The Dow Jones Industrial Average briefly dropped more than 150 points Monday, as Nvidia stock set record highs. Meanwhile, artificial intelligence stock leader Super Micro Computer (SMCI) soared on the stock market today on news it will be added to the S&P 500.
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The Dow Jones Industrial Average lost 0.3% in morning action, as the S&P 500 dropped 0.1%. The tech-heavy Nasdaq composite slipped 0.15% after the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) exchange traded fund was down 0.2%, as the SPDR S&P 500 ETF (SPY) fell 0.3%.
The 10-year Treasury yield ticked higher to 4.23%. Further, oil prices paused after last week’s gains, as West Texas Intermediate futures climbed 0.3%, trading around $80.20 a barrel.
Stock Market Today: Nvidia, Super Micro Rally
AI giant Nvidia (NVDA) rallied 3.9% in morning trading, hitting record highs. Shares are more than 60% above a flat base’s 505.48 entry. Nvidia is an IBD Leaderboard stock.
Super Micro soared more than 22% Monday morning, while Deckers (DECK) jumped 4.2%. Late Friday, S&P Dow Jones indices announced the two companies’ stocks will be added to the S&P 500 index, replacing Whirlpool (WHR) and Zions Bancorp (ZION). Whirlpool and Zion both were modestly down.
On the economic front this week, highlights include Fed Chair Jerome Powell’s Wednesday’s speech and Friday’s February jobs report.
Key earnings movers Monday included Sea Limited (SE). Sea Limited shares surged more than 11% in early action.
The earnings calendar in the coming week is busy once again in the technology sector, as investors await earnings from GitLab (GTLB), CrowdStrike (CRWD), Broadcom (AVGO), MongoDB (MDB) and Samsara (IOT).
Dow Jones Rises
On Friday, the Nasdaq composite hit an all-time high as it ended the session up 1.1%. The fact that it finally topped its November 2021 high of 16,212 is an encouraging sign. It has now gained in 16 of the past 18 weeks and sits clear of all its moving averages.
The Dow Jones Industrial Average ended the week 0.1% lower despite a 0.2% daily gain. And the S&P 500 rose 0.8% to close above the 5,100 mark for the first time.
Friday’s Big Picture column commented, “The stock market powered higher Friday as stocks enjoyed more weekly gains. Now, testimony from Federal Reserve Chair Jerome Powell and the latest jobs report are on the agenda for investors.”
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.
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Best Stocks To Buy And Watch In Stock Market Today
Advanced Micro Devices (AMD), SharkNinja (SN), Toll Brothers (TOL) and Weatherford (WFRD) — plus Dow Jones components Disney (DIS), Dow (DOW) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.
Disney and Weatherford were featured in this Stocks Near A Buy Zone column.
A great 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 seven breakouts Friday, including Marvell Technology (MRVL). Shares topped a 73.53 flat-base entry.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Duolingo (DUOL) that has a 245.87 cup-base entry.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney Eyes Buy Point
Disney is forming a big cup-with-handle base with a 112.92 buy point, according to IBD MarketSurge chart analysis. Shares are trading about 1% below the new buy point. Disney stock rose 0.7% on the stock market today.
Consumer products giant Procter & Gamble fell 0.1% Friday, still in buy range above a 158.38 buy point in a cup base. P&G stock ticked down 0.7% early Monday.
Chemicals giant Dow remains below a 55.90 buy point in a flat base following a 1.4% gain Friday. Dow shares edged higher Monday.
4 Top Growth Stocks To Watch In The Stock Market Rally
AMD Breaks Out
Wednesday’s IBD Stock Of The Day, Advanced Micro Devices is breaking out past a flat base’s 184.92 buy point after last week’s big gains. The 5% buy zone topped out at 194.17. Shares were up 3% Monday.
Homebuilder Toll Brothers is out of its buy range above a flat base’s 105.91 buy point. Toll Brothers stock rose 1.2% Monday morning.
Recent IBD Stock Of The Day, SharkNinja, is above a flat base’s 53.40 buy point. The buy zone runs up to 56.07. And the stock was up 0.4% Monday.
Oil stock Weatherford jumped back above its 102.65 buy point in a cup base Friday. The 5% buy range tops out at 107.78. The stock was up 1.3% early Monday.
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 Stock: Tesla
Among Magnificent Seven stocks, Tesla (TSLA) was down 5.3% Monday in morning trading.
Tesla continues to rebound from its early February lows and is holding just off its recent highs.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower after Monday’s stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares lost 2.9% Monday after the European Union hit Apple with a $1.95 billion antitrust fine for its distribution of music streaming apps.
Microsoft shares remain out of buy range past a 384.30 buy point in a flat base, amid a 0.5% rise Friday. The software giant fell 0.1% 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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