Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday's stock market open and the start of the Federal Reserve's two-day policy meeting. Magnificent Seven stock Nvidia gave up a key level, while tech titan Apple sold off sharply.
Late Monday, Intel surged more than 8% after the company announced an expanded collaboration with Amazon Web Services, an Amazon company. Amazon shares were unchanged after the close.
"As part of the expanded collaboration, Intel will produce an AI [artificial intelligence] fabric chip for AWS on Intel 18A, the company's most advanced process node. Intel will also produce a custom Xeon 6 chip on Intel 3, building on the existing partnership under which Intel produces Xeon Scalable processors for AWS," according to the press release.
The Fed's two-day policy meeting kicks off Tuesday, culminating in an interest rate decision Wednesday afternoon. The central bank is set to announce its first rate cut since it slashed its key rate to almost zero in March 2020 as the Covid pandemic started to spiral.
Ahead of that meeting, the August U.S. retail sales report drops Tuesday.
Further, earnings reports are set to trickle in this week, with FedEx, Darden Restaurants and homebuilder Lennar headlining the calendar.
On Monday, Nvidia shares declined nearly 2%, closing below their 50-day line, which they had just reclaimed last week. If the stock is unable to regain its 50-day line in the coming sessions, then it likely needs more time to consolidate.
Further, Apple stock tumbled 2.8% to break below its own 50-day moving average. Shares are still forming a V-shaped cup with handle with a 232.92 buy point, but the relative strength line is starting to flag.
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Stock Market Today: Dow Jones Hits New High
On Monday, the Dow Jones Industrial Average moved up 0.6% to hit an al-time high, its 27th record close of 2024, according to Dow Jones Market Data. The S&P 500 gained 0.1%, as the tech-heavy Nasdaq composite declined 0.5%.
Among the best companies to watch on the stock market today are Costco Wholesale, DoorDash and Taiwan Semiconductor Manufacturing.
Notable Dow Jones components are Amazon.com, Apple, Home Depot and Microsoft
Dow Jones: Home Depot
Among Dow Jones components, Home Depot is breaking out past a handle buy point at 378.58 and is in the buy zone, according to MarketSurge pattern recognition.
Outside the Dow Jones index, retail giant Costco is in the buy area above a 896.67 cup-base entry. DoorDash ended Monday just below a cup-with-handle's 131.21 buy point.
Finally, Taiwan Semiconductor is nearing a cup-with-handle's 175.45 entry after regaining the 50-day line last week, but it fell 2% 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.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 9
Magnificent Seven Stocks: Alphabet, Tesla
Among Magnificent Seven stocks, Alphabet and Tesla traded mixed in Monday's trading.
Google parent Alphabet closed slightly above the 200-day line Monday as it rebounds amid a four-day win streak.
And Tesla skidded 1.5% Monday, snapping a five-day win streak. Shares of the electric-vehicle leader are nearing a 235 early entry, the high price on Sept. 5.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares reclaimed their 50-day line during last week's rally and are forming a new base.
Microsoft shares are also back above their 50-day line and building a new base amid a six-day win streak.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
