The Dow Jones Industrial Average and other major indexes dropped Tuesday ahead of jobs data from the Labor Department. Meanwhile, GameStop gave back some ground on the stock market today after Monday's big gains.
After the opening bell, the Dow Jones Industrial Average fell less than 0.1%, while the S&P 500 lost 0.3%. The tech-focused Nasdaq composite declined 0.3% in morning action.
Early Tuesday, the 10-year Treasury yield ticked lower to 4.36%. Oil prices dropped as West Texas Intermediate futures traded around $73 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust dropped 0.4% while the SPDR S&P 500 ETF also lost 0.4%.
GameStop stock was volatile Tuesday morning, and threatened to give up a part of Monday's gains with a loss of 7% in recent action.
On Monday, GameStop soared 21% after Keith Gill, a key investor during the 2021 meme stock rally, revealed a major position in the video game retailer. But Morgan Stanley-owned E-Trade is considering kicking Gill off its platform due to concerns of potential stock manipulation, the Wall Street Journal reported late Monday, citing unnamed sources.
Stock Market Today: Jobs Data
Next up, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, is expected to show that job openings slowed to 8.4 million in April vs. March's 8.488 million, per Econoday. The JOLTS report is due out at 10 a.m. ET.
Elsewhere, chip giant and Dow Jones stock Intel rallied 0.8% Tuesday after announcing a new artificial intelligence chip. Shares finished Monday more than 40% off their 52-week high.
Big earnings movers Tuesday include Core & Main, Donaldson and GitLab.
Core & Main shares dropped 6% in early trading, while Donaldson stock rallied 8%. GitLab stock rose nearly 3% in morning trade.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Slides
On Monday, the Dow Jones industrials fell 0.3%, while the S&P 500 moved up 0.1%. The Nasdaq composite climbed 0.6%.
Investor's Business Daily's Big Picture column commented, "The stock market started the new month with mixed colors. A late-afternoon rally boosted the Nasdaq to a decent gain and a close in the upper half of its intraday range. But some sectors got rocked."
During Monday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, 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
Stock Market Today: Best Stocks To Watch
Birkenstock, Netflix, Robinhood Markets and TJX — plus Dow Jones components Apple, Merck and Microsoft — are among the best companies to watch on the stock market today.
Microsoft was featured in IBD's Stocks Near A Buy Zone column as it trades below a 430.82 buy point.
In IBD MarketSurge's "Breaking Out Today" list, Ryan Specialty broke out past a 56 buy point in a cup with handle on Monday. Check out the MarketSurge "Near Pivot" list for 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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Merck
Drug giant Merck is building a flat base that has a 133.10 entry, as shares rebounded 2.3% Monday. Merck stock is right at the 50-day line and about 4% below the buy trigger. The Dow component fell 0.9% on the stock market today.
Outside the Dow Jones index, Birkenstock rallied out of buy range past a cup base's 55 buy point Monday. Birkenstock shares were down 0.8% in morning action Tuesday.
Streaming giant Netflix lost 1.4% Monday, falling below a 639 cup entry. Netflix stock was down 0.5% Tuesday.
Trading platform Robinhood is back above a 21.21 handle entry amid Monday's 1.7% climb. Shares declined 1.2% early Tuesday.
Finally, TJX rallied 2.3% Monday, further past a 102.04 double-bottom entry. The off-price retail giant dropped 0.4% Tuesday morning.
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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 |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Crocs | 146.79 | Cup base | |
| Taiwan Semiconductor | 148.43 | Double bottom |
Source: IBD Data As Of May 28, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia moved down 0.5%, while Tesla fell 1% on the stock market today.
Nvidia rallied 4.8% Monday, snapping back after two days of losses. The company is an IBD Leaderboard stock. In recent weeks, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.
Tesla stock slipped 1% Monday, still holding above the 50-day line. Shares remain 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 after Tuesday's stock market open.
Apple stock rose 0.8% Monday, still forming a cup base that has a 199.62 buy point. Shares closed at their highest level since Jan. 25. Apple was down 0.2% Tuesday.
Microsoft shares slipped 0.5% Monday, finding resistance at the 50-day line following last week's losses. Early Tuesday, Microsoft stock moved down 0.5%.
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.
