Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were modestly lower ahead of Tuesday's stock market open, as Nvidia sold off for a second straight session, while the Federal Reserve's favored inflation gauge is due out later this week.
Nvidia stock tumbled another 4.2% Monday, adding to Friday's 3.2% skid. The artificial intelligence titan is back at its 10-week moving average line, an important area to watch. If the stock breaks that level in heavy volume, then further downside would be likely. Conversely, a decisive rebound would place the AI stock in a new buy area.
Meanwhile, the stock has already made a huge move since bottoming out in October 2022. Its breakout in October of this year was from a late-stage base. Such formations entail more risk than first- and second-stage bases.
Key earnings reports this week include Burlington Stores, Nordstrom and Dick's Sporting Goods, along with Dell, CrowdStrike and Semtech.
On the economic front this week, the Fed's primary inflation gauge, the core personal consumption expenditures price index or PCE, is expected out Wednesday midmorning, a change from the usual premarket fare.
Other key economic data include jobless claims, durable goods orders and a second estimate on third-quarter GDP growth. New home sales for October are out Tuesday, followed by pending home sales on Wednesday.
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Stock Market Today
On Monday, the Dow Jones Industrial Average rallied 1%, hitting an all-time high, while the S&P 500 and the Nasdaq composite rose 0.3% each.
Among the best companies to watch on the stock market today are Broadcom, Deckers Brands, Heico, Cloudflare and Tradeweb Markets.
Dow Jones components making notable moves are Amazon.com, Apple, Microsoft and Sherwin-Williams.
Sherwin-Williams and Cloudflare 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 inched lower vs. fair value, as did S&P 500 futures. Tech-heavy Nasdaq 100 futures were down a fraction 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 dropped to 4.26%. And oil prices slipped more than 3%, as West Texas Intermediate futures settled around $69 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: Sherwin-Williams Breaks Out
Dow Jones leader Sherwin-Williams is breaking out above a 392.57 buy point in a flat base, according to MarketSurge pattern recognition.
Outside the Dow Jones index, artificial intelligence giant Broadcom remains below its 50-day moving average, as it continues to build a flat base that has a 186.42 entry. Heico is in buy range above its flat base's 269.38 buy point and is a recent IBD Stock Of The Day.
Deckers stock surged past a buy point in a cup-with-handle base at 182.26 Friday as shares continue to rally in recent months. The stock is extended following Monday's 2.3% gain.
Cloudflare broke out last week, topping a 99.17 buy point in a cup with handle. The 5% buy zone runs up to 104.13, so shares are barely in buy range. Finally, Tradeweb closed Monday just below a 136.13 entry in a flat base.
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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 |
|---|---|---|---|
| Tradeweb | 136.13 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| Broadcom | 186.42 | Handle entry | |
| Deckers Brands | 172.57 | Handle entry |
Source: IBD Data as of Nov. 20
Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet bounced 1.8% Monday, right at the 50-day line. Shares plunged below that level last week.
Meta Platforms is trading below its 50-day line despite recent gains, and is still near a flat base's 602.95 buy point. Shares gained 1.1% Tuesday.
Tesla reversed from new highs Monday, as the stock skidded 4%. Shares are sharply extended past a 264.86 cup-with-handle entry.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock snapped a three-day losing streak Monday, retaking a consolidation's 201.20 buy point.
Shares of Apple rallied 1.3% Monday, further above their 50-day line, as they approach a flat base with a 237.49 entry.
Microsoft shares were up 0.4% Monday. But the stock remains below its 50-day line, a key level to watch.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
