The Dow Jones Industrial Average and other major stock indexes traded lower early Tuesday in the wake of President Donald Trump's new tariffs on steel and aluminum imports. Early movers on the stock market today included Nvidia and Astera Labs. And up next, Federal Reserve Chairman Jerome Powell is due to give testimony to Congress later in the morning.
After the opening bell, the Dow Jones Industrial Average fell 0.2%, as did the S&P 500. The tech-heavy Nasdaq composite traded down 0.3% in early morning trades.
The 10-year Treasury yield ticked higher to 4.54% early Tuesday. And oil prices rose, with West Texas Intermediate futures trading around $73.40 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.3%, as the SPDR S&P 500 ETF fell 0.2% after the open.
Artificial intelligence titan Nvidia rallied another 2.9% Monday, extending a win streak to five sessions. Shares of the Dow Jones component are at their 50-day moving average, a key resistance level to watch. Nvidia stock rose 0.2% in morning action Tuesday.
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Powell Testimony, Earnings Movers
Late Monday, President Trump imposed 25% tariffs on all imports of steel and aluminum. A White House official said the tariffs would take effect March 4.
Fed Chair Powell is scheduled to appear before Congress Tuesday and Wednesday. He will first answer questions at the Senate Banking Committee Tuesday before appearing in front of the House Financial Services Committee Wednesday. Both events will start at 10 a.m. ET and will begin with prepared remarks from Powell. Investors will be looking for further clues on the Fed's plan for interest rates.
In stocks, a big earnings mover early Tuesday was Astera Labs. The artificial intelligence stock tumbled more than 6% in morning trading despite the company's better-than-expected results for the fourth quarter.
Other earnings movers include Coca-Cola, GlobalFoundries, Marriott and Shopify.
Shares of Coca-Cola rallied 4%, while GlobalFoundries stock moved up 5%. Marriott shares slipped 5%, as Shopify declined 2% in early action.
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Stock Market Today: Dow Jones Rises
On Monday, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 gained 0.7% and the Nasdaq advanced 1%.
Among the best companies to watch in the current stock market are AppLovin, Royal Caribbean and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Home Depot and Microsoft .
Home Depot and TJX 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: Home Depot Shows New Buy Point
Dow Jones component Home Depot has added a handle to a cup base, taking the buy point to 426.19, according to MarketSurge pattern recognition. Shares of the home improvement giant edged higher Tuesday.
Outside the Dow, AppLovin is approaching a cup base's 417.63 buy point after clearing a handle entry at 371.77 in recent sessions. Shares moved down 0.9% Tuesday.
Cruise operator Royal Caribbean is holding just above a 258.79 flat-base entry after two days of losses. The stock fell 1.3% Tuesday morning.
Retailer TJX is approaching a 128 buy point in a flat base, as the stock continues to find support at its 50-day moving average. TJX stock was off 0.5% in morning trades Tuesday.
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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 |
|---|---|---|---|
| Netflix | 941.75 | Flat base | |
| Walmart | 96.18 | Flat base | |
| Spotify | 506.47 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 28
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Tesla Stock Extends Losing Streak
Tesla skidded another 3% Monday, further below the 50-day line and hitting its lowest level since early December. Shares are more than 28% off their 52-week high.
And Tesla stock moved down another 1.5% in early morning trading Tuesday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon, which regained a 233 buy point Monday. Shares fell 0.3% early Tuesday.
Apple stock, which inched higher Monday, continues to consolidate below the 50-day line. Shares gained 1% Tuesday after The Information reported that the iPhone maker is working with Alibaba to bring AI features to iPhones in China.
Finally, software giant Microsoft moved down 0.4% Tuesday. Shares have plunged below their 50-day line in recent weeks.
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.
