The Dow Jones Industrial Average briefly rallied 275 points Monday after Saturday's assassination attempt on former President Donald J. Trump. Four early movers on the stock market today were Apple, Nvidia, Tesla and Trump Media.
After the opening bell, the Dow Jones Industrial Average pared gains to 0.4%, while the S&P 500 rose 0.5%. The tech-heavy Nasdaq composite moved up 0.7% in morning action.
Early Monday, the 10-year Treasury yield ticked higher to 4.22%. Oil prices held steady after big gains since early June, with West Texas Intermediate futures trading around $82.30 a barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.7%, as the SPDR S&P 500 ETF rose 0.5% after the open.
Apple stock rallied 1.5% after Morgan Stanley raised its price target and called the stock a "top pick," citing the company's artificial intelligence efforts as a boost to device sales.
Nvidia rose 0.1% after TD Cowen raised the chipmaker's price target to 165 from 140 and kept a buy rating on the shares. Meanwhile, Tesla jumped 5.3% after Chief Executive Elon Musk endorsed Trump for the presidency.
Further, the former president's company, Trump Media, the parent company of social media platform Truth Social, soared 35% Monday following the failed assassination attempt.
Stock Market Today
Retail sales highlight the coming week of economic data. The Fed is already concerned that modest-income Americans are financially stretched, and the June report could provide further evidence. Retail sales, out Tuesday morning, are expected to dip 0.1%, following May's tepid 0.1% rise, according to FactSet.
Early Monday, Goldman Sachs climbed 0.2% after reporting better-than-expected first-quarter earnings and sales. Shares are in buy range above a 471.48 flat-base entry.
Elsewhere, Netflix, ASML Holding and Taiwan Semiconductor provide some of the stock market highlights of the coming week, with impending earnings reports.
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Dow Jones Hits New High
On Friday, the Dow Jones Industrial Average, S&P 500 and Nasdaq composite all climbed 0.6% apiece. The Dow and S&P 500 notched record highs.
Investor's Business Daily's Big Picture column commented, "Rotation is one of the essential nutrients for healthy stock market rallies. One sector, after going on a bullish run, passes the proverbial baton to another sector."
During Friday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Axos Financial, Carvana, KB Home and Palantir Technologies.
Also on the list are Dow Jones components Amazon, American Express, Apple and Microsoft.
New names on IBD MarketSurge's "Breaking Out Today" list include AppFolio. The stock is breaking out past a 256.73 flat-base buy point.
Check out the MarketSurge "Near Pivot" list for 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.
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Dow Jones: American Express Nears Entry
Among Dow components, payments giant American Express is approaching a flat base's 244.41 entry, according to MarketSurge pattern recognition. Shares added 1.3% Monday.
Outside the Dow Jones index, Axos Financial is attempting a breakout above a 63 buy point in a cup base, but was turned away Friday. Axos stock was up 3.3% Monday.
Carvana is just extended above its 129 buy point in a cup base. Carvana stock climbed another 1.5% Monday morning.
Homebuilder KB Home staged a breakout move past a 74.66 flat-base entry, with a 3.2% rally Friday. Shares added 0.3% Monday.
And Palantir Technologies held above its 27.50 entry during Friday's 2.7% decline. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir was flat early 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 |
|---|---|---|---|
| Carvana | 129 | Cup base | |
| KB Home | 74.66 | Flat base | |
| Palantir | 26.57 | Handle entry | |
| Amazon | 191.70 | Flat base |
Source: IBD Data As Of July 8, 2024
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Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon and Microsoft were higher after Monday's stock market open.
Amazon is holding just above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock rose 0.2% Monday.
Microsoft shares inched lower Friday, adding to Thursday's decline. Shares remain extended above a flat base's 430.82 buy point. And early Monday the stock was a fraction higher.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
