Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were modestly higher ahead of Tuesday’s stock market open. Artificial intelligence leader Nvidia (NVDA) rallied near record highs, while former President Donald Trump’s social media platform Truth Social is expected to IPO Tuesday.
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Digital World Acquisition (DWAC), which is now Trump Media & Technology Group after successfully merging with Trump’s tech and social-media platform, announced Monday that common stock and public warrants are expected to trade on the Nasdaq Tuesday under the ticker symbols “DJT” and “DJTWW,” respectively. DWAC shares surged 35% Monday and added another 8.5% in extended trade.
Trump’s stake in Trump Media & Technology Group is valued at more than $3 billion, based on Digital World’s current stock price.
Nvidia stock climbed 0.8% Monday, as it approached more record highs. The AI giant is an IBD Leaderboard stock.
This week is a light one for economic data, with the spotlighted release — the Labor Department’s Personal Consumption Expenditures price index — expected out on Friday before the market opens. But Wall Street’s reaction will be delayed with the stock market closed for Good Friday.
Federal Reserve Chairman Jerome Powell said the core PCE price index likely rose “well below 30 basis points” during February, putting the 12-month increase at 2.8%. Markets, once they’re open, would likely react if the outcome is different.
Earnings results slow down this week. But key earnings reports are expected from Jefferies Financial (JEF), Paychex (PAYX), Carnival (CCL) and RH (RH).
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved down 0.4% and the S&P 500 dipped 0.3%. The tech-heavy Nasdaq composite lost 0.3%.
Among the Magnificent Seven stocks, Microsoft (MSFT) and Meta Platforms (META) were the biggest losers, down 1.4% and 1.3%, respectively.
Finally, Dow Jones tech icon Apple (AAPL) traded down 0.8% in today’s stock market.
Alphabet (GOOGL), Arista Networks (ANET), Duolingo (DUOL) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best stocks to watch on the stock market today.
Google and DraftKings were featured in this Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures rose 0.1% vs. fair value, while S&P 500 futures gained 0.2%. Tech-heavy Nasdaq 100 futures also moved up 0.2% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield rose to 4.25%. Meanwhile, oil prices rose, as West Texas intermediate futures settled just below $82 a barrel.
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Stock Market Rally: What To Do Now
Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.
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. There was one breakout Monday: Allstate (ALL). Shares topped a 168.95 cup-base entry.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Google stock.
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.
Dow Jones: Disney, IBM, Verizon
Disney broke out past a big cup-with-handle base’s 112.92 buy point in recent weeks, according to IBD MarketSurge chart analysis. And shares closed out of buy range, with a 3% rally.
IBM stock remains below a flat base’s 196.90 buy point, with a 1.1% fall Monday.
Telecom giant Verizon is building a flat base with a 43.21 entry, as the stock battles for support at its key 50-day line.
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Google Stock Nears Breakout
Google parent Alphabet is rapidly nearing a consolidation’s 153.78 buy point, even as the stock dropped 0.5% Monday.
Arista shares dipped 0.3% Monday, in buy range above a 292.66 flat-base buy point, according to MarketSurge charts.
IPO Leader Duolingo is trying to break out past a cup-with-handle’s 241.86 entry, but is about 6% below the buy trigger after Monday’s 2.4% drop. Further losses would trigger the 7% sell rule.
Finally, DraftKings is holding at the top of the buy range past a 46.52 buy point in a short consolidation, with a 0.3% gain Monday.
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Stocks 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 |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (ANET) | 292.66 | Flat base |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| Duolingo | (DUOL) | 241.86 | Cup with handle |
Source: IBD Data As Of March 25, 2024
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Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla stock reversed from early losses to rise 1.1% Monday. Shares opened lower after Mizuho Securities downgraded the stock from buy to neutral. Mizuho also lowered its price target on Tesla stock to 195 from 310.
Shares remain sharply below their 50- and 200-day lines and 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 lower during Monday’s stock market action.
Apple stock moved down 0.8% Monday, approaching its recent lows. Shares remain sharply below their long-term 200-day line.
Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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