April 24, 2024

Dow Jones futures rose Monday, while S&P 500 and tech futures advanced with solid gains, as this week’s Federal Reserve meeting loomed over Wall Street. Nvidia (NVDA) rallied ahead of the company’s “AI Woodstock” event on the stock market today, while Tesla (TSLA) jumped after the company said it would raise Model Y prices in the U.S.




X



Dow Jones futures rose 0.2% vs. fair value in morning action, and S&P 500 futures gained 0.7%. Tech-heavy Nasdaq 100 futures rallied 1.2% before the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 1.2%, while the SPDR S&P 500 ETF (SPY) climbed 0.8%.

The 10-year Treasury yield ticked higher to 4.31%. Further, oil prices looked to add to last week’s gains, as West Texas Intermediate futures rose 0.5%, trading around $81.45 a barrel.

Google, Nvidia, Tesla Rally

Magnificent Seven stocks Nvidia and Tesla rallied 2.7% and 4.4%, respectively, in Monday’s premarket action.

Nvidia will kick off its annual GTC conference for artificial intelligence developers on Monday in San Jose, Calif., with a keynote speech from Chief Executive Jensen Huang. The four-day show is being called “AI Woodstock.” Nvidia is an IBD Leaderboard stock.

Meanwhile, electric-vehicle giant Tesla said it was raising prices on its lower-cost Model Y vehicles, with prices set to go up by $1,000 on April 1.

Elsewhere, Alphabet (GOOGL) surged more than 5% on a report that it’s in talks with Apple over licensing its “Gemini” artificial intelligence training model for use in iPhones.


Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.


Stock Market Today: Economic Data, Fed Meeting

The economic spotlight this week is on the Federal Reserve’s two-day policy meeting, with an interest-rate decision on Wednesday.

Fed Chairman Jerome Powell may signal that a near-term rate cut could be in the cards, supporting the odds of a June move in something of a surprise for the no-landing camp, or those who expect higher inflation will keep rates as they are. Yet Fed projections may pencil in one fewer rate cut in both 2024 and 2025 than they showed in December, surprising soft-landing forecasters.

Investors will also get a full serving of housing data in the coming week. The NAHB Housing Market Index, gauging builder optimism and buyer traffic, is out Monday at 10 a.m. ET. The index is expected to hold steady in March at 48, per Econoday estimates.

Meanwhile, housing starts and building permits for February are due on Tuesday. And existing home sales will be reported Thursday.

This week, key earnings reports include KB Home (KBH), Micron Technology (MU) and Nike (NKE). Ollie’s Bargain Outlet (OLLI), Lululemon Athletica (LULU) and Five Below (FIVE) will also report.

Dow Jones Falls

On Friday, the Dow Jones Industrial Average dropped 0.5%, while the S&P 500 moved down 0.7%. The tech-heavy Nasdaq composite lost 1%.

Friday’s Big Picture column commented, “The Nasdaq composite struggled most out of the major indexes as tech stocks came under pressure. It ended the session down 1% and closed right on its 21-day exponential moving average, a key level to watch for the current uptrend.”

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 On Stock Market Today

Duolingo (DUOL), Dexcom (DXCM), Block (SQ) and XP (XP) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Block was 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. There were only two new breakouts Friday, which made sense given the market weakness. Morgan Stanley Direct (MSDL) broke out past an IPO base’s 20.82 entry.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Royal Caribbean (RCL), which is approaching a 133.77 flat-base entry. Shares were up 0.6% premarket Monday.


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


Dow Jones Stocks: IBM Gives Up Buy Point

Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock was flat on the stock market today.

IBM stock continues to chop around a flat base’s 196.90 buy point, falling another 1.2% Friday. IBM shares moved down 0.3% Monday.

Consumer products giant Procter & Gamble fell 0.1% Friday, still above a 158.38 buy point in a cup base. P&G stock lost 1.2% Monday.


4 Top Growth Stocks To Watch In The Stock Market Rally


Duolingo Stock Eyes Buy Point

IPO Leader Duolingo is approaching a cup-with-handle’s 241.86 entry. Duolingo shares climbed 0.8% Monday.

Dexcom shares ended a two-day skid Friday, still below a 132.03 entry in a flat base. The stock added 0.4% Monday.

Square parent Block’s recent breakout took a big step backward, as shares declined another 1.3% Friday. The stock is back below a cup-with-handle’s 83.29 buy point, according to MarketSurge charts. And on Monday, Square stock rose 0.7%.

Finally, Brazil-based XP gained 0.4% Friday, finding modest support at the 50-day line. Shares are building a cup with handle that displays a 27.03 entry. XP stock ticked higher Monday.


IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox


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. 28, 2024

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


Dow Jones Leaders: Apple, Microsoft

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

Apple stock moved down 0.2% Friday, holding near its recent lows. Shares remain sharply below their long-term 200-day line. The stock rose 1.2% Monday morning.

Microsoft shares found support at the 50-day line, sending them into new highs last week. That placed the software giant in a new buy area. Microsoft shares fell 0.3% on the stock market today.

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.

YOU MAY ALSO LIKE:

Top Growth Stocks To Buy And Watch

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

Find The Best Long-Term Investments With IBD Long-Term Leaders

Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition



Source: investors.com

Leave a Reply

Your email address will not be published. Required fields are marked *