its 46.52 buy point in a short consolidation following Monday’s 3.6% drop.

Finally, ServiceNow is moving closer to a flat base’s 815.32 entry. Shares climbed another 0.3% Monday.

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Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data As Of April 1, 2024

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

Apple stock moved down 0.7% Monday, right at its recent lows. Shares remain sharply below their long-term 200-day line.

Microsoft shares dipped 0.2% Monday, still holding above their 50-day line.

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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