The Dow Jones Industrial Average declined 400 points Tuesday as Wall Street awaited the start of the Federal Reserve's two-day policy meeting. Automaker General Motors gained ground on the stock market today after the company announced a new share buyback program.
After the opening bell, the Dow Jones industrials lost 1%, and the S&P 500 dropped 0.5%. The tech-focused Nasdaq composite moved down 0.3% in morning trades. (For the latest coverage of the market, visit our Stock Market Today page.)
Early Tuesday, the 10-year Treasury yield ticked lower to 4.43%. Oil prices paused after Monday's gains, with West Texas Intermediate futures around $77.60 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust fell 0.2% as the SPDR S&P 500 ETF lost 0.6%.
General Motors shares rose 1% after the company approved a new $6 billion share buyback program. On Monday, the stock broke out past a 46.17 flat-base entry.
Stock Market Today: Fed Meeting
The Fed's two-day policy meeting kicks off Tuesday, with an interest rate decision due out Wednesday afternoon.
The Fed meeting announcement will take place on Wednesday at 2 p.m. ET. The central bank also will release its latest economic projections as well as policymakers' "dot-plot" rate outlook. At the Federal Reserve meeting in March, policymakers narrowly favored three rate cuts in 2024, but with several hawks favoring just two Fed rate cuts.
Since then, the lines have changed. Dovish policymakers will likely back just two Fed rate cuts for the year, with hawks supporting just one, if any.
A key earnings mover Tuesday morning is Academy Sports & Outdoor. Shares climbed 1% in morning trading.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Snaps Win Streak
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%.
Investor's Business Daily's Big Picture column commented, "The stock market has generally treaded water in recent days, with some indexes showing the muscle to hit all-time highs and others staying in the back seat. Overall, the confirmed market uptrend remains healthy, with IBD's recommended exposure at the highest 80%-100% level."
During Monday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
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.
In IBD MarketSurge's "Breaking Out Today" list, CrowdStrike is breaking out past a 358.84 buy point in a cup with handle on the stock market today.
Check out the MarketSurge "Near Pivot" list for 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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Amgen
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. Amgen moved down 1.3%, while Visa shares inched lower in early trading Tuesday.
Outside the Dow Jones index, streaming giant Netflix rose 0.5% Monday, finding support at the 639 cup entry. Netflix stock was up a fraction Tuesday.
Trading platform Robinhood rallied 5.5% Monday, leaving it extended above a 21.21 handle buy point. Shares declined 2.5% early Tuesday.
Spotify shares remains below their 319.30 buy point in a flat base, despite a 0.3% rise Monday. And the stock rallied 2% early Tuesday.
Finally, ASML stock broke above a handle buy point of 992.88 last week, based on an IBD analysis. The 5% buy zone extends to 1,042.52. Shares fell 1.3% Tuesday morning.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia fell 0.1%, while Tesla moved down 3% on the stock market today.
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 components in the Magnificent Seven, Apple and Microsoft traded mixed after Tuesday's stock market open.
Apple stock tumbled nearly 2% Monday following the company's Worldwide Developers Conference. Shares ended about 3% below a cup base's 199.62 buy point. Apple was up 2.4% Tuesday.
Microsoft shares climbed 1% Monday, moving closer to a flat base's 430.82 buy point. And early Tuesday the stock fell 0.5%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
