The Dow Jones Industrial Average and the other major indexes held modest gains Tuesday, as Wall Street reacted to a hotter-than-expected inflation report. Meanwhile, artificial intelligence leader Oracle (ORCL) soared on the stock market today after reporting strong earnings results.
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The Dow Jones Industrial Average rose 0.3% in morning action, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite moved up 0.5% after the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.5%, while the SPDR S&P 500 ETF (SPY) rose 0.4%.
The 10-year Treasury yield ticked higher to 4.14%. Further, oil prices slipped in early trades, as West Texas Intermediate futures inched lower, trading just below $78 a barrel.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Stock Market Today
The Labor Department’s consumer price index rose 0.4% in February, in line with estimates, with a hotter-than-expected annual increase of 3.2%. It was expected to rise 3.1% year over year.
Core CPI, which excludes food and energy, climbed 0.4%, more than the 0.3% estimate, with a year-over-year rise of 3.8%. Econoday expected a 3.7% annual increase.
Early Tuesday, AI giant Oracle soared more than 10% in morning trade after posting better-than-expected quarterly earnings, with sales that hit the mark expected by analysts. Oracle stock jumped as the company said artificial intelligence is boosting demand for its cloud-computing business.
Other earnings reports came from Kohl’s (KSS) and On Holding (ONON). Kohl’s fell 0.2% in morning trading, while On shares plunged more than 16%.
Elsewhere, Southwest Airlines (LUV) tumbled more than 12% after the company updated its financial outlook ahead of the J.P. Morgan Industrials Conference. Southwest said it will trim its capacity plans and re-evaluate its forecasts for the year because of aircraft delivery delays from Boeing (BA).
Dow Jones Rises
On Monday, the Dow Jones Industrial Average moved up 0.1% and the S&P 500 slipped 0.1%. The tech-heavy Nasdaq composite dropped 0.4%.
Monday’s Big Picture column commented, “With risks increasing, IBD maintains a suggested exposure level of 60% to 80% in stocks for your portfolio. Lately, there hasn’t been much new leadership to take up the slack for the softening leading stocks.”
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
Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Block (SQ) — 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. And Fifth Third is a recent addition to the IBD Leaderboard portfolio.
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 no new breakouts Monday.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like D.R. Horton (DHI), which is approaching an 157.93 cup entry. Shares were slightly down Tuesday.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney Attempts Breakout
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 rose 0.1% on the stock market today.
IBM stock is also attempting a breakout above a flat base’s 196.90 buy point, but dropped 0.3% Monday. IBM shares moved up 0.4% Tuesday.
Consumer products giant Procter & Gamble fell 0.2% Monday, holding above a 158.38 buy point in a cup base. P&G stock was up a fraction Tuesday.
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Square Eyes Buy Point
IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 4.3% Monday. The stock added 1.1% Tuesday.
Fifth Third Bancorp climbed 1% Monday, further above a 35.73 buy point. Shares were up 0.3% Tuesday.
Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock was up 0.3% Tuesday.
Square-parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed last week when the stock fell 7% from the buy trigger. Square stock rose 1.8% Tuesday, just below the buy trigger.
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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. 28, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) rose 2.1%, while Tesla (TSLA) dropped 2.5% in morning trading.
Artificial intelligence titan Nvidia slid another 2% Monday, falling sharply for second straight session. Nvidia stock, however, remains more than 70% above a flat base’s 505.48 entry and is an IBD Leaderboard stock.
Tesla stock rallied 1.4% Monday, still holding near its recent lows. Shares remain sharply below their 50-day and 200-day moving averages and more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed after Tuesday’s stock market open.
Apple stock climbed 1% Monday, snapping a seven-day losing streak. Shares remain sharply below their long-term 200-day line. The stock was down 0.8% Tuesday morning.
Microsoft shares are trying to find support at the 50-day line in recent sessions, a key area to watch. The software giant gained 0.9% 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.
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Source: investors.com
