The Dow Jones Industrial Average and other major stock indexes traded mixed Monday, as the price of bitcoin topped $82,000 for the first time ever. An early winner on the stock market today was Tesla, which received a price-target hike.
After the opening bell, the Dow Jones Industrial Average rose 1%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq composite reversed down 0.2% in morning action.
Early Monday, the 10-year Treasury yield remained at 4.31% due to the bond market closure for the Veterans Day holiday. It will reopen Tuesday to trade normally for the remainder of the week. The New York Stock Exchange and Nasdaq remain open on normal schedules for the week.
Oil prices declined, as West Texas Intermediate futures traded around $68.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped 0.2%, as the SPDR S&P 500 ETF rose 0.2% after the open.
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Tesla Stock Jumps
Tesla stock rallied more than 7% in early action Monday after Wedbush boosted its price target to 400 from 300, and maintained a buy rating.
Shares of the electric-vehicle giant soared 29% last week, bullishly regaining a 264.86 cup-with-handle entry.
Stock Market Today: Bitcoin Climbs Above $82,000
The price of bitcoin climbed above $82,000 for the first time ever as cryptocurrencies continued to surge following the Nov. 5 elections. President-elect Donald Trump was pro-crypto during the campaign and is expected to offer a friendlier regulatory regime for digital currencies.
Bitcoin traded around the $81,700 in recent action.
Cryptocurrency exchange Coinbase Global surged nearly 10%, while Robinhood Markets jumped 7% in morning trading.
Key earnings reports this week include Cava, Shopify, Shift4 Payments, Spotify and CyberArk Software.
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Dow Jones Hits New High
On Friday, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 climbed 0.4% and the Nasdaq composite inched higher.
During Friday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Broadcom, Costco Wholesale and Deckers Brands.
Dow Jones components making notable moves are Amazon.com, Apple Microsoft and Salesforce.
Amazon was featured in this Stocks Near A Buy Zone column.
There were eight new stocks on IBD MarketSurge's "Breaking Out Today" list Friday. Notably, Veeva Systems topped a 226.47 buy point in a cup with handle. 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: Salesforce Tops Buy Point
Dow Jones software leader Salesforce rallied past a 318.71 buy point, according to MarketSurge pattern recognition, during last week's action. Shares rose 2.5% on the stock market today.
Outside the Dow Jones index, artificial intelligence giant Broadcom continues to rebound from its 50-day line, as it approaches a 186.42 alternative entry. Broadcom shares dropped 1.2% Monday.
Costco moved past a flat base's 923.83 buy point during Friday's rally. A recent options trade idea, Costco traded down 0.1% early Monday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base following last week's breakout move. Shares added 1.4% Monday.
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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 | 498.23 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| MercadoLibre | 2,161.73 | Flat base | |
| Uber Technologies | 82.14 | Consolidation |
Source: IBD Data as of Oct. 28
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks Pre-Market: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet moved up 0.6% on the stock market today. Shares are approaching a 182.02 buy point in a cup with handle.
Meta Platforms rebounded from support at its 50-day moving average line. Shares declined 2.1% Monday.
Chip giant Nvidia rallied to new highs last week, but slid more than 2% Monday. Nvidia is the only Magnificent Seven name that has not yet reported results from its most recent quarter. It is scheduled to report earnings Nov. 20.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock jumped to new highs last week but declined 0.7% in morning trading Monday, above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant's high-water mark, as an alternative entry.
Shares of Apple are fighting to hold above their 50-day line Friday, as the stock fell 1.8% Monday morning.
Microsoft shares rose 0.1% Monday morning. Last week, shares rallied back above their 50-day line.
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.
