Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower ahead of the stock market open. GameStop plunged further Monday, extending Friday's losses. And, later this week, the CPI report and the Federal Reserve's policy meeting are key events to monitor.
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, Broadcom and Oracle.
GameStop stock plunged as much as 18% Monday, as the video game retailer crumbled as much as 50% over the last two trading sessions. Shares closed down 12%.
Check Out IBD's New Exposure Levels To Help You Stay In Step With The Market Trend
Stock Market Today
On Monday, the Dow Jones Industrial Average moved up 0.2% and the S&P 500 rose 0.3%. The tech-heavy Nasdaq composite climbed nearly 0.4%.
ASML, Netflix, Robinhood Markets and Spotify — plus Dow Jones components Apple, Amgen, Microsoft and Visa — are among the best companies to watch on the stock market today.
Visa is featured in this Stocks Near A Buy Zone column.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, were down 0.4% 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 4.46%. And oil prices rose, as West Texas intermediate futures settled around $78 a barrel.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
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 and today's exposure level.
On Monday's IBD Live show, the IBD Live team discussed current trading conditions.
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, CrowdStrike is breaking out past a 358.84 buy point in a cup with handle on the stock market today. 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 Stocks: Amgen, Visa
Biotech giant Amgen is building a cup-with-handle base that has a 133.10 entry, while Visa is approaching a 290.96 flat-base buy point, according to MarketSurge pattern recognition.
Outside the Dow Jones index, streaming giant Netflix rose 0.5% Monday, finding support at the 639 cup entry.
Trading platform Robinhood rebounded 5.6% Monday, further past a 21.21 handle buy trigger. Spotify shares remains below their 319.30 buy point in a flat base, despite a 0.3% rise Monday.
And ASML stock hit an early-entry buy point of 992.88 last week, based on an IBD analysis. With the move higher, it broke out above a handle. The 5% buy zone extends to 1,042.52.
Learn How To Time The Market With IBD's ETF Market Strategy
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 | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Spotify | 319.30 | Flat base | |
| ASML | 992.88 | Handle entry |
Source: IBD Data As Of June 10, 2024
Join IBD experts as they analyze leading stocks in the current stock market action on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia climbed 0.8%, while Tesla skidded 2.1% Monday.
Nvidia stock snapped a two-day losing streak Monday, as the 10-for-1 stock split went into effect. Shares of the artificial intelligence giant are sharply above a handle buy point at 922.20. The AI leader is an IBD Leaderboard stock.
Tesla stock remains just above the 50-day line, still more than 40% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple stock tumbled nearly 2% Monday following the company's Worldwide Developers Conference. Shares remain near a cup base's 199.62 buy point.
Microsoft shares climbed 1% Monday, moving closer to a flat base's 430.82 buy point.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
