The Dow Jones Industrial Average and other major stock indexes traded mixed Tuesday, as the S&P 500 eyed a record high. Meanwhile, Nvidia was an early winner on the stock market today, as it rallied near a new buy point.
After the opening bell, the Dow Jones Industrial Average traded down 0.3%, while the S&P 500 inched higher. The tech-heavy Nasdaq composite moved down 0.1% in early morning trades. The S&P 500 is just shy of record highs at the market open.
The 10-year Treasury yield ticked higher to 4.52% early Tuesday. And oil prices rose, as West Texas Intermediate futures traded around $71.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 0.1%, and the SPDR S&P 500 ETF moved up less than 0.1% after the open.
Artificial intelligence chip maker Nvidia rallied 2.6% Friday, moving further above its 50-day moving average. Shares are forming a cup base with a 153.13 buy point, per IBD MarketSurge pattern recognition, and there might be an early entry from a downward sloping trendline. Nvidia stock moved up another 1.4% in morning action Tuesday.
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Economic Data, Earnings Movers
The coming week will be focused on housing data, but the minutes from the Federal Reserve's latest policy meeting also are scheduled, with a Wednesday release planned.
Meanwhile, the University of Michigan consumer sentiment index, due Friday, will provide an update on inflation expectations after preliminary data showed long-range inflation expectations ticking to their highest level since 2008. That's part of the data the Fed watches to make sure an inflationary mindset isn't taking hold.
In stocks, big earnings movers include Baidu. Baidu shares plunged more than 5% in early trading.
Other earnings reports expected later this week include those from Walmart, Alibaba, Carvana, Booking Holdings and Rivian.
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Stock Market Today: Dow Jones Eyes New High
On Friday, the Dow Jones Industrial Average slipped 0.4%, while the S&P 500 edged lower and the Nasdaq climbed 0.4%. All three are just shy of new highs.
Among the best companies to watch in the current stock market are Axon Enterprise, Royal Caribbean, Samsara and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Home Depot and Microsoft .
Home Depot and TJX featured in the current Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. 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: Home Depot Shows New Buy Point
Dow Jones component Home Depot has added a handle to a cup base, lowering its buy point to 426.19, according to MarketSurge pattern recognition. Shares of the home improvement giant edged lower in morning action Tuesday.
Outside the Dow, IBD Leaderboard watchlist name Axon is within striking distance of a cup-with-handle's 689.54 buy point. Axon stock tacked on 1.6% early Tuesday.
Cruise operator Royal Caribbean regained a 258.79 flat-base entry amid two straight days of gains. It gained 0.3% Tuesday morning.
Samsara shares rallied for an ninth straight session Friday, breaking out past a cup base's 57.51 buy point, then added 1.5% early Tuesday. It was a recent IBD Stock Of The Day.
Retailer TJX is nearing a 128 buy point in a flat base, as the stock continues to find support at its 50-day moving average. TJX stock was up 1.2% 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| AppLovin | 417.63 | Cup base | |
| Home Depot | 426.19 | Cup with handle | |
| Royal Caribbean | 258.79 | Flat base | |
| TJX | 128.00 | Flat base |
Source: IBD Data as of Feb. 11
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Tesla Stock Rises
Tesla edged lower Friday, ending a two-day rebound. Shares remain about 27% off their 52-week high and sharply below their 50-day line.
Tesla stock added 0.3% in early morning trading Tuesday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Dow Jones component and Magnificent Seven stock Amazon is trying to find support at the 50-day line. Shares are holding just below a 233 buy point. Amazon stock rose 0.1% early Tuesday as it again tests its 50-day moving average.
Apple stock, which rallied 1.3% Friday to near an early buy point at 247.19, or the high of Jan. 31. Shares are also moving up the right side of a new base, and they inched lower Tuesday.
Finally, software giant Microsoft edged down Tuesday. Shares have plunged below their 50-day line in recent weeks where they continue to trade.
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.
