The Dow Jones Industrial Average rallied 500 points Tuesday after critical retail sales data from the Commerce Department beat expectations. An early winner on the stock market today was UnitedHealth, which jumped after reporting earnings.
After the opening bell, the Dow Jones Industrial Average rose 1.3%, while the S&P 500 gained 0.2%. The tech-focused Nasdaq composite fell 0.3% in morning action.
Early Tuesday, the 10-year Treasury yield ticked lower to 4.2%. Oil prices dropped, with West Texas Intermediate futures trading around $80.40 a barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.3%, as the SPDR S&P 500 ETF rose 0.2% after the open.
Stock Market Today: Banks Report
The Commerce Department said retail sales topped estimates Tuesday, coming in unchanged in June. They were expected to fall 0.3%, compared with May's tepid 0.1% rise, according to Econoday.
Excluding vehicles, sales rose 0.4% from May to June, above estimates for a 0.1% gain. And without vehicles and gas, sales jumped 0.8%, above the forecast for a 0.1% hike.
Early Tuesday, Bank of America, Morgan Stanley and UnitedHealth are key earnings movers.
Bank of America shares climbed 4.3%, while Morgan Stanley stock rose 0.6%. UnitedHealth initially fell, but reversed course and rose 4.1% after beating second-quarter earnings forecasts and keeping its full-year outlook intact.
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Dow Jones Hits New High
On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite climbed 0.4%.
Investor's Business Daily's Big Picture column commented, "The Russell 2000 paced Monday's advance. A 1.8% jump comes atop a breathtaking 6% leap during last week's action. At 2,187, the Russell 2000 has still not caught up with its fellow equity averages in terms of year-to-date gains. However, the index now has reached its highest level since the week ended Jan. 14, 2022."
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.
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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, AppFolio, KB Home and Palantir Technologies.
Also on the list are Dow Jones components Amazon, American Express, Apple, Goldman Sachs and Microsoft.
New names on IBD MarketSurge's "Breaking Out Today" list include TechnipFMC. The stock broke out past a 27.30 buy point in a flat base on the stock market today.
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, Goldman Sachs
Among Dow components, payments giant American Express is approaching a flat base's 244.41 entry, according to MarketSurge pattern recognition. And Goldman is in buy range above a 471.48 flat-base entry following the company's first-quarter earnings report Monday.
Outside the Dow Jones index, Axos Financial is breaking out above a 63 buy point in a cup base and is in buying range. Axos stock was up 1.3% early Tuesday.
AppFolio closed Monday in buy range above a flat base's 256.73 entry. Shares rose 0.6% Tuesday.
Homebuilder KB Home added to its breakout move past a 74.66 flat-base entry, with a 0.6% gain Monday. Shares tacked on 1.3% Tuesday.
And Palantir Technologies closed further above its 27.50 entry during Monday's 2.1% gain. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir dropped 3% early 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.
| 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
Magnificent Seven Stocks: Nvidia, Tesla
Among the Magnificent Seven stocks, Nvidia and Tesla declined 2.8% and 2.1%, respectively, on the stock market today in morning trading.
Nvidia shares fell 0.6% Monday, still holding above its key 21-day exponential moving average. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence titan is an IBD Leaderboard stock.
Meanwhile, Tesla climbed 1.8% Monday, adding to Friday's rebound. Shares are up big since mid-June.
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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 testing a 191.70 buy point in a flat base following a three-day losing streak. Amazon stock gained 0.5% in morning trades Tuesday.
Apple stock rallied 1.7% Monday, hitting more record highs. The stock is sharply extended past a 199.62 cup-base entry. Apple shares fell 0.2% early Tuesday.
Microsoft shares inched higher Monday, ending a two-day skid. Shares remain extended above a flat base's 430.82 buy point. And early Tuesday the stock was down 1%.
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.
