Dow Jones futures and the other major stock indexes dropped Tuesday as investors awaited comments from Federal Reserve Chairman Jerome Powell due later in the morning. Anticipation also surrounds electric-vehicle giant Tesla (TSLA), which is widely expected to report delivery numbers on the stock market today.
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Markets Hold After Friday’s Reversal; Meta, Ollie’s, Synopsys In Focus
Prior to the opening bell, futures on the Dow Jones Industrial Average were down 0.3% vs. fair value. Futures on the S&P 500 lost 0.4% while tech-focused Nasdaq 100 moved down 0.5% in premarket trades.
Early Tuesday, the 10-year Treasury yield ticked lower to 4.45%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $84 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) dropped 0.5%, as the SPDR S&P 500 ETF (SPY) fell 0.4% before the open.
Tesla stock declined 1.6% on the stock market today in premarket trading. On Monday, Tesla rallied more than 6%, closing at its highest level since late January, and cracking the 200 level.
The electric-vehicle maker’s second-quarter deliveries are due out Tuesday morning. As of Monday, analysts were predicting a total 436,000 vehicles delivered worldwide, according to FactSet. At the end of May, Wall Street was calling for 448,000 deliveries for the three-month period, but estimates have dropped 3% since then.
The current estimate would be down 6.5% compared with last year’s 466,140 deliveries. But it would be a 13% increase vs. this year’s first quarter.
Stock Market Today: Powell Speech
On Tuesday, Fed chief Powell will speak at the European Central Bank Forum on Central Banking, held in Portugal. The policy panel discussion will commence at 9:30 a.m. ET.
Other labor market data Tuesday includes the Job Openings and Labor Turnover Survey, or JOLTS, which is due out at 10 a.m. ET. Job openings are expected to fall to 7.9 million in May vs. 8.059 million in April.
Meanwhile, markets will be closed for the Independence Day holiday on Thursday.
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Dow Jones Rises
On Monday, the Dow Jones Industrial Average moved up 0.1% and the S&P 500 rose 0.3%. The tech-heavy Nasdaq composite climbed 0.8%.
Investor’s Business Daily’s Big Picture column said, “Overall, the session’s moves by broader indexes were mild. Day-to-day fluctuations might get limited by the fact that the stock market is set to close Thursday for the July Fourth holiday. Yet don’t ignore key economic data coming later this week, including the June nonfarm payrolls report.”
During Monday’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
Burlington Stores (BURL), Carvana (CVNA), Domino’s Pizza (DPZ) and Meta Platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Manulife Financial (MFC) is breaking out past a 26.81 buy point in a flat base.
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.
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Dow Jones: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base’s 133.10 entry, according to MarketSurge pattern recognition. Amgen inched higher premarket. And JPMorgan broke out past a 205.88 flat-base entry. The banking leader was Monday’s IBD Stock Of The Day. Shares dipped 0.3% in early trading.
Outside the Dow Jones index, Burlington Stores traded flat in premarket trading, in buy range above a 232.69 cup-base entry despite recent losses. Carvana is squarely below a 129 buy point in a cup base following Monday’s losses. Carvana stock declined another 1.1% Tuesday morning.
Pizza maker Domino’s is tracing a flat base that has a 542.75 buy point. Shares were flat in premarket Tuesday.
And Meta stock is trying to break out above a 514.01 buy point in a cup-with-handle base, but Friday’s drop sent the stock back below that entry. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares moved down 0.7% early Tuesday.
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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 |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Meta Platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
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Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia stock dropped more than 1% premarket Tuesday. The market leader bounced back after two days of losses Monday, moving up 0.6%.
Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded lower ahead of Tuesday’s stock market open.
Amazon is breaking out past a 191.70 buy point in a flat base following a recent rebound from the 50-day line. Amazon stock moved down 0.1% premarket Tuesday.
Apple stock rallied 2.9% Monday, closing just shy of record highs. Shares are extended above a cup base’s 199.62 buy point. Apple was down 0.5% Tuesday.
Microsoft shares climbed 2.2% Monday, further above a flat base’s 430.82 buy point and hitting new highs. And early Tuesday the stock lost 0.5%.
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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