Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded higher ahead of Tuesday's open following Monday's mixed stock market action.
Nvidia and Tesla were movers on the stock market today, as the Dow Jones Industrial Average rose more than 110 points.
Nvidia sold off 2.1%, snapping a four-day win streak and finding resistance around the 10-week moving average, a key resistance area to watch. And Nvidia stock fell 0.4% in extended trading.
Finally, Tesla ended a volatile session up 0.3%, hitting resistance at the long-term 200-day line. Shares have been below that level since late March and are still nearly 42% off their record high 488.54, reached on Dec. 18. Tesla stock headed down 0.6% in late trading.
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Stock Market Today: Apple, Amazon, Meta Lead Big Earnings Reports
On the economic front this week are the releases of GDP and inflation reports from the U.S. Commerce Department, along with monthly payrolls data from the Labor Department.
Forecasts say first-quarter GDP, out Wednesday, will show growth slowing to a 0.9% annualized rate from 2.4% in the fourth quarter, according to FactSet. The personal income and outlays report will include the core Personal Consumption Expenditures price index, the Fed's primary inflation measure. Economists expect a 0.1% rise, lowering the 12-month inflation rate to 2.6%.
First-quarter earnings season heats up this week, with results from Apple, Amazon.com and Meta Platforms, along with Exxon Mobil, Chevron, Caterpillar, Pfizer and Eli Lilly.
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Dow Jones Futures Today: Oil Prices, Treasury Yields
On Monday, the Dow Jones Industrial Average moved up 0.3%, or 114 points, while the S&P 500 edged higher and the Nasdaq lost 0.1%.
Ahead of Tuesday's opening bell, Dow Jones futures rose 0.2%, while S&P 500 futures gained 0.3%. Tech-heavy Nasdaq 100 futures moved up 0.4%. 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 ticked lower to 4.21%. And oil prices declined, as West Texas intermediate futures settled around $62 a barrel.
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Stocks To Watch: Loar, MercadoLibre, Palantir, Spotify
Among the best stocks to watch Monday, MercadoLibre is trying to break out past a 2,202 buy point in a double-bottom base, according to IBD MarketSurge. And shares are just above their entry as they declined 0.8%.
Meanwhile, IBD Leaderboard stock Loar Holdings is just out of buy range above a 90.79 buy point in a cup with handle, with a 1.3% drop Monday.
Palantir Technologies rallied another 1.5% Monday, extending a win streak to five sessions and moving further above an early entry at 98.99. A potential cup base also has a buy trigger at 125.41, but that's still about 9% away.
Finally, Spotify tumbled 4% Monday, closing further below a 621.20 entry. Earnings are due out early Tuesday.
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What To Do Now After Dow Jones Extends Win Streak
Following Monday's stock market action, now is an important time to read IBD's The Big Picture column. With the stock market in rally mode, investors should be methodically putting their capital to work by buying strong breakouts past correct entries. IBD has a 40%-60% recommended exposure level at this time.
On Monday's "IBD Live" show, the team discussed the current trading conditions of the stock market action.
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 the 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.
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