Future for the Dow Jones Industrial Average and other major stock indexes inched ahead Tuesday as investors tried to find some market momentum. Meanwhile, Google stock rose on the stock market today after the company announced a new artificial intelligence chip.
X
Dow Jones futures added 0.1% in morning action, while the S&P 500 futures were up 0.2% vs. fair value. Tech-focused Nasdaq 100 futures were up 0.3% before the opening bell.
The 10-year Treasury yield ticked down to 4.38%. Further, oil prices ticked up after sharp gains in recent weeks, as West Texas Intermediate futures traded around $86.50 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.3%, as the SPDR S&P 500 ETF (SPY) rose 0.2%.
Early Tuesday, Google-parent Alphabet (GOOGL) unveiled a new AI chip, called Axion. The chip should reduce Google’s reliance on outside vendors and bring it into competition with longtime partners such as Intel (INTC) and Nvidia (NVDA).
Google stock climbed 1.3% Tuesday and is back above a 153.78 buy point in a consolidation.
Stock Market Today: CPI, Fed Minutes, Earnings
The economic calendar was quiet Tuesday ahead of Wednesday’s busy session when Wall Street will shift its focus to the consumer price index for March. The CPI is expected to rise 0.3% on the month, with a 3.5% annual increase, per Econoday estimates. Core inflation is expected to rise 0.3%, with a year-over-year increase of 3.7%.
Further, minutes from the Federal Reserve’s March policy meeting are also due out Wednesday.
Meanwhile, first-quarter earnings season kicks off later this week with reports from big banks JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C), along with Delta Air Lines (DAL).
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Dips
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%.
Monday’s Big Picture column commented, “Since indexes fell below their 21-day exponential moving averages last week, the stock market uptrend has broken stride. Although indexes held above their 21-day lines Monday, there are several indications that justify raising some cash right now.”
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 Watch On Stock Market Today
Along with Alphabet, Arista Networks (ANET), Broadcom (AVGO), 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.
ServiceNow is featured in this Stocks Near A Buy Zone column.
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, like HubSpot (HUBS). Also, 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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
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. Salesforce stock inched higher in morning trades Tuesday.
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. IBM stock edged higher Tuesday.
Telecom giant Verizon’s recent breakout attempt faltered further Monday amid three straight days of losses. Verizon shares fell a fraction Tuesday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: DraftKings Gives Up Buy Point
Arista shares closed Monday in buy range above their 292.66 flat-base buy point, according to MarketSurge charts, even as they inched lower. And on Tuesday, the stock added 0.4% in morning action.
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. Broadcom stock moved up 1.3% Tuesday.
DraftKings moved back below its 46.52 buy point in a short consolidation following Monday’s 3.6% drop. And the sports-betting giant was up 0.5% Tuesday morning.
Finally, ServiceNow is moving closer to a flat base’s 815.32 entry, as shares climbed another 0.3% Monday. The stock added 0.7% Tuesday.
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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 |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (ANET) | 292.66 | Flat base |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| ServiceNow | (NOW) | 815.32 | Flat base |
Source: IBD Data As Of April 1, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Nvidia
Magnificent Seven stocks Nvidia and Tesla (TSLA) were mixed in Tuesday’s early trading. Nvidia dipped 0.3% while Tesla edged higher.
Nvidia is close to finishing a flat base that would create a buying opportunity at 974. Shares are in week five of a flat base, which means the entry would be valid after this week. The AI giant is an IBD Leaderboard stock.
Tesla stock rallied 4.9% Monday, rebounding from its recent lows. Shares remain more than 40% off their 52-week highs.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed ahead of Tuesday’s stock market open.
Apple stock moved down 0.7% Monday, right at its recent lows. Shares remain sharply below their long-term 200-day line. The stock inched down Tuesday morning.
Microsoft shares dipped 0.2% Monday, still holding above their 50-day line. And the stock moved up a fraction early Tuesday.
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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Source: investors.com
