The Dow Jones Industrial Average and other major indexes climbed Monday, as Wall Street looked to extend an eight-day win streak for the blue chip index. Meanwhile, Nvidia reversed lower on the stock market today even after Jefferies placed a buy rating on the artificial intelligence leader with a big price-target hike.
In morning action, the Dow Jones Industrial Average rose 0.3% as the S&P 500 gained 0.1%. The tech-focused Nasdaq composite was up 0.1% after the opening bell.
Early Monday, the 10-year Treasury yield sank to 4.47%. Further, oil prices rose as West Texas Intermediate futures traded around $78.80 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF moved up 0.2%, as the SPDR S&P 500 ETF rose 0.1%.
Nvidia stock reversed down 0.8% Monday morning, as Jefferies assumed coverage on Nvidia, along with a number of other U.S. semiconductor stocks. Jefferies believes that the group is still early in the cycle, with continued strength from AI. It made Nvidia's new price target 1,200, up from 780. Meanwhile, HSBC raised its Nvidia stock price target to 1,350 from 1,050.
Nvidia stock moved up 1.3% Friday, ending a three-day losing streak. Shares continue to build a base that has a 974 buy point. Meanwhile, an early buy trigger is in play at 922.20, which was the high on May 6. The AI leader is an IBD Leaderboard stock.
Stock Market Today: CPI Inflation Report
This week's economic spotlight likely will focus on Wednesday's Consumer Price Index. Economists expect price pressures to ease slightly, with the core CPI, excluding food and energy, up 0.3% on the month, according to FactSet, down from March's 0.4% increase. In addition, retail sales data for April is also expected out Wednesday.
But first, Tuesday will feature the Producer Price Index, which is a key measure of wholesale inflation.
Key earnings reports this week are Dow Jones components Home Depot and Walmart.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Extends Win Streak
On Friday, the Dow Jones Industrial Average climbed another 0.3% to extend a win streak to eight sessions. The S&P 500 rose 0.2%. And the tech-heavy Nasdaq composite edged lower.
Friday's The Big Picture column commented, "The S&P 500 sectors closed mixed Friday. Consumer staples, a defensive area, and technology made the best gains while energy and consumer discretionary lagged."
During Friday's IBD Live show, the IBD Live team discussed the current trading conditions. Mike Webster and Justin Nielsen discussed a market precedent going back to 2023 in light of follow-through-style action witnessed on May 3.
Now is an important time to read Investor's Business Daily's 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.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
NetApp, NXP Semiconductor, Pinterest and Tradeweb Markets — plus Dow Jones components JPMorgan Chase and Merck — are among the best companies to watch on the stock market today.
Chipotle and Merck 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. Notably, Arista Networks is breaking out past a 307.74 cup-base entry.
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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: JPMorgan, Merck
JPMorgan is rapidly nearing a flat base's 200.94 entry following strong gains in recent weeks. Shares gained 0.2% on the stock market today.
Meanwhile, drug giant Merck is building a flat base that has a 133.10 entry. Merck stock inched lower Monday.
4 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, NetApp is trading just below a 108.82 buy point in a double bottom, according to IBD MarketSurge. NetApp shares rose 0.4% after the open on Monday.
NXP Semiconductors is in buy range past a double-bottom entry at 251.96. Shares were up 0.7% Monday.
Pinterest dropped 1.5% Friday, holding above a 41.60 cup entry. Shares edged lower early Monday.
Tradeweb is squarely in its buy range past a flat base's 108.04 buy point, with a 2.6% fall Friday. The stock was up 0.7% Monday.
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 | |
| Texas Roadhouse | 157.12 | Flat base | |
| Chipotle | 3,023.98 | Consolidation | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of May 6, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Tesla
Magnificent Seven stock Tesla rose 3.3% in Monday's premarket action.
Tesla stock skidded 2% Friday, closing further below the 50-day line. Tesla shares are more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Monday's stock market open.
Apple stock slipped 0.8% Friday, still above its 200-day line and forming the right side of a new base. The stock rose 1% Monday morning after a news report that Apple is moving closer to a deal with OpenAI, using the latter's technology for its upcoming Apple iOS 18.
Microsoft shares gained 0.6% Friday, right at the 50-day line, which is a key hurdle to watch. The software giant is building a new flat base that has a 430.82 buy point. And Microsoft stock moved down 0.8% Monday.
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.
