The Dow Jones Industrial Average fell Tuesday as Wall Street awaited testimony from Federal Reserve Chairman Jerome Powell. Two early winners on the stock market today were Netflix and Nvidia, both of which got price-target hikes from Wall Street.
After the opening bell, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 rose 0.3%. The tech-focused Nasdaq composite gained 0.5% in morning trades.
Early Tuesday, the 10-year Treasury yield ticked higher to 4.3%. Oil prices eased lower, with West Texas Intermediate futures trading around $81.90 a barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.5% and the SPDR S&P 500 ETF was up 0.3% after the open.
Stock Market Today: Netflix, Nvidia; Powell Testimony
Netflix ticked 0.3% higher Tuesday morning after TD Cowen raised its price target from 725 to 775, keeping a buy rating ahead of the second-quarter earnings report. Netflix stock is extended past a 639 buy point in a cup base.
Meanwhile, Nvidia rallied 3.2% as KeyBanc upped its price target from 130 to 180, maintaining an overweight rating on shares. Nvidia stock remains sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Fed Chair Powell is scheduled to appear before Congress Tuesday and Wednesday. He will first answer questions at a U.S. Senate session before he visits the Republican-controlled House the following day.
Powell's Senate testimony is scheduled to start at 10 a.m. ET Tuesday. Investors will be looking for further clues on when the Fed plans to cut interest rates. Powell recently said the fight against inflation has made progress, but more is needed before the Fed can introduce rate cuts.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Edges Lower
On Monday, the Dow Jones Industrial Average moved down 0.1% and the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite climbed 0.3%.
Investor's Business Daily's Big Picture column commented, "Monday's session reaffirmed what could serve as an investing refrain during the second half the year: Bullish themes such as artificial intelligence and select areas of retail and consumer spending remain intact. But be wary of future volatility, even among large caps in the Dow Jones and the S&P 500, as the November elections approach."
During Monday'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.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Carvana, Meta Platforms, Monday.com and Palantir Technologies. Also on the list are Dow Jones components Amazon, American Express, Apple, JPMorgan Chase and Microsoft.
New names on IBD MarketSurge's "Breaking Out Today" list include Goldman Sachs. The Dow Jones financial giant is trying to break out past an 471.48 buy point in a flat base.
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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: JPMorgan Breaks Out
Dow Jones stocks worth watching include payments giant American Express, which is approaching a flat base's 244.41 entry, according to MarketSurge pattern recognition. And JPMorgan is just below a 205.88 flat-base entry. The banking leader was a recent IBD Stock Of The Day.
Outside the Dow Jones index, Carvana is squarely below a 129 buy point in a cup base following Monday's losses. Carvana stock gained 0.3% Tuesday morning.
Meta stock is again breaking out above a 514.01 buy point in a cup-with-handle base, despite a 2% drop Monday. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares climbed 1.4% Tuesday.
Monday.com is just below a 249 buy point in a flat base, with a 1.9% drop Monday. Shares were up 2% Tuesday.
And Palantir Technologies rallied another 1.7% Monday, topping a 27.50 entry. Last week, the stock broke out past a 26.57 handle buy trigger. Palantir moved up 1% early Tuesday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 | |
| Domino's | 542.75 | Flat base | |
| Meta Platforms | 514.01 | Flat base | |
| Amazon | 191.70 | Flat base |
Source: IBD Data As Of July 8, 2024
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla climbed 0.9% on the stock market today in morning trading.
Tesla stock moved up 0.6% Monday, its ninth straight session in the black. Last week, Tesla surged more than 24%, closing sharply above the long-term 200-day line.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were mixed after Tuesday's stock market open.
Amazon is squarely above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock added 0.2% Tuesday.
Apple stock rose 0.7% Monday, hitting more record highs. Shares are extended above a cup base's 199.62 buy point. Apple was down 0.1% early Tuesday.
Microsoft shares dropped 0.3% Monday, ending a four-day win streak. Shares are extended above a flat base's 430.82 buy point and hitting new highs. And early Tuesday the stock was marginally lower.
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.
