The Dow Jones Industrial Average and other major stock indexes threatened to fall after Monday's big stock market gains, as Wall Street digested two housing reports Tuesday and awaited another. Meanwhile, Nvidia and Tesla were early losers on the stock market today.
Early Tuesday, the Dow Jones Industrial Average traded down 0.1%. The S&P 500 lost a fraction. And the tech-heavy Nasdaq composite declined less than 0.1%.
The 10-year Treasury yield ticked higher to 4.37% early Tuesday. And oil prices rose, as West Texas Intermediate futures traded near $69.60 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell less than 0.1%, while the SPDR S&P 500 ETF dipped after the open.
In stocks, Nvidia jumped 3.2% Monday. Shares have rebounded about 16% from their March 11 lows, but are still below their 50- and 200-day moving averages. Those are key areas to watch in the coming sessions. Nvidia stock dropped 2% in morning trading.
Finally, Tesla surged nearly 12% by the close Monday, extending a win streak to four sessions. Shares remain 43% off their record high of 488.54, reached on Dec. 18. Shares of the Elon Musk-led company reversed around 2% lower in early morning trading.
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Stock Market Today: Housing Reports
On the economic front, the Case-Shiller home price index and the Federal Housing Finance Agency house price index both arrived ahead of the market open. The Case-Shiller index rose 4.7% year over year, above the 4.5% Econoday estimate. And the FHFA index climbed 0.2% in January, with an annual increase of 4.8%.
Meanwhile, new home sales from the Commerce Department are due at 10 a.m. ET. Sales are expected to bounce to an annual rate of 679,000 in February after dropping to 657,000 in January, according to Econoday estimates.
Elsewhere, key earnings movers include KB Home, McCormick and Oklo.
KB Home stock plunged more than 6% in morning trading after the company reported weaker-than-expected first-quarter earnings and sales. McCormick lost more than 1%. And Oklo tumbled more than 4% in early action.
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Dow Jones Rallies Nearly 600 Points
On Monday, blue chips on the Dow Jones Industrial Average rallied 1.4%, or 598 points, while the S&P 500 gained 1.8% and the Nasdaq rose 2.3%.
Amid the recent stock market rally, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Tradeweb Markets, Bowhead Specialty and LandBridge.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Cisco Systems.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: Cisco Eyes Buy Point
Dow Jones component and networking giant Cisco Systems is tracing a flat base that has a 66.50 buy point, according to MarketSurge chart analysis. But shares remain below their 50-day line, as they dipped 0.2% in morning action Tuesday.
Outside the Dow, Tradeweb Markets moved further above a cup-with-handle's 140.48 entry following last week's breakout move. Shares dipped a fraction Tuesday.
Monday's IBD Stock Of The Day Heico finished just shy of a 270.37 entry in a cup with handle. Heico shares ticked 0.8% higher Monday.
Insurance leader Bowhead Specialty is breaking out past a 37.81 buy point in a cup base, according to IBD MarketSurge pattern recognition. Bowhead shares tacked on another 0.6% Tuesday morning.
Finally, IBD Leaderboard stock LandBridge is in a 5% buy zone above a 76.22 buy point in a double bottom base. Its relative strength line hit a new high last week. LandBridge stock moved 0.5% higher Tuesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Bowhead Specialty | 37.81 | Cup base | |
| Cisco Systems | 66.50 | Flat base | |
| Berkshire Hathaway | 491.67 | Cup base | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 24
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are on the mend following heavy selling pressure in recent weeks. Dow Jones component Amazon regained its 200-day line following gains over the last few sessions. Amazon moved up 0.8% early Tuesday.
Apple, which continues to rebound from its recent lows, remains below its 200-day moving average line. Apple stock added 0.6% in morning trades Tuesday.
Finally, software giant Microsoft rose 0.4% Tuesday. Shares hit a new 52-week low in recent weeks, but are rebounding.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
