The Dow Jones Industrial Average and other major stock indexes fell Tuesday, as Wall Street braced for the start of the Federal Reserve's two-day policy meeting. Meanwhile, Tesla dropped sharply on the stock market today amid reports of new layoffs, and Amazon earnings are due after the close.
The Dow Jones Industrial Average fell 0.6% in morning action, as the S&P 500 dropped 0.2%. The tech-focused Nasdaq composite lost 0.3% after the opening bell.
Early Tuesday, the 10-year Treasury yield climbed to 4.67%. Further, oil prices rose as West Texas Intermediate futures traded around $82.90 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was down 0.3%, as the SPDR S&P 500 ETF lost 0.2%.
Tesla stock skidded nearly 3% Tuesday morning after The Information reported that the electric-vehicle giant dismissed two senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far.
On Monday, Tesla stock soared more than 15%, retaking its 50-day moving average for the first time since early January.
Stock Market Today: Fed Meeting
The Federal Reserve's two-day meeting is sure to take the spotlight this week when it begins Tuesday. And the Fed meeting statement and Fed chief Jerome Powell's comments Wednesday afternoon will offer signals on when rate cuts could take place. But that really depends on economic data.
The latest consumer confidence reading is due Tuesday at 10 a.m. ET. The Conference Board's consumer confidence index is expected to tick lower to 104.0 in April vs. March's 104.7 reading.
Key earnings reports Tuesday include Coca-Cola, Lattice Semiconductor, MicroStrategy, NXP Semiconductor and PayPal.
Coca-Cola shares dropped 0.5% in morning trade, while Lattice stock rose 1.2%. MicroStrategy dived nearly 9%, as NXP shares rallied 4%. And PayPal stock climbed 1% after the market open.
Magnificent Seven member Amazon is expected to report after the close. Amazon shares bullishly regained their 50-day line in recent sessions. The stock was up 0.2% in early trading.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Rises
On Monday, the Dow Jones Industrial Average moved up 0.4% and the S&P 500 climbed 0.3%. The tech-heavy Nasdaq composite gained 0.4%.
Monday's The Big Picture column commented, "Both indexes have come up to tests of their 50-day moving averages, a line poised to become an important chart signal this week. A move back above it would bode well for the market. But if indexes meet resistance and roll over, a new leg down in the market is quite possible."
Now is an important time to read Investor's Business Daily's The Big Picture column amid the ongoing stock market action. 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 Watch On Stock Market Today
Chipotle Mexican Grill, Texas Roadhouse and Tradeweb Markets — plus Dow Jones component American Express — are among the best companies to watch on the stock market today.
Texas Roadhouse is featured in this Stocks Near A Buy Zone column.
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. Also, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases.
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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. Shares fell 0.4% on the stock market today.
3 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Chipotle moved up another 0.7% Monday, ending further above a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares dropped 0.3% after the open on Tuesday.
Texas Roadhouse is just above a flat base's 157.12 buy point. The stock climbed 1.1% Monday. And shares fell 0.3% Tuesday morning.
Tradeweb remains below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares were up 1.1% Tuesday.
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 |
|---|---|---|---|
| American Express | 231.69 | Consolidation | |
| Texas Roadhouse | 157.12 | Flat base | |
| Chipotle | 3,023.98 | Consolidation | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of April 22
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Magnificent Seven Stocks: Nvidia
Magnificent Seven stock Nvidia gained 0.8% in Tuesday's morning action.
Nvidia stock inched higher Monday, adding to Friday's bullish gains. With the stock back above its 50-day line, a new buy point has emerged at 974 as a result of consolidation, while aggressive investors can use 906.13 as an early entry.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Tuesday's stock market open.
Apple stock rallied 2.5% Monday after Bernstein upgraded the stock from market perform to outperform. Shares regained their 50-day line for the first time since late January. Apple was up 0.5% on the stock market today.
Microsoft shares slipped 1% Monday, still below their 50-day line. The software giant is building a flat base that has a 430.82 buy point. Shares moved down 0.9% Tuesday.
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.
