Dow Jones futures, along with the other major stock indexes, sagged Monday as Wall Street looked ahead to a week of key economic data. GameStop (GME) stock rebounded on the stock market today, while Advanced Micro Devices (AMD) dropped on an analyst downgrade. Meanwhile, Nvidia (NVDA)’s 10-for-1 stock split is set to go into effect.

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Prior to the opening bell, Dow Jones futures lost 0.1% vs. fair value, as S&P 500 futures fell a fraction. The tech-focused Nasdaq 100 futures also moved down less than 0.1% vs. fair value in premarket trades.

Early Monday, the 10-year Treasury yield ticked higher to 4.46%. Oil prices continued to rebound from a June 4 low, with West Texas Intermediate futures around $75.80 a barrel — about 13% below their April peak.

Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) inched lower while the SPDR S&P 500 ETF (SPY) lost 0.1%.

GameStop, AMD, Nvidia Stock Split

GameStop stock rebounded more than 8% Monday, looking to recoup a portion of Friday’s heavy losses.

Shares plunged more than 39% Friday after the video game retailer unexpectedly moved up its Q1 report and announced a new major share offering. Meanwhile, meme trader Keith Gill, known online as “Roaring Kitty”, on Friday conducted a livestream event.

AMD stock dropped more than 2% Monday premarket after Morgan Stanley downgraded the stock from overweight to equalweight, holding the price target at 176.

Further, Nvidia stock’s 10-for-1 split went into effect in premarket trade Monday, as shares dropped 0.5%, threatening to extend a losing streak to three sessions. The company is an IBD Leaderboard stock. In recent weeks, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.

Stock Market Today: CPI, Fed Meeting

The May consumer price index and the Federal Reserve meeting take the spotlight in this week’s economic data.

Wednesday’s CPI is expected to show another 0.3% increase in core prices. And the Fed policy update and new economic projections are also due Wednesday. The last set of Fed projections released in March showed policymakers led by Chair Jerome Powell narrowly backing three quarter-point rate cuts in 2024, with a hawkish minority favoring two cuts. The same kind of division may be evident in the new projections, but with more dovish members now backing two rate cuts and the hawks bent on a single rate cut.

Elsewhere, big earnings reports this week include Adobe (ADBE), Broadcom (AVGO) and Oracle (ORCL).

Adjust To Changing Market Conditions, With IBD’s New Exposure Levels

Dow Jones Snaps Win Streak

On Friday, the Nasdaq composite fell 0.2% for the session, still up 14.1% in 2024. The S&P 500 closed near record highs despite slipping 0.1% for the day. And the Dow Jones Industrial Average dipped 0.2%, ending a three-day win streak and closing on the 50-day moving average.

Investor’s Business Daily’s Big Picture column commented, “The S&P 500 sectors had a mixed session on Friday. Financials and technology fared the best while materials and utilities, the latter a defensive area and sensitive to interest rates, lagged.”

During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.

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: Best Stocks To Watch

ASML (ASML), Netflix (NFLX), Robinhood Markets (HOOD) and Spotify (SPOT) — plus Dow Jones components Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.

Amgen and Spotify were featured in IBD’s Stocks Near A Buy Zone column.

In IBD MarketSurge’s “Breaking Out Today” list, Novo Nordisk (NVO) is a recent breakout after moving past a 137.22 buy point in a cup with handle. The base, however, is a higher-risk, late-stage pattern.

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 Amgen

Biotech giant Amgen is building a cup-with-handle base that has a 133.10 entry. The Dow component edged lower on the stock market today.

Outside the Dow Jones index, streaming giant Netflix slipped 1.1% Friday, still holding above the 639 cup entry. Netflix stock was up 0.3% Monday.

Trading platform Robinhood reversed down 3.4% Friday, still past a 21.21 handle buy trigger. Shares tacked on 0.4% early Monday.

Spotify shares gave up their 319.30 buy point in a flat base, with a 3.5% decline Friday. Spotify stock inched lower in recent action.

ASML stock hit an early-entry buy point of 992.88 this week, based on an IBD analysis. With the move higher, it broke out of a handle. The 5% buy zone extends to 1,042.52. Shares fell 1.2% Monday morning.

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Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data As Of June 10, 2024

Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live

Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla (TSLA) fell 0.1% on the stock market today.

Tesla stock edged down 0.3% Friday, still above the 50-day line. Shares remain more than 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded higher ahead of Monday’s stock market open.

Apple stock rallied 1.2% Friday, nearing a cup base’s 199.62 buy point. Shares remain at their highest level since December 2023. Apple was up 0.3% Monday ahead of the company’s Worldwide Developers Conference.

Analysts expect Apple to highlight generative artificial intelligence advancements in its next iPhone operating system, iOS 18. Chief among them will be a rebuilt Siri voice-activated digital assistant. Apple reportedly will leverage a partnership with ChatGPT creator OpenAI to overhaul Siri and give it much greater capabilities.

Microsoft shares moved down 0.2% Friday, holding just below a 430.82 flat-base entry. Early Monday, Microsoft stock gained a fraction.

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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