The Dow Jones Industrial Average rose Tuesday after the Commerce Department released its retail sales report. An early winner on the stock market today was Intel, which jumped after announcing an expanded deal with Amazon Web Services, an Amazon.com company.
After the opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite moved up 0.6%.
Early Tuesday, the 10-year Treasury yield ticked lower to 3.61%. Oil prices paused after their recent rebound, inching higher to lift West Texas Intermediate futures to around $70.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.8%, as the SPDR S&P 500 ETF moved up 0.4% after the open.
Early Tuesday, Intel rallied nearly 3% after the company announced an expanded collaboration with Amazon Web Services.
"As part of the expanded collaboration, Intel will produce an AI [artificial intelligence] fabric chip for AWS on Intel 18A, the company's most advanced process node. Intel will also produce a custom Xeon 6 chip on Intel 3, building on the existing partnership under which Intel produces Xeon Scalable processors for AWS," according to the press release.
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Stock Market Today: Retail Sales
The Fed's two-day policy meeting kicks off Tuesday, culminating in an interest rate decision Wednesday afternoon. The central bank appears set to announce its first rate cut since it slashed its key rate to almost zero in March 2020 as the Covid pandemic started to spiral.
Ahead of that meeting, the August U.S. retail sales report showed that sales grew 0.1% on the month, stronger than the expected 0.3% decline, per Econoday. Excluding vehicles, sales rose 0.1%, while excluding vehicles and gas, sales climbed 0.2% on the month.
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On Monday, the Dow Jones Industrial Average moved up 0.6% to hit an all-time high, its 27th record close of 2024, according to Dow Jones Market Data. The S&P 500 gained 0.1%, as the tech-heavy Nasdaq composite declined 0.5%.
During Monday's IBD Live show, the team discussed the current trading conditions and how investors should handle the stock market today.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale, DoorDash and Taiwan Semiconductor Manufacturing.
Notable Dow Jones components are Amazon.com, Apple, Home Depot and Microsoft.
Home Depot and DoorDash featured in this Stocks Near A Buy Zone column.
There were eight new stocks on IBD MarketSurge's "Breaking Out Today" list Monday during the stock market action. Notably, KKR topped a 124.20 buy point. And there is an increasing number of names on the site's "Near Pivot" list. 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: Home Depot In Buy Zone
Among Dow Jones components, Home Depot is breaking out past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up 0.4% early Tuesday.
Outside the Dow Jones index, retail giant Costco is in the buy area above a 896.67 cup-base entry. The stock fell 0.5% Tuesday morning.
DoorDash ended Monday just below a cup-with-handle's 131.21 buy point. Shares dipped 0.1% early Tuesday.
Taiwan Semiconductor is nearing a cup-with-handle's 175.45 entry after regaining the 50-day line last week, and it rose 0.3% Tuesday morning.
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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 |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 10
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet, Nvidia and Tesla traded higher in early trading.
Google parent Alphabet closed slightly above the 200-day line Monday as it rebounds. After extending their gains Monday, shares added another 0.9% in early trades Tuesday.
Nvidia gave up its 50-day line Monday, with a near-2% drop. The stock bounced 0.3% early Tuesday.
And Tesla rebounded 2.3% Tuesday morning, set to bounce after Monday's 1.5% slide snapped a five-day win streak. Shares of the electric-vehicle leader are nearing a 235 early entry, the high price on Sept. 5.
Dow Jones Leaders: Apple Breaks Key Level
Among Dow Jones components in the Magnificent Seven, Amazon shares reclaimed their 50-day line during last week's rally. The stock was up 1.4% Tuesday morning.
Apple sold off nearly 3% Monday, breaking down below the 50-day line. A V-shaped cup with handle shows a 232.92 entry. Shares lost 0.3% Tuesday morning.
Microsoft shares are also back above their 50-day line and building a new base. And on Tuesday morning, the stock rose 1.8% after the company announced a $60 billion stock buyback and hiked its dividend by 10% vs. the prior quarter.
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.
