The Dow Jones Industrial Average and the other major stock indexes rebounded Monday morning, as Wall Street — and Nvidia (NVDA) stock particularly — looked to bounce back from last week’s stock market sell-off. Meanwhile, Tesla (TSLA) tumbled on the stock market today after the company cut electric-vehicle prices.
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The Dow Jones Industrial Average rose 0.3% in morning motion, while the S&P 500 added 0.6%. The tech-focused Nasdaq composite climbed 0.8% after the opening bell.
Early Monday, the 10-year Treasury yield ticked higher to 4.64%. Further, oil prices dropped as West Texas Intermediate futures traded around $81.40 a barrel.
Amongst U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.7%, and the SPDR S&P 500 ETF (SPY) rose 0.6%.
Over the weekend, Tesla cut EV prices throughout the U.S., China and Europe, along with slashing the worth for its Full Self-Driving feature. They’re the most recent pricing strategy shifts by the struggling EV giant. Tesla stock briefly plunged 5% before cutting losses to 2.3% in morning trading, setting another 52-week low.
On the upside, Nvidia stock added 3.6%, attempting to bounce back from Friday’s 10% plunge that triggered a sell rule below its 50-day moving average.
Stock Market Today: Economic Data Due
This week of economic data will feature first-quarter GDP and the Fed’s primary inflation gauge, the Personal Consumption Expenditures price index. Based on the already reported inputs, the forthcoming data likely won’t spell relief for the recent surge in rates of interest.
The GDP data, out Thursday, will provide the massive picture. The first official estimate of real GDP is predicted to point 2.1% growth in the first quarter, down from 3.4% throughout the fourth quarter.
Along with GDP, the Bureau of Economic Evaluation reports the core PCE price index. Personal spending and outlays for March are due Friday.
Key earnings reports this week include Microsoft (MSFT), Boeing (BA), Tesla, Meta Platforms (META) and Alphabet (GOOGL).
Telecom giant Verizon Communications (VZ) reported early Monday. A breakout attempt by Verizon failed in recent sessions, since it dropped greater than 7% below a 43.21 buy point. And Monday’s results put Verizon shares further on the decline, as they dropped 2%.
Dow Jones Climbs While Other Indexes Fall
On Friday, the Dow Jones Industrial Average rose 0.6%, while the Nasdaq and S&P 500 sold off 2.1% and 0.9%, respectively.
The stock market ended the day and week firmly lower Friday amid more Iran-Israel tensions and a post-earnings Netflix (NFLX) sell-off.
Now might be an important time to read IBD’s The Big Picture column amid the continuing stock market motion. Be certain that you read recommendations on the right way to adjust to changing market conditions, with IBD’s recent exposure levels.
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Best Stocks To Watch On Stock Market Today
Alphabet, On Holding (ONON) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are amongst probably the most effective corporations to take a look at on the stock market today.
On Holding is featured on this Stocks Near A Buy Zone column.
A crucial resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks which could be breaking out past recent buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To search out more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features discover bullish patterns and buy points and could be found to establish every day.
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Dow Jones: American Express
Following Friday’s gains, American Express found much-needed support around its 50-day moving average, in accordance with MarketSurge charts. That rebound gives the payments leader a recent buying opportunity. But risk is higher due to market weakness. Shares climbed one other 0.1% Monday.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow, Google stock is holding just above a 153.78 buy point despite Friday’s 1.2% drop. Its relative strength line is at its highest level since January, in accordance with MarketSurge charts. Shares climbed 0.2% Monday.
Retail leader On Holding gave up its 50-day line Friday, but a decisive rebound to retake that level could be bullish for the stock’s prospects. On Holding stock rose 0.3% early Monday.
Tradeweb is below its 50-day moving average line, since it forms a flat base with a 108.04 buy point. Shares inched lower Monday.
Stocks To Watch
These are 4 stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Broadcom | (AVGO) | 1,438.17 | Consolidation |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| ServiceNow | (NOW) | 815.32 | Flat base |
Source: IBD Data As Of April 15, 2024
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Dow Jones Leaders: Apple, Microsoft
Amongst Dow Jones stocks throughout the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded higher after Monday’s stock market open.
Apple stock moved down 1.2% Friday, falling for a fifth-straight session. Last week, shares found stout resistance on the 50-day line. The stock was up 0.3% Monday morning.
Microsoft shares lost 1.3% Friday, breaking down further below their 50-day line. The stock rose 0.5% early Monday.
Be certain that you follow Scott Lehtonen on X, formerly generally often known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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