Dow Jones futures and other major indexes climbed Tuesday, as stocks looked to rebound from Monday’s losses. Nvidia (NVDA) rose near record highs, while famed investor Cathie Wood bought more than $28 million worth of Tesla (TSLA). And former President Donald Trump’s social media platform Truth Social is expected to debut on the stock market today.
X
Dow Jones futures moved up 0.1% vs. fair value in morning action, while S&P 500 futures gained 0.2%. Tech-heavy Nasdaq 100 futures climbed 0.3% before the opening bell.
The 10-year Treasury yield climbed to 4.27%. Further, oil prices edged up, as West Texas Intermediate futures added 0.4% to trade above $82 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.3%, while the SPDR S&P 500 ETF (SPY) rose 0.3%.
Stock Market Today: Cathie Wood Buys Tesla, Trump Debut
Magnificent Seven stock Nvidia climbed nearly 1% in Tuesday’s premarket action, looking to extend a win streak to seven sessions and nearing new highs. Nvidia is an IBD Leaderboard stock.
Cathie Wood’s Ark Invest funds bought more than 163,000 shares of Tesla stock Monday, or about $28.2 million worth using the closing price, per daily trade disclosures. Tesla stock snapped a two-day skid Monday, but remains more than 40% off its 52-week high.
Tesla shares rallied more than 3% Tuesday after Chief Executive Elon Musk tweeted that Full Self Driving, Tesla’s autonomous-driving software, would be offered to customers as a one-month free trial.
Elsewhere, Digital World Acquisition is now Trump Media & Technology Group (DJT) after Digital World successfully merged with Trump’s tech and social-media platform.
Common stock and public warrants started trading on the Nasdaq Tuesday under the ticker symbols “DJT” and “DJTWW,” respectively. Trump Media shares under the DJT symbol soared 28% in premarket trade Tuesday with DJTWW warrants up more than 26%.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Falls
On Monday, the Dow Jones Industrial Average moved down 0.4% and the S&P 500 dipped 0.3%. The tech-heavy Nasdaq composite lost 0.3%.
Monday’s Big Picture column commented, “The S&P is up 9.4% year to date, on pace for its best first-quarter performance since 2019. Whenever it rises at least 8% in Q1, the S&P 500 averages a gain of 9.7% for the rest of the year, according to Dow Jones Market Data. Going back to 1950, it also finishes the year higher 94% of the time.”
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
Alphabet (GOOGL), Arista Networks (ANET), Duolingo (DUOL) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best stocks to watch on the stock market today.
Google and DraftKings were 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 was one breakout Monday: Allstate (ALL). Shares topped a 168.95 entry out of a cup base. Shares ticked up in premarket action Tuesday.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Disney, IBM, Verizon
Disney broke out past a big cup-with-handle base’s 112.92 buy point in recent weeks, according to IBD MarketSurge chart analysis. And shares closed out of buy range, with a 3% rally. Shares added 0.3% Tuesday morning.
IBM stock remains below a flat base’s 196.90 buy point, with a 1.1% fall Monday. Shares ticked up 0.2% in Tuesday’s premarket trading.
Telecom giant Verizon is building a flat base with a 43.21 entry, as the stock battles for support at its key 50-day moving average. Verizon shares were flat Tuesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: Google Nears Breakout
Google parent Alphabet is rapidly nearing a consolidation’s 153.78 buy point, even as the stock dropped 0.5% Monday. Google stock rose 0.3% Tuesday.
Arista shares dipped 0.3% Monday, in buy range above a 292.66 flat-base buy point, according to MarketSurge charts. And Arista stock moved down 2.6% early Tuesday.
IPO Leader Duolingo is trying to break out past a cup-with-handle’s 241.86 entry, but is about 6% below the buy trigger after Monday’s 2.4% drop. Further losses would trigger the 7% sell rule. The stock went up 0.6% Tuesday morning.
Finally, DraftKings is holding at the top of the buy range past a 46.52 buy point in a short consolidation, with a 0.3% gain Monday. And on Tuesday morning, the sports-betting giant gained 1.4%.
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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 |
| Duolingo | (DUOL) | 241.86 | Cup with handle |
Source: IBD Data As Of March 25, 2024
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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 0.8% Monday, approaching its recent lows. Shares remain sharply below their long-term 200-day line. Apple shares moved down 0.2% Tuesday morning.
Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs. And the stock gained 0.4% 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
