The Dow Jones Industrial Average dropped Monday as the market flirted with all-time highs. Artificial intelligence leader Nvidia hit more record highs at the market open before reversing lower on the stock market today.
After the opening bell, the Dow Jones Industrial Average dropped 0.3%, while the S&P 500 lost 0.1%. The tech-focused Nasdaq composite edged lower in morning trades.
Early Monday, the 10-year Treasury yield climbed to 4.27%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $78.80 a barrel. (For the latest coverage of the market, visit our Stock Market Today page.)
Among U.S. exchange traded funds, the Invesco QQQ Trust fell 0.3% as the SPDR S&P 500 ETF moved down 0.2%.
Nvidia stock reversed 0.1% lower Monday morning after briefly setting more record highs. On Friday, shares rallied another 1.8%, advancing to new highs and trading sharply above a split-adjusted alternative buy point at 97.40. The AI leader is an IBD Leaderboard stock.
Stock Market Today
In this week's key economic reports, May's retail sales data, out Tuesday morning, are expected to show a moderate 0.4% rise overall and 0.3% excluding autos. Industrial production, also out early Tuesday, is seen rising 0.25%. Jobless claims just hit a nine-month high of 242,000 in the week of June 8. Data for the June 15 week, due out ahead of Thursday's stock market open, will be a key focus point.
Further, earnings results this week are mostly scarce. Some important names report in the coming week, including Kroger, CarMax and Jabil.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Extends Losing Streak
On Friday, the Dow Jones Industrial Average fell 0.2%, extending a losing streak to four sessions. The S&P 500 inched lower, and the Nasdaq moved up 0.1%. The tech-heavy composite posted another new closing high.
Investor's Business Daily's Big Picture column commented, "The fortunes of the equal-weight S&P 500 and Nasdaq 100 indexes highlight a broader malaise, with both ending the day lower as they continue to lag their regular, market cap-weighted counterparts."
During Friday'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, Novo Nordisk 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, Universal Display broke out past a 194.84 buy point in a cup base last week. Shares ended Friday in the 5% buy zone.
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: Amgen Building A Base
Dow stocks worth watching include biotech giant Amgen, which is building a cup-with-handle base that has a 133.10 entry. Visa is tracing a flat base with a 290.96 buy point, according to MarketSurge pattern recognition, but is now below the 50-day line. Amgen moved down 0.2%, while Visa shares inched lower in morning trading Monday.
Outside the Dow Jones index, streaming giant Netflix rallied Friday to the top of its buy range above a 639 cup entry. Netflix stock was up a fraction Monday.
Weight-loss drug leader Novo Nordisk is at the top of its buy range from a cup-with-handle entry at 137.22, according to IBD MarketSurge. Novo shares fell 0.3% Monday morning.
Spotify shares remain below their 319.30 buy point in a flat base and are bouncing back from their 50-day line. The stock fell 0.1% early Monday.
Finally, ASML stock is trying to break out past a 1,056.35 buy point in a cup base. Shares moved up 1.5% Monday 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: Tesla
Among Magnificent Seven stocks, Tesla rose 1.7% on the stock market today in morning trading.
Tesla stock slipped 2.4% Friday, abruptly ending a two-day rally. Shares still remain above their 50-day line but are more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded mixed after Monday's stock market open.
Apple stock declined 0.8% Friday, snapping a three-day win streak. Shares remain extended past a cup base's 199.62 buy point. Apple was up 0.9% Monday.
Microsoft shares inched higher Friday, closing squarely in buy range past a flat base's 430.82 buy point. And early Monday the stock lost 0.1%.
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.
