The Dow Jones Industrial Average and the other major stock indexes remained lower Tuesday as investors digested comments from Federal Reserve Chairman Jerome Powell. Bucking the tide was electric-vehicle giant Tesla, which surged after beating delivery forecasts on the stock market today.
After the opening bell, the Dow Jones Industrial Average dropped 0.2%, as the S&P 500 fell 0.1%. The tech-focused Nasdaq composite edged lower in morning trades.
Early Tuesday, the 10-year Treasury yield ticked lower to 4.43%. 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 dropped 0.1%, as the SPDR S&P 500 ETF fell 0.2% after the open.
Tesla stock surged more than 7% on the stock market today in morning trading. On Monday, Tesla rallied more than 6%, closing at its highest level since late January, and cracking the 200 level.
Early Tuesday, the EV giant said it produced about 411,000 vehicles and delivered approximately 444,000, topping estimates. 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 those predictions were downsized.
Stock Market Today: Powell Speech
On Tuesday, Fed chief Powell spoke at the European Central Bank Forum on Central Banking, held in Portugal. The policy panel discussion commenced 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.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
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, Carvana, Domino's Pizza and Meta Platforms — plus Dow Jones components Amazon, Apple, Amgen and Microsoft — are among the best companies to watch on the stock market today.
In IBD MarketSurge's "Breaking Out Today" list, Manulife Financial 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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
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 dropped 0.3% premarket. Also, JPMorgan broke out past a 205.88 flat-base entry. The banking leader was Monday's IBD Stock Of The Day. Shares inched lower in early trading Tuesday.
Outside the Dow Jones index, Burlington Stores lost 0.8% in premarket trading. At Monday's close, it was in buy range above a 232.69 cup-base entry. Carvana is squarely below a 129 buy point in a cup base following Monday's losses. Carvana stock gained 0.8% Tuesday morning.
Pizza maker Domino's is tracing a flat base that has a 542.75 buy point. Shares dipped 0.4% in early action 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 0.8% 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 | 129 | Cup base | |
| Domino's | 542.75 | Flat base | |
| Meta Platforms | 514.01 | Flat base | |
| Amazon | 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 1.4% Tuesday. On Monday, the market leader bounced back after two days of losses, 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 mixed after 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 0.3% 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 up 0.4% 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 0.2%.
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.
