Dow Jones futures and other major stock indexes rose Monday, as Tesla (TSLA) surged on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China. Meanwhile, Nvidia (NVDA) eyed a new buy point on the stock market today.
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Dow Jones futures rose 0.2% vs. fair value in premarket action as S&P 500 futures gained 0.3%. Tech-focused Nasdaq 100 futures climbed 0.4% before the opening bell.
Early Monday, the 10-year Treasury yield dipped to 4.63%. Further, oil prices fell as West Texas Intermediate futures traded around $83.20 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.5%, as the SPDR S&P 500 ETF (SPY) gained 0.3%.
According to the Wall Street Journal, Tesla will deploy its autonomous driving services based on mapping and navigation functions provided by Chinese technology giant Baidu (BIDU).
The partnership clears an important regulatory hurdle for Tesla to offer its driver-assistance system there. Rolling out FSD in China would help Tesla compete with major Chinese carmakers that have already provided advanced driver-assistance features.
Tesla stock soared more than 14% in premarket trading, set to retake its 50-day line for the first time since early January.
Stock Market Today: Fed Meeting
The Federal Reserve’s two-day meeting is sure to take the spotlight this week when it begins Tuesday, but there are a number of key economic reports for investors to watch.
The latest consumer confidence reading is due Tuesday while the ADP employment report is expected Wednesday. But the key report will be the April jobs report on Friday. Analysts expect the U.S. economy to have added 250,000 new jobs, a decline from the previous month. Analysts see the unemployment rate holding steady at 3.8%.
Key earnings reports Monday include Domino’s Pizza (DPZ), On Semiconductor (ON) and SoFi Technologies (SOFI).
Domino’s shares surged more than 4% in early trading, while On shares rose 0.7%. And SoFi stock lost nearly 5% in premarket action.
Other key earnings reports this week include Magnificent Seven members Apple (AAPL) and Amazon (AMZN).
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Rises
On Friday, The Nasdaq composite surged 2%, while the S&P 500 rallied 1%. The Dow Jones Industrial Average rose a modest 0.4%.
Friday’s The Big Picture column commented, “Remember, just because the picture is improving it does not mean you should ramp up exposure in a reckless fashion. Gradually increase your exposure by purchasing leading stocks coming out of sound chart bases.”
Now is an important time to read Investor’s Business Daily’s The Big Picture column amid the ongoing stock market action. 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
Chipotle Mexican Grill (CMG), Dexcom (DXCM), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.
Tradeweb 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. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. Shares were up 0.6% on the stock market today.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow Jones index, Chipotle rallied another 2.4% Friday, ending further above a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares gained 1% before the open on Monday.
Texas Roadhouse is just above a flat base’s 157.12 buy point. The stock climbed 1.6% Monday.
Tradeweb remains below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares ticked higher Monday.
Stock Market Today: Companies 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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia
Magnificent Seven stocks Nvidia (NVDA) inched lower in Monday’s premarket action.
Nvidia stock advanced 6.2% Friday to retake its 50-day moving average line in heavy volume. A new buy point has emerged at 974 as a result of consolidation, while aggressive investors can use a 906.13 entry as an early entry.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Amazon, Apple and Microsoft (MSFT) traded higher ahead of Monday’s stock market open.
Amazon shares bullishly regained its 50-day line Friday, with a 3.4% advance. The stock added 1.4% in Monday’s early trading.
Apple stock lost 0.4% Friday, snapping a four-day win streak. Shares remain about 15% off their 52-week high. Apple was up 2.6% on the stock market today.
Microsoft rebounded 1.8% during Friday’s action following the company’s earnings results. The software giant is fighting to retake its 50-day line. Shares moved down 0.2% 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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