The Dow Jones Industrial Average and the other major stock indexes extended their winnings Tuesday morning, as General Motors reported a big first-quarter earnings beat. Meanwhile, Tesla earnings are due after the close on the stock market today.
The Dow Jones Industrial Average rose 0.4% in morning action, as the S&P 500 gained 0.7%. The tech-focused Nasdaq composite climbed 0.9% after the opening bell.
Early Tuesday, the 10-year Treasury yield ticked higher to 4.64%. Further, oil prices dropped 0.9% as West Texas Intermediate futures traded around $81.20 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.9%, while the SPDR S&P 500 ETF climbed 0.7%.
Stock Market Today
General Motors surged nearly 5% after the company reported strong first-quarter earnings and sales results and raised its 2024 outlook.
Other key earnings movers Tuesday include Cadence Design Systems, Nucor, Packaging Corporation of America, PepsiCo and Spotify.
Cadence stock declined 2.2%, while Nucor shares sold off 8% in morning trade. Packaging Corporation shares were down 4% after the market open. PepsiCo dropped 2.2%, while Spotify shares soared 14% in recent action.
On the economic calendar Tuesday, the Purchasing Managers' Index for manufacturing and services came out. The April manufacturing and services indexes measured 49.9 and 50.9, respectively, below estimate. They were expected to hold steady at 51.9 apiece, per Econoday.
Further, the Commerce Department is scheduled to report new homes sales at 10 a.m. ET. March sales are expected to rise to 670,000 vs. 662,000 in the previous month.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Rebounds
On Monday, the Nasdaq composite led a broad bounce with a 1.1% gain. The index broke a six-day losing streak, its longest since December 2022. Meanwhile, the S&P 500 climbed 0.9%, ending its longest losing streak since October 2022. And the Dow Jones Industrial Average rose 0.7%.
Monday's The Big Picture column commented, "While the rebound was welcome, it wasn't much of a surprise. Indexes were oversold by some measures. MarketSurge's short-term overbought-oversold oscillator, for example, had reached its most oversold level since the late-October market bottom."
Now is an important time to read Investor's Business Daily's The Big Picture column amid the ongoing stock market action. 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
Best Stocks To Watch On Stock Market Today
Alphabet, Dexcom, On Holding and Tradeweb Markets — plus Dow Jones component American Express — are among the best companies to watch on the stock market today.
Alphabet and Tradeweb are featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge "Near Pivot" list shows 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. These features identify bullish patterns and buy points and are available to check every day.
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Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound places the software leader in a new buy area. Shares are climbing above a 231.69 entry in a short consolidation, and the stock added 0.6% Tuesday morning. Keep in mind that market risk is high right now.
Last week, American Express posted better-than-expected earnings and sales results for the first quarter, along with a strong outlook, sparking a 6.2% advance. The payments leader earned $3.33 a share on sales of $17.8 billion, for respective year-over-year increases of 39% and 13%
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow Jones index, Google stock is above a 153.78 buy point and its relative strength line is at its highest level since January, according to MarketSurge charts. Shares added 0.6% Tuesday.
Dexcom fell below its 132.03 flat-base entry during last week's losses, but is still holding above its key 50-day line. Support would be bullish for the stock's prospects. Dexcom stock dipped 0.1% early Tuesday.
Retail leader On Holding gave up its 50-day line Monday, but a decisive rebound to retake that level would be positive for the stock's prospects. On Holding stock rose 0.4% early Tuesday.
Tradeweb is below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares inched higher Tuesday.
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 |
|---|---|---|---|
| American Express | 231.69 | Consolidation | |
| Alphabet | 153.78 | Consolidation | |
| Dexcom | 132.03 | Flat base | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stock Nvidia climbed 1.7%, while Tesla gained 1.2% in Tuesday's morning action.
Nvidia stock rallied 4.4% Monday, recovering a part of Friday's 10% plunge. Shares broke down below their 50-day line last week.
Tesla stock tumbled 3.4% Monday, extending a losing streak to seven sessions. Shares hit more new 52-week lows.
Tesla earnings are due out after the market close. Earnings are expected to fall 42% to 49 cents a share on sales of $22.2 billion, per IBD MarketSurge data.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher after Tuesday's stock market open.
Apple stock moved up 0.5% Monday, ending a five-day losing streak. Last week, shares found stout resistance at the 50-day line. The stock was up 0.3% Tuesday morning.
Microsoft shares gained 0.5% Monday, still below their 50-day line following last week's losses. The stock rose 0.9% early Tuesday.
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.
