Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday's stock market open, as Wall Street awaited this week's inflation reports and Fed Chairman Jerome Powell's Thursday speech. Magnificent Seven stock Tesla continued to race higher Monday, as its five-day rally reached as much as 47%.
This week, investor attention shifts to inflation reports, with Wednesday's release of the consumer price index and Thursday's release of the producer price index. Meanwhile, Fed chief Powell will speak on Thursday at 3 p.m. ET.
Key earnings reports this week include Cava, Shopify, Shift4 Payments, Spotify and CyberArk Software.
Tesla stock surged another 9% Monday, extending a win streak to five sessions. During that win streak, shares of the electric-vehicle giant have soared as much as 47.7% to Monday's high price of 358.64. It has been the best five-day stretch since the five days ending March 25, 2020, when it rose 49.3%, per Dow Jones Market Data.
The stock reached an all-time high on Nov. 4, 2021 at 414.50. Shares added 0.6% in extended trading.
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Stock Market Today
On Monday, the Dow Jones Industrial Average climbed 0.7%, while the S&P 500 gained 0.1%. And the tech-heavy Nasdaq also rose 0.1%.
Among the best companies to watch on the stock market today are Broadcom, Costco Wholesale and Deckers Brands.
Dow Jones components making notable moves are Amazon.com, Apple, Microsoft and Salesforce.
Amazon was featured in this Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's opening bell, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield remained unchanged at 4.3%, with the bond markets closed for Veterans Day. And oil prices tumbled more than 3%, as West Texas Intermediate futures settled around $68.20 a barrel.
What To Do Now
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market action. Following Monday's session, be sure to check out today's The Big Picture and today's updated exposure level.
On Monday's "IBD Live" show, the team discussed the current trading conditions of the stock market rally.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. Meanwhile, the MarketSurge "Near Pivot" list shows more 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. These features identify bullish patterns and buy points and are available to check every day.
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Dow Jones: Salesforce Hits New High
Dow Jones software leader Salesforce rallied into new highs Monday, extended beyond a 318.71 buy point, according to MarketSurge pattern recognition.
Outside the Dow Jones index, artificial intelligence giant Broadcom continues to rebound from its 50-day line, as it approaches a 186.42 alternative entry.
Costco remains above a flat base's 923.83 buy point despite Monday's 1.2% drop. Costco is a recent options trade idea.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base after its recent breakout move.
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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 | 498.23 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| Broadcom | 186.42 | Handle entry | |
| Deckers Brands | 172.57 | Handle entry |
Source: IBD Data as of Oct. 28
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet moved up 1.1% Monday, as shares form a cup with handle that has a 182.02 entry.
Meta Platforms continues to pull back to its 50-day moving average line, a key support level to watch. Shares have formed a flat base with a 602.95 buy point.
Nvidia slipped 2.6% Monday, falling from record highs. Shares remain above a 140.76 buy point in a consolidation. Nvidia reports third-quarter results on Nov. 20.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock declined 0.6% Monday, still above a 201.20 buy point.
Shares of Apple closed Monday back below their 50-day line, as they continues to consolidate following the company's Oct. 31 earnings report.
Microsoft shares fell 1.1% Monday, sliding below the 50-day line. The stock's RS line made a new low.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
