Dow Jones futures fell slightly Tuesday morning, as Wall Street awaited key economic data in the form of two housing reports. Artificial intelligence giant Nvidia (NVDA) rallied to more record highs Tuesday, while GameStop (GME) soared on the stock market today after raising nearly $1 billion from a stock sale.
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Prior to the opening bell, Dow Jones futures lost 0.1% vs. fair value, while S&P 500 futures moved up 0.2%. Tech-focused Nasdaq 100 futures rose 0.3% in premarket action.
Early Tuesday, the 10-year Treasury yield edged down to 4.46%. Oil prices climbed as West Texas Intermediate futures traded above $78.80 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) climbed 0.3% and the SPDR S&P 500 ETF (SPY) advanced 0.2%.
GameStop shares surged more than 20% Tuesday morning after the company’s Friday announcement that it raised almost $933.4 million from a share offering announced during the recent ascent in stock price. Shares traded around 23 a share in premarket trading, still far from their May 14 peak price of 64.83.
Stock Market Today: Inflation Data Looms
Ahead of Tuesday’s open, two housing reports are due out at 9 a.m. ET: the Federal Housing Finance Agency house price index and the Case-Shiller home price index.
The FHFA index is expected to rise 0.5% for the month of March. And the Case-Shiller index is expected to rise 1% on the month, with a year-over-year increase of 7.4%.
This week’s key economic releases include the Federal Reserve’s Beige Book, which compiles evidence on economic conditions from the 12 Federal Reserve districts. That’s due out Wednesday.
But the headline event is Friday’s release of the Personal Consumption Expenditures data for April. This is key given rising fears among investors that inflation could be reigniting. The core PCE price index, the Fed’s preferred inflation gauge, is seen rising 2.8% year over year, per Econoday estimates. Headline PCE is expected to be up 2.7% on an annualized basis. A sharper-than-expected drop would help sooth worries over interest rates.
Big earnings reports include Dow Jones stock Salesforce (CRM), clothing retailer Abercrombie & Fitch (ANF) and Cava (CAVA).
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Edges Higher
On Friday, the Dow Jones industrials inched higher, while the S&P 500 gained 0.7%. The Nasdaq composite rebounded 1.1%.
Investor’s Business Daily’s Big Picture column on Friday said, “Advancers led decliners more than 2-1 on the New York Stock Exchange and nearly 2-1 on the Nasdaq. Volume was lower on both exchanges.”
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market rally.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, 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
Stock Market Today:Â Best Stocks To Watch
Monday.com (MNDY), Netflix (NFLX) and Crocs (CROX) — plus Dow Jones components Merck (MRK) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
Microsoft was featured in IBD’s Stocks Near A Buy Zone column.
An essential resource for breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Notably, Intuitive Surgical (ISRG) is trying to break out past a flat base’s 403.76 buy point. Check out the MarketSurge “Near Pivot” list for 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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Merck
Drug giant Merck is building a flat base that has a 133.10 entry. The stock rose 0.7% on the stock market today.
4 Top Growth Stocks To Watch In The Stock Market Today
Recent IBD Stock Of The Day Crocs is breaking out past a 146.79 buy point in a cup base, as shares rallied more than 4% Friday. Crocs stock tacked on 1.1% Tuesday, moving within the buy zone.
Outside the Dow Jones index, Monday.com has broken out past a cup base’s 239 buy point, with solid gains last week, according to IBD MarketSurge. Shares were unchanged Tuesday morning.
Streaming giant Netflix rallied 1.7% Friday, retaking the 639 cup entry. Netflix stock rose 0.3% premarket Tuesday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | Cup base |
| Crocs | (CROX) | 146.79 | Cup base |
| Taiwan Semiconductor | (TSM) | 148.43 | Double bottom |
Source: IBD Data As Of May 28, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rallied 3.1%, and Tesla (TSLA) moved down 1% on the stock market today.
Nvidia stock extended Thursday’s earnings-fueled gains, as shares rallied another 2.6% Friday. The company is an IBD Leaderboard stock. Last week, Nvidia stock topped a buy point at 974, gapping up to new highs.
And shares were set to hit more record highs Tuesday morning.
Tesla stock rebounded 3.2% Friday, snapping a two-day loss. Shares are holding above their 50-day line, but remain about 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft traded mixed ahead of Tuesday’s stock market open.
Apple stock climbed 1.7% Friday, bouncing back after two days of sharp losses. Shares are forming a cup base that has a 199.62 buy point, and the recent losses could be the start of a potential handle that offers a lower entry.
The stock was up 1.9% Tuesday morning after the company’s iPhone shipments in China jumped 52% in April amid sizeable discounts there.
Microsoft shares moved up 0.7% Friday, just below a flat base’s 430.82 buy point after a brief breakout attempt last week. Early Tuesday, Microsoft stock fell 0.3%.
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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