Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher ahead of Tuesday's open following Monday's stock market action.
Trump Media & Technology soared more than 21% ahead of President-elect Donald Trump's inauguration next week. The stock closed at its highest level since Oct. 29.
Nvidia stock tumbled 2% Monday, breaking down further below the 50-day line and approaching its mid-December lows. Shares bounced 0.7% in extended trading. On Friday, the stock triggered the 7% loss rule below a 146.54 buy point in a double bottom.
Other stock market leaders also stumbled. Palantir Technologies sold off 3.4% while Apple declined 1%. Palantir closed below its 50-day line for the first time since Aug. 5, while Apple gave up that key level on Friday. Apple stock is also back below a 237.49 flat-base entry amid big losses since Dec. 26.
Late Monday, KB Home jumped nearly 8% in extended trading after the homebuilder reported better-than-expected Q4 results.
Up next, the Labor Department's producer price index for December is due out Tuesday at 8:30 a.m. ET. The PPI is expected to rise 0.3% on the month, with a year-over-year increase of 3.3%. Core wholesale inflation is expected to rise 0.2%, with an annual increase of 3.4%, per Econoday estimates.
Nvidia Investors Should Closely Watch These 3 Telltale Clues
Dow Jones Futures Today: Oil Prices, Treasury Yields
On Monday, the Dow Jones Industrial Average rallied 0.9%, while the S&P 500 rose 0.2% and the Nasdaq dropped 0.4%.
Ahead of Tuesday's opening bell, Dow Jones futures gained 0.1% vs fair value, while S&P 500 futures moved up 0.3%. Tech-heavy Nasdaq 100 futures climbed 0.4% 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 rose to 4.8%. And oil prices extended their recent gains, as West Texas Intermediate futures settled around $78.70 a barrel.
Apple Keeps This Crown, But Gets Tarnished Alongside Nvidia
Google, Meta In Buy Zones; Tesla At Key Level
Six of the Magnificent Seven stocks ended lower Monday, as the Roundhill Magnificent Seven ETF slipped 0.5%. It is threatening to give up support at the 50-day line.
Alphabet fell 0.5%, extending a losing streak to four sessions. That moved the stock back into buy range above a 182.49 buy point in a cup with handle.
Meta Platforms moved down 1.2% Monday, still holding above its 50-day line following Friday's bullish move. Shares are just above their 602.95 flat-base entry.
Finally, Tesla raced 2.2% higher, placing the stock above its 10-week line. A decisive rebound would put the Elon Musk-led company in a new buying area. Meanwhile, shares are about 18% off their 52-week high.
Despite Struggles, Palantir Secures Spot Among 25 'Perfect' Stocks
What To Do Now
Now is an important time to read IBD's The Big Picture column following the recent market losses. After Monday's session, be sure to check out today's updated exposure level.
On Monday's "IBD Live" show, the team discussed the current trading conditions of the stock market action.
Still, investors should be utilizing diligent risk management, one of the four pillars of The IBD Methodology. It's important to monitor positions that are acting out of character and sell any stocks that trigger sell rules.
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.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
