Dow Jones futures reversed lower Monday, as Wall Street reacted to inflation data and Fed Chair Jerome Powell’s comments from Friday, which markets were closed. Meanwhile, Tesla stock climbed on the stock market today after the company raised Model Y prices in the U.S.
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Dow Jones futures moved down 0.1% vs. fair value in morning action, while S&P 500 futures inched higher. The tech-heavy Nasdaq 100 futures climbed 0.2% vs. fair value ahead of the opening bell.
The 10-year Treasury yield ticked higher to 4.21%. Further, oil prices paused after last week’s gains, as West Texas Intermediate futures traded around $83 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.2%, while the SPDR S&P 500 ETF (SPY) rose 0.1%.
Early Monday, Tesla (TSLA) climbed 0.3% after the company raised prices for all Model Y cars in the U.S. by $1,000. Up next, analysts expect Tesla to report Q1 delivery numbers on Tuesday.
On Thursday, the stock skidded 2.3%, snapping a modest three-day bounce. Shares are testing their 50-day line, which is a key resistance level to watch. Tesla stock remains about 40% off its 52-week high.
Stock Market Today: Inflation Data, Powell
Data released when markets were closed on Friday showed the personal consumption expenditures, or PCE, price index rose 0.3% in February, below 0.4% forecasts. The 12-month headline inflation rate picked up to 2.5%, as expected.
And the core PCE price index, which strips out food and energy prices, rose 0.3% in February, matching forecasts. The core 12-month inflation rate came in at 2.8%, as expected, after January’s core inflation rate was revised up from 2.8% to 2.9%.
Also on Friday, the Federal Reserve’s Powell participated in a panel discussion at the San Francisco Fed. Powell said the Fed isn’t in a rush to cut and will need to see a resumption of lower inflation readings before it gains the confidence to cut rates. Still, Powell said he doesn’t want to wait too long to cut, allowing for an unneeded degree of economic weakness.
Looking ahead, the Labor Department’s March employment report, due out on Friday, is expected to show that employers added 180,000 payroll positions for the month, including 157,500 workers in the private sector, according to FactSet’s consensus estimate.
Further, key earnings movers this week include apparel brands PVH (PVH) and Levi Strauss (LEVI), along with payroll servicer Paychex (PAYX).
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Rises
On Thursday, the Dow Jones Industrial Average and S&P 500 both rose 0.2%, as the S&P 500 hit a new high. The tech-heavy Nasdaq composite fell 0.1%. The small-cap Russell 2000 gained 0.5%.
Thursday’s Big Picture column commented, “After Thursday’s gains, the S&P 500 is right at record highs as the stock market uptrend continues to show strength. Despite the recent strength, IBD is maintaining its recommended exposure level at 60%-80%, keeping in mind that a pullback now would not be surprising.”
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), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies 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 new breakout Thursday: Manulife Financial (MFC). That stock moved past a 24.89 buy point. Shares added 0.3% Monday morning.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
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Dow Jones: Disney, IBM, Verizon
Disney — the strongest performer on the Dow in Q1 — is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed further out of buy range, with a 1.1% gain Thursday. Shares added 0.6% Monday morning.
IBM stock remains below a flat base’s 196.90 buy point, despite a 0.1% gain Thursday. Shares were up flat in Monday’s morning trading.
Telecom giant Verizon is building a cup base with a 43.21 entry, as the stock rebounds from support at its key 50-day moving average. Verizon shares ticked up 0.2% Monday.
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, as the stock inched higher Thursday. Google stock gained 0.3% Monday.
Arista shares gave up their 292.66 flat-base buy point, according to MarketSurge chart, during last week’s weakness. Wait for a decisive retake of that entry before considering a purchase. And Arista stock was 0.6% higher early Monday.
Last week, DraftKings tumbled below its 46.52 buy point in a short consolidation. And on Monday morning, the sports-betting giant rebounded 0.5%, still below the entry.
Finally, ServiceNow is right at its 50-day line amid recent losses. Shares are building a flat base with a 815.32 entry. ServiceNow stock moved up 0.5% Monday.
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 March 27, 2024
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Magnificent Seven Stocks: Nvidia
Magnificent Seven stocks Nvidia (NVDA) rose 0.1% in Monday’s early action.
Nvidia edged higher Thursday, ending a two-day skid. Shares are about 7% off their record highs. Nvidia is an IBD Leaderboard stock.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower ahead of Monday’s stock market open.
Apple stock moved down 1.1% Thursday, further below its long-term 200-day moving average. The stock added 0.5% Monday morning.
Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs. But shares have retreated over the current five-day losing streak. And the stock fell 0.3% early Monday.
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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