The Dow Jones Industrial Average and other major stock indexes traded mixed Monday, as Wall Street was in danger of snapping a four-day winning streak. In stocks, Tesla looked to continue its rally, while Nvidia fell sharply on reports of a new artificial intelligence chip out of China.
After the opening bell, the Dow Jones Industrial Average rose 0.5%. The S&P 500 moved up 0.3%, as the tech-heavy Nasdaq composite gained 0.2% in morning trading. (For the latest update on today's market, read here.)
The 10-year Treasury yield ticked higher to 4.29% early Monday. Meanwhile, oil prices dropped, as West Texas Intermediate futures traded near $62.90 per barrel.
Among exchange traded funds, the Invesco QQQ Trust inched up, while the SPDR S&P 500 ETF moved up 0.3% after the open.
Tesla stock climbed another 2.4% in early action Monday, on pace extend last week's sharp gains. Shares bullishly climbed above their 50-day moving average line Friday, and are now within striking distance of their 200-day line, the next resistance level to watch. The Elon-Musk led-company remains nearly 42% off its record high of 488.54, reached on Dec. 18.
Nvidia stock declined 1.6% in morning action Monday after the Wall Street Journal reported that China's Huawei is developing a new AI chip that could replace some of Nvidia's high-end semiconductors. Shares of the AI giant rallied sharply for a fourth-straight session Friday, headed toward their 50-day line, an important area to watch.
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Stock Market Today: GDP, Inflation, Payroll Reports Loom
On the economic front this week are the releases of GDP and inflation reports from the U.S. Commerce Department, along with monthly payrolls data from the Labor Department.
Forecasts say first-quarter GDP, out Wednesday, will show growth slowing to a 0.9% annualized rate from 2.4% in the fourth quarter, according to FactSet. The personal income and outlays report will include the core Personal Consumption Expenditures price index, the Fed's primary inflation measure. Economists expect a 0.1% rise, lowering the 12-month inflation rate to 2.6%.
In stocks, Domino's Pizza declined 0.8% Monday after the pizza joint reported earnings early. Shares remain near a 500.55 buy point.
First-quarter earnings season heats up this week, with results from Apple, Amazon.com, Exxon Mobil, Chevron, Caterpillar, Pfizer and Eli Lilly.
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Dow Jones Extends Rally
On Friday, blue chips on the Dow Jones Industrial Average climbed less than 0.1%, or 20 points. The S&P 500 rose 0.7%, while the Nasdaq composite advanced 1.3%.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are CrowdStrike, MercadoLibre, Penumbra, Spotify and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and McDonald's.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investor also can find potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: McDonald's Nears Buy Point
Shares of Dow Jones component McDonald's edged higher Monday after briefly rallying above an early entry at 319.72 Friday. The stock is forming a flat base with a 326.32 buy point, according to MarketSurge chart analysis.
Outside the Dow, cybersecurity leader and new IBD Leaderboard stock CrowdStrike is adding to breakout gains past a 400.02 buy point in a cup with handle, according to IBD MarketSurge chart analysis. Shares lost 0.2% Monday morning.
E-commerce giant MercadoLibre is just above a 2,202 buy point in a double bottom, according to IBD MarketSurge. MercadoLibre stock dropped 0.3% Monday.
Penumbra also broke out last week, topping a 288.57 double-bottom entry. Its relative strength line is at new highs, triggering the blue dot on the IBD MarketSurge chart. That's a bullish indicator of market leadership. Shares inched up 0.1% early Monday.
Music streaming leader Spotify has topped a double-bottom's 621.20 buy point. Spotify stock was down 1.9% Monday.
Finally, Guidewire is rapidly nearing a 201 buy point in a double bottom, finishing Friday just below the buy trigger. Guidewire stock moved up 1.2% in early morning trades.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Wednesday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| McDonald's | 326.32 | Flat base | |
| Spotify | 621.20 | Cup with handle | |
| TJX | 127.58 | Double bottom | |
| MercadoLibre | 2,202.00 | Double bottom |
Source: IBD Data as of April 22
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from lows as Wall Street reacts to the fallout of President Donald Trump's tariffs. One of them, Dow Jones component Amazon, fell 0.2% early Monday, still leaving the stock squarely below its 200-day line.
IPhone maker Apple moved down a fraction Monday morning. Shares closed Friday at their highest level since early April.
Finally, software giant Microsoft dropped 0.8% Monday. Shares are above their 50-day line for the first time since late January.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
