The Dow Jones Industrial Average and other major indexes traded mixed Monday in the wake of a funding bill that averted a government shutdown. Nvidia and Tesla were early winners on the stock market today.
After the opening bell, the Dow Jones Industrial Average fell 0.6%, or 250 points, while the S&P 500 dropped 0.1%. The tech-heavy Nasdaq composite moved up 0.4% in morning trades.
Early Monday, the 10-year Treasury yield ticked up to 4.55%. Oil prices dropped, as West Texas Intermediate futures traded around $69.10 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.4%, as the SPDR S&P 500 ETF moved down 0.1% after the open.
Late Friday, the U.S. House of Representative passed legislation to keep the government open through March. The Senate followed suit early Saturday.
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Stock Market Today: Nvidia, Tesla Rally
Nvidia stock rebounded 3.1% Friday, adding to Thursday's gains. Shares remain below their 50-day moving average, which is now a key resistance level to monitor. And buyers re-emerged in Nvidia stock, with shares up 1.8% in morning trading Monday.
Electric-vehicle giant Tesla skidded another 3.5% Friday, extending a losing streak to three sessions. Last week, shares rallied as much as 84% above a 264.86 buy point in a cup with handle. Tesla stock bounced 1.6% Monday.
This holiday week's economic calendar is light with new home sales due Tuesday. They are expected to bounce back from a hurricane-hit October, but pretty weakly, to a 665,000 annual pace, according to a consensus of economists polled by FactSet.
The stock market will be closed Wednesday for the Christmas holiday, with an abbreviated trading session on Tuesday.
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Dow Jones Rebounds
On Friday, the Dow Jones Industrial Average rallied 1.2%, while the S&P 500 moved up 1.1%. The tech-heavy Nasdaq composite advanced 1% to snap a three-day losing streak.
Among the best companies to watch on the stock market today are BlackRock, Burlington Stores and Taiwan Semiconductor Manufacturing.
Dow Jones components making notable moves were Amazon.com, Apple, Walt Disney and Microsoft.
Taiwan Semi is 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 Buy Point
Dow Jones component Disney is approaching a 118.63 buy point in a cup with handle, according to MarketSurge pattern recognition. Shares fell 1.3% Monday.
Outside the Dow Jones index, BlackRock is 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 0.1% Monday.
Burlington Stores is in buy range above its 279.51 buy point in a cup with handle amid recent losses. Shares lost 0.8% Monday morning.
Nvidia chipmaker Taiwan Semiconductor closed Friday within striking distance of a 205.63 cup-with-handle buy point as it tests support at the 50-day line. Shares gained 3.2% early 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 | |
| IBM | 237.37 | Cup base | |
| Broadcom | 185.05 | Double bottom | |
| Manhattan Associates | 306.63 | Handle entry |
Source: IBD Data as of Dec. 16
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rose 0.7% Friday. Amid that gain, the e-commerce giant is still extended above a 201.20 buy point after hitting new highs earlier in the week. It rose 0.1% Monday.
Shares of Apple are just out of buy range above a flat base's 237.49 entry, as they hit new highs Friday. The stock was up 0.3% Monday morning.
Microsoft shares edged down Monday morning following three straight days of losses. 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.
