The Dow Jones Industrial Average dropped Tuesday, as Wall Street reacted to key housing data. Meanwhile, Coinbase surged to new highs, fueled by a jump in bitcoin prices on the stock market today.
The Dow Jones Industrial Average lost 0.3%, while the S&P 500 inched higher. The tech-heavy Nasdaq composite rose 0.2% after the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust exchange traded fund was up 0.2%, as the SPDR S&P 500 ETF rose less than 0.1%.
The 10-year Treasury yield was flat at 4.29%. Further, oil prices continue to hover around their recent highs, as West Texas Intermediate futures added 0.4%, trading near $78 a barrel.
Cryptocurrency exchange Coinbase rallied 5% Tuesday morning, as the price of bitcoin jumped 11% over the last 24 hours. Bitcoin traded around $57,000, per CoinDesk.
Stock Market Today: Housing Data, Earnings
Two housing reports came out Tuesday morning: the Case-Shiller home price index and the Federal Housing Finance Agency house price index.
The Case-Shiller index rose 0.2% in December, in line with estimates and up from November's 0.1% increase. Year over year, the index climbed 6.1%, above the 6% estimate. Meanwhile, the FHFA index climbed 0.1% in December, meeting Wall Street's estimates.
After Tuesday's open, earnings movers include Trex, Unity Software, Workday and Zoom Video Communications.
Trex stock reversed from big gains to fall 2% in morning trade. Trex is an IBD Leaderboard stock. Unity shares plunged 5.5%, while Workday shares lost 1.7%. And Zoom stock advanced 7.4% in early trading.
Finally, home improvement giant Lowe's gained 1.3% in morning action.
Dow Jones Rises
On Monday, the Dow Jones Industrial Average fell 0.2%, and the S&P 500 lost 0.4%. The tech-heavy Nasdaq composite dropped 0.1%.
Monday's Big Picture column commented, "To be sure, the stock market's superb uptrend won't go on uninterrupted. Yet, there's not much evidence that a pullback is imminent. With a conflicted picture for investors, IBD continues to recommend 60%-80% exposure to the stock market."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. 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 Buy And Watch In Stock Market Today
Birkenstock, Lennar, SharkNinja, Toll Brothers and Weatherford — plus Dow Jones components Disney, Dow and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.
Disney and Weatherford were featured in this Stocks Near A Buy Zone column.
A great resource for daily breakouts is IBD MarketSmith's "Breaking Out Today" list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. There was one breakout Monday, namely Dream Finders Homes. The homebuilder is breaking out past a 37 buy point in a cup base.
Meanwhile, the MarketSmith "Near Pivot" list shows stocks nearing buy points in bases, like Qualcomm. Qualcomm is approaching a 157.98 flat-base entry.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Chemicals Giant Breaks Out
Disney is forming a big cup-with-handle base with a 112.92 buy point, according to IBD MarketSmith chart analysis. Shares are trading about 5% below the new buy point. Disney stock rose 0.4% Tuesday morning.
Consumer products giant Procter & Gamble declined 0.5% Monday, still in buy range above a 158.38 buy point in a cup base. P&G stock dropped another 0.6% early Tuesday.
Following last week's gains, chemicals giant Dow is in buy range past a 55.90 buy point in a flat base. Dow shares rose 0.7% Tuesday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Birkenstock Breaks Out
Birkenstock is trying to break out past a choppy cup-with-handle's 51.09 buy point, according to IBD MarketSmith, with a 1.9% drop Monday. Earnings are due out Feb. 29. Birkenstock shares were up 0.2% Tuesday.
Homebuilder Lennar remains just below its flat base's 156.01 buy point amid Monday's 0.6% fall. Lennar shares gained 0.6% early Tuesday.
Fellow homebuilder Toll Brothers is moving further above a flat base's 105.91 buy point, with a 1.1% rally Monday. Toll Brothers stock rallied another 0.6% Tuesday morning.
Wednesday's IBD Stock Of The Day, SharkNinja, is breaking out past a flat base's 53.40 buy point, as it rallied 1.6% Monday. The buy zone runs up to 56.07. And the stock gained 0.3% Tuesday.
Oil stock Weatherford remains in buy range above a 102.65 buy point in a cup base, despite a 0.7% drop Monday. The 5% buy range tops out at 107.78. The stock moved up 0.5% early Tuesday.
Best Bets On Stock Market Today
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | 105.69 | Flat base | |
| Merck | 119.65 | Cup base | |
| DraftKings | 39.35 | Cup base | |
| Spotify | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stock: Nvidia, Tesla
On Tuesday, Magnificent Seven stocks Nvidia dropped 0.8% and Tesla climbed 1.8% on the stock market today.
Nvidia shares continue to hold just off last week's record highs. They closed more than 50% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla rebounded from Friday's losses with a 3.9% rally, ending just shy of its recent highs.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower after Tuesday's stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares fell 0.1% Tuesday.
Microsoft shares remains out of buy range past a 384.30 buy point in a flat base, despite a 0.7% fall Monday. The software giant dropped 0.4% Tuesday morning.
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.
