Dow Jones futures and S&P 500 futures rose Tuesday, while Nasdaq 100 futures were lower ahead of the stock market open. Artificial intelligence stock Palo Alto Networks plunged on earnings late Monday. And, later this week, Nvidia earnings and minutes from the Federal Reserve's latest policy meeting are due out.
Key earnings movers late Monday include Palo Alto Networks and Zoom Video Communications. Cybersecurity leader Palo Alto plunged nearly 8% in premarket trading, while Zoom stock was down more than 3%.
The coming week sees Wednesday's release of Federal Reserve minutes for May. Investors will look for further clues into the thoughts of Fed Chair Jerome Powell and other central bankers on the future path of interest rates.
Other economic reports due in the coming week include existing-home sales on Wednesday, new-home sales Thursday and S&P flash U.S. Purchasing Managers' Index data for both manufacturing and services, which come Thursday.
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved down 0.5% and the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite climbed 0.7%.
Robinhood Markets, PDD, Taiwan Semiconductor Manufacturing, Trade Desk and Tradeweb Markets — plus Dow Jones components JPMorgan Chase and Merck — are among the best companies to watch on the stock market today.
And Dow Jones tech icons Apple and Microsoft ended higher in today's stock market, with Apple and Microsoft up 0.6% and 1.2%, respectively.
Microsoft and Trade Desk are featured in this Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's opening bell, Dow Jones futures inched higher vs. fair value, as did S&P 500 futures. Tech-heavy Nasdaq 100 futures were down less than 0.1% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield ticked higher to 4.44%. And oil prices fell, as West Texas intermediate futures settled around $79.20 a barrel.
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Stock Market Today: What To Do Now
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market rally. Following Monday's action, be sure to check out today's The Big Picture for an updated exposure level.
On Monday's IBD Live show, the IBD Live team discussed current trading conditions and continued to survey prospects for a new power trend in the market.
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 buy points. Notably, Abercrombie & Fitch broke out past a consolidation's 140.28 buy point. Meanwhile, 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.
Dow Jones: JPMorgan, Merck
JPMorgan gave up its flat base's 200.94 entry during Monday's decline of 4.5%. Meanwhile, drug giant Merck is building a flat base that has a 133.10 entry.
4 Top Growth Stocks To Watch In The Stock Market Action
Outside the Dow Jones index, Temu-parent PDD is in buy range past a cup-with-handle's 142.32 buy point, according to IBD MarketSurge.
Robinhood Markets rallied 3.7% Monday, breaking out past a 20.55 buy point in a cup base. Chipmaker Taiwan Semiconductor is in buy range above a 148.43 buy point in a double-bottom base in the wake of strong recent gains.
Trade Desk climbed 2.9% Monday, closing further above a 94 entry in a consolidation. And Tradeweb is squarely in its buy range past a flat base's 108.04 buy point, despite a 1.8% drop Friday.
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Stocks 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 | 430.82 | Flat base | |
| Robinhood Markets | 20.55 | Cup base | |
| Taiwan Semiconductor | 148.43 | Double bottom | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of May 20, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rose 2.5%, while Tesla skidded 1.4% Monday.
Nvidia stock rallied further above the 50-day line Monday. Shares of the artificial intelligence giant are above a handle buy point at 922.20. The AI leader is an IBD Leaderboard stock.
Nvidia earnings are due out Wednesday after the market closes. Analysts polled by FactSet expect the graphics-chip maker to earn an adjusted $5.60 a share, up 414% year over year, on sales of $24.59 billion, up 242% in the quarter ended April 28. That would mark its fourth straight quarter of triple-digit percentage growth in sales and earnings.
Tesla stock ended a two-day win streak Monday. Shares are trying to find support around their 50-day line.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple stock added 0.6% Monday, closing at its highest level since late January. Shares forming the right side of a new base that has a 199.62 entry.
Microsoft shares climbed 1.2% Monday, moving closer to a flat base's 430.82 buy point.
The software leader is expected to announce new initiatives in the artificial intelligence space at its Build 2024 event, which kicks off on Tuesday. The Dow Jones component will be looking to maintain its momentum in the AI space following Google-parent Alphabet's recent I/O developer conference.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
