The Dow Jones Industrial Average dropped Tuesday, as second-quarter earnings season kicked into high gear. An early earnings loser on the stock market today was Apple chipmaker NXP Semiconductors. Up next, Tesla is due to report after the close.
After the opening bell, the Dow Jones Industrial Average moved down 0.1%, while the S&P 500 rose 0.1%. The tech-focused Nasdaq composite gained 0.2% in morning action.
Early Tuesday, the 10-year Treasury yield ticked lower to 4.23%. Oil prices fell, with West Texas Intermediate futures trading around $77.65 a barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.2%, as the SPDR S&P 500 ETF inched higher after the open.
Stock Market Today
Economic data due out Tuesday include existing home sales and the Richmond Fed's manufacturing index. Both are expected at 10 a.m. ET.
The National Association of Realtors' existing home sales are seen easing slightly to 4.00 million for June, per Econoday estimates. And the manufacturing index is expected to remain in a contraction in July at -7 vs. June's -10 reading.
Apple chipmaker NXP Semiconductors plunged more than 7% in early trading Tuesday after the company reported second-quarter results late Monday. NXP offered downbeat revenue and earnings outlooks for the third quarter.
Other key earnings movers Tuesday include Coca-Cola, GE Aerospace, General Motors, PulteGroup and Spotify.
Coca-Cola shares moved up 1.1% in early trading, while GE stock jumped 4%. General Motors declined 5.8% as Pulte stock moved down 3%. Finally, Spotify soared more than 14% in morning trade, breaking out past a flat base's 331.08 buy point.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Bounces
On Monday, the Dow Jones Industrial Average moved up 0.3% and the S&P 500 gained 1.1%. The tech-heavy Nasdaq composite climbed 1.6%.
Investor's Business Daily's Big Picture column commented, "Until the stock market offers more signals, IBD is keeping its recommended exposure at 60%-80%. The downdraft in many leading tech stocks forced many investors to lighten their portfolios with those holdings."
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 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 AppFolio, Newmont, Palantir Technologies and Toast.
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 Armstrong World. The stock broke out past a 125.56 buy point in a cup base on Monday.
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: American Express, Goldman Sachs
Among Dow components, payments giant American Express is back above a flat base's 244.41 entry, according to MarketSurge pattern recognition, following last week's attempted breakout move. And Goldman is in buy range on the stock market today above a 471.48 flat-base entry.
Outside the Dow Jones index, AppFolio closed Monday further above a flat base's 256.73 entry. Shares ticked 0.3% higher Tuesday.
Gold miner Newmont is just out of buy range past a 44.59 flat-base entry following a recent breakout move. Newmont shares moved down 0.2% Tuesday morning.
Palantir Technologies remains above a 27.50 entry and in buy range. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir gained 0.2% early Tuesday.
And IBD SwingTrader name Toast stock rallied 0.9% Monday, in buy range above a 26.29 buy point in a cup with handle. Shares sank 0.8% 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 |
|---|---|---|---|
| Toast | 26.29 | Cup with handle | |
| KB Home | 74.66 | Flat base | |
| Palantir | 26.57 | Handle entry | |
| Newmont | 44.59 | Flat base |
Source: IBD Data as of July 23
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia rose 0.5%, while Tesla skidded 1% in morning trading Tuesday.
Tesla stock raced 5.2% higher Monday, recovering from Friday's drop. The company's second-quarter earnings are due Tuesday after the close.
Nvidia stock advanced 4.8% Monday, rebounding from the 50-day line, a key support level to watch. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence titan is an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Tuesday's stock market open.
Amazon gave up its 191.70 buy point in a flat base amid recent losses and is below its 50-day line. Amazon stock rose 2% Tuesday.
Apple stock continues to fall from its record highs. The stock is sharply extended past a 199.62 cup-base entry. Apple shares fell 0.2% early Tuesday.
Microsoft shares gained 1.3% Monday, in buy range above a flat base's 430.82 buy point as it finds support around the 50-day line. And early Tuesday the stock was up 0.8%.
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.
