The Dow Jones Industrial Average and other major indexes traded sharply lower Monday, threatening to extend Friday's stock market sell-off heading into the final two trading days of 2024. Two early names to watch on the stock market today were also two of the year's big winners: Nvidia, which offers a new buy point for investors to watch, and Tesla.
After the opening bell, the Dow Jones Industrial Average fell 1.5%, or 650 points, while the S&P 500 lost 1.6%. The tech-heavy Nasdaq composite declined 1.8% in morning trades.
Early Monday, the 10-year Treasury yield ticked lower to 4.58%. Oil prices rose, as West Texas Intermediate futures traded around $71 per barrel.
Among exchange traded funds, the Invesco QQQ Trust declined 1.8%, as the SPDR S&P 500 ETF moved down 1.6% after the open.
The stock market will be closed Wednesday for the New Year's Day holiday.
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Stock Market Today: Nvidia Offers New Buy Point
Nvidia declined 2.1% Friday, finding stout resistance at its 50-day line, a key level to monitor. The stock has formed a double-bottom base that offers a 146.54 entry, while a sharp advance above the 50-day line would also place the artificial intelligence giant in a new buy area.
Nvidia stock reversed from early losses to rise 0.2% Monday morning, still threatening to extend a losing streak to three sessions.
Tesla dived 5% Friday, falling sharply for a second straight day. In recent weeks, shares rallied as much as 84% above a 264.86 buy point in a cup with handle, but they are more than 10% off those highs.
Tesla stock fell in early action Monday, down 3.3% in morning trade.
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Dow Jones Snaps Win Streak
On Friday, the Dow Jones Industrial Average dropped 0.8%, ending a five-day win streak. The S&P 500 lost 1.1%, closing at the 50-day line, while the tech-heavy Nasdaq composite sold off 1.5%.
Among the best companies to watch on the stock market today are BlackRock, Burlington Stores, Interactive Brokers and Taiwan Semiconductor Manufacturing.
Dow Jones components making notable moves were Amazon.com, Apple, Walt Disney and Microsoft.
Disney and Burlington are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for 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: Disney Nears Entry
Dow Jones component Disney continues to build a cup with handle that has a 118.63 buy point, according to MarketSurge pattern recognition. Shares gave back 0.9% Monday.
Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern as it finds support at its 50-day moving average. BlackRock stock dropped 1.1% in early trading Monday.
Burlington Stores fell back into buy range above its 279.51 buy point following Friday's drop. Shares were down 1.5% Monday morning.
Interactive Brokers fell 1.2% Friday, still rebounding from support at the 50-day line, which offered an entry around 172.50. The stock fell 0.8% Monday.
AI chip maker Taiwan Semiconductor, better known as TSMC, broke out last week, moving past a 205.63 cup-with-handle buy point. But shares closed further below their buy point following Friday's decline. TSMC was a recent IBD Stock Of The Day. Shares moved 0.7% lower Monday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | 1,068.34 | Tight area | |
| Disney | 118.63 | Cup with handle | |
| TSMC | 205.63 | Cup with handle | |
| Burlington Stores | 279.51 | Cup with handle |
Source: IBD Data as of Dec. 24
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which dropped 1.5% Friday. Amid its recent rally, the e-commerce giant is sharply extended above a 201.20 buy point after hitting new highs in mid-December. It lost 2.2% in morning trading Monday.
Shares of Apple are out of buy range above a flat base's 237.49 entry after they hit a new high last week. They sold off 1.3% Friday and dropped another 1.7% Monday morning.
Microsoft shares fell 1.8% Monday morning, as they looked for much-needed support around their 50-day line. The software giant is building a cup with handle that has a 456.16 buy point.
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.
