Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed heading into Tuesday’s overnight trade open, with the Labor Department’s CPI inflation report expected on Tuesday. Meanwhile, Magnificent Seven shares fell on Monday, with sharp losses among them Meta Platforms (AFTER), Nvidia (NVDA) and Tesla (TSLA).
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The Labor Department’s CPI is released at 8:30 AM. ET Tuesday. The CPI is expected to remain unchanged for the month of November, with an annual increase of 3.1%. Core prices in November are expected to rise 0.3% month-on-month, with an annual increase of 4%.
Wednesday’s Federal Reserve policy update takes center stage amid this week’s economic news. The biggest question for investors is not what the Fed will say but what the markets think it will do. As of Friday, markets were pricing in four basis-point rate cuts for 2024, with a roughly 50-50 chance of a fifth cut, but the Fed’s forecasts are unlikely to go that far.
Meanwhile, key earnings reports this week include; Adobe (ADBE), Darden Restaurants (DRI) and Lennar (LEN).
late monday Oracle (ORCL) plunged 8% in extended trading after the company’s sales missed Wall Street estimates. Earnings beat analysts’ targets.
Stock market today: Great seven stocks fell
On Monday, the Dow Jones Industrial Average and the S&P 500 were both up 0.4%. The tech-heavy Nasdaq composite rose 0.2 percent.
Magnificent Seven shares fell sharply on Monday, with Meta the biggest loser, down 2.2%. Shares are retesting their 50-day line, below the 330.54 buy point.
In the meantime, Tesla (TSLA) slipped 1.7%, while Alphabet (GOOGLE) and Nvidia fell 1.3% and 1.85%, respectively. Amazon (AMZN) decreased by 1%.
Finally, the Dow Jones technology icons apple (AAPL) and Microsoft (MSFT) are trading lower in today’s stock market, with AAPL down 1.3% and Microsoft down 0.8%.
Stock IBD Leaderboard Amazon (AMZN), IBD SwingTrader issue Reservation (BKNG), Eli Lilly (LLY) and Snowflake (SNOW) — along with Dow Jones data Boeing (BA), UnitedHealth (UNH) and Visa (V) — are among the best stocks to buy in the current market rally.
Booking and Snowflake appeared in this column Stocks near a buy zone.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening session, Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, were little changed against fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
On Monday, the yield on the 10-year U.S. Treasury note fell to 4.23%. Meanwhile, oil prices extended their recent rally as West Texas Intermediate futures settled above $71 a barrel.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard
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 confirmed to be bullish.
Amid continued bullish action in recent weeks, investors can increase their exposure to the market. IBD recommends a level of 80% to 100% as the trend continues to strengthen.
A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks breaking out after new buy points. Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases.
For more stock ideas, check out IBD’s stock lists, such as IBD 50, Big Cap 20 and stocks near a buy zone. These features identify bullish patterns and buy points and should be checked daily.
Dow Jones Stocks to Watch
Shares of aerospace giant Boeing breached the 243.10 buy point of a cup base on Friday, rallying 3.1%. The 5% buy zone is above 255.26. BA stock gained another 1.4% on Monday.
Healthcare giant UnitedHealth remains above an entry at 546.78 despite Monday’s 1.1% loss.
Payments leader Visa continues to trade in a market range above the 250.06 buy point on a cup base, according to IBD MarketSmith pattern recognition. V stock added 0.3% on Monday.
4 Top Growth Stocks to Watch in The Stock market rally
Stocks to buy and watch: SNOW is breaking out
IBD Leaderboard Amazon stock continues to trade just 145.86 cup basis points, with shares closing flat on Monday’s entry amid a 1% drop.
The IBD SwingTrader stock booking topped 3,207.32, rallying 2.8% on Friday. BKNG shares rose 2.2% on Monday, higher in the buy zone.
Drug giant Eli Lilly continues to track a flat base with an official buy point at 629.97. An early entry would be in play if the stock is able to bounce sharply off the 50-day line. LLY stock fell 2.3% on Monday.
AI leader Snowflake breaks through the cup-handled 192.66 buy point, according to IBD MarketSmith Pattern Recognition. SNOW stock rose 1.2% on Monday, closing just above the buy trigger.
Learn how to time the market with IBD’s ETF Market Strategy
The best stocks in today’s stock market action
These are the four best stocks to watch in today’s stock market, including a Dow Jones leader.
Company Name | Symbol | Correct point of purchase | Point of Purchase Type |
---|---|---|---|
Amazon | (AMZN) | 145.86 | Cup base |
UnitedHealth | (UNH) | 546.78 | Handle input |
Reservation | (BKNG) | 3,207.32 | Handle input |
Snowflake | (SNOW) | 192.66 | Cup with handle |
Source: IBD data as of December 11, 2023
Join IBD’s experts as they analyze top stocks in the current stock market rally on IBD Live
Tesla stock
Tesla shares fell 1.7% on Monday, snapping a four-day losing streak. TSLA is holding just above its 50-day line, which is a key support level to watch. The stock’s big double-bottom pattern has a buy point at 278.98, while early entry plays at 252.75.
TSLA remains about 20% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Apple stock sold off 1.3% on Monday, erasing gains after a mug-handled entry at 192.93.
Microsoft shares fell 0.8% on Monday, ending a two-day rally. MSFT is just above the 366.78 buy point of a cup base and in a buy range.
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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