The Dow Jones Industrial Average and the other major stock indexes traded higher Tuesday, as Wall Street braced for today's presidential election results. Artificial intelligence giant Palantir Technologies soared on the stock market today after the company's earnings report.
After the opening bell, the Dow Jones Industrial Average rose 0.5% while the S&P 500 moved up 0.8%. The tech-heavy Nasdaq composite traded up 1.1% in morning trading.
Early Tuesday, the 10-year Treasury yield ticker higher to 4.32%. Oil prices extended Monday's gains, as West Texas Intermediate futures traded around $72 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 1.1%, as the SPDR S&P 500 ETF moved up 0.8% after the open.
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Palantir Stock Soars On Earnings
Palantir surged more than 16% in morning trading, hitting new highs, after strong Q3 earnings results. The artificial intelligence leader also raised its full-year revenue guidance.
"We absolutely eviscerated this quarter, driven by unrelenting AI demand that won't slow down," commented CEO Alex Karp in the earnings release.
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Other key earnings movers early Tuesday include Astera Labs, Cirrus Logic, Diamondback Energy, Hims & Hers Health, NXP Semiconductor and Vertex Pharmaceuticals.
Astera Labs soared 28%, while Cirrus tumbled 5% in morning trading. Diamondback shares declined almost 1%. Shares of Hims & Hers slipped 3%, as NXP stock dived 7%. And Vertex stock climbed 1% in early action.
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Best Stocks To Watch
On Monday, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.3%. And the tech-heavy Nasdaq composite also declined 0.3%.
During Monday'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 Costco Wholesale, GoDaddy and MercadoLibre.
Notable Dow Jones components are Amazon.com, Apple, Goldman Sachs and Microsoft.
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Monday. Notably, Lantheus briefly topped a 117.47 cup-with-handle entry. 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: Goldman Sachs Gives Up Buy Point
Dow Jones financial leader Goldman Sachs fell below its 517.26 buy point, according to MarketSurge pattern recognition, during Monday's 1.5% drop. Shares gained 0.6% on the stock market today.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, and is trying to regain the 50-day line. Costco stock traded up 0.3% early Tuesday.
GoDaddy remains below a cup-with-handle entry at 166.17, despite a 1.3% rally Monday. Shares were up 0.6% Tuesday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is just above the 50-day moving average. MercadoLibre is due to report third-quarter results on Wednesday. The stock lost 0.3% Tuesday morning.
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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, Tesla
Among Magnificent Seven stocks, Alphabet moved up 0.2% on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.
Meta Platforms continues to pull back to its 50-day moving average line, a key support level to watch. Shares rose 1.6% Tuesday.
Nvidia climbed 0.5% Monday and looked to add to those gains with a 1.6% rise Tuesday.
Tesla skidded 2.5% Monday, extending a losing streak to six sessions and triggering the 7% sell rule below a 264.86 cup-with-handle entry. Shares are now looking for support around their 50-day line, a key level to watch. Shares bounced 3.1% Tuesday morning.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock rose 0.4% in morning trading Tuesday, barely 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.
Shares of Apple closed Monday further below its 50-day line in the wake of the company's earnings report. Apple stock moved up 0.4% Tuesday morning.
Microsoft shares rose 0.8% Tuesday morning. Last week, shares of the software giant dived through their 50-day line, a key sell signal, after the company's earnings results.
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.
