The Dow Jones Industrial Average dropped more than 400 points Tuesday, as Wall Street digested key economic data from the U.S. government. Meanwhile, Tesla stock dived on the stock market today after the company's weak first-quarter deliveries.
The Dow Jones Industrial Average moved down 1.1% in morning action, while the S&P 500 lost 1%. The tech-focused Nasdaq composite lost 1.5% after the opening bell.
The 10-year Treasury yield rose to 4.39%. Further, oil prices added to Monday's gains, as West Texas Intermediate futures traded above $85 a barrel for the first time since October.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was down 1.5%, while the SPDR S&P 500 ETF fell 1%.
Early Tuesday, Tesla said it delivered 386,810 vehicles in the first quarter, missing Wall Street's estimates that expected the electric-vehicle giant to report Q1 deliveries of 457,000 units, according to FactSet.
This number started last week at 471,000 and has steadily dropped ahead of Tesla announcing global delivery numbers. The 457,000 consensus figure likely includes several analyst forecasts that haven't been updated in weeks or months.
Tesla stock dived nearly 6% Tuesday, threatening to extend a losing streak to three sessions.
Stock Market Today
UnitedHealth and Humana tumbled 5.7% and 10%, respectively, after the Biden Administration announced that final Medicare Advantage rates in 2025 won't change from initial plans in January.
Just after Tuesday's stock market open, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) measured 8.756 million unfilled job openings for February, down from January's 8.863 million.
Further, the Commerce Department's factory orders rose 1.4% in February, above the 1.0% estimate, vs. January's 3.6% decline.
Key earnings reports include apparel brand PVH and Paychex.
PVH stock plunged more than 20% in morning action, while Paychex shares were down nearly 6%.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Falls
On Monday, the Dow Jones Industrial Average moved down 0.6% and the S&P 500 dipped 0.2%. The tech-heavy Nasdaq composite rose 0.1%.
Monday's Big Picture column commented, "For their part, the Nasdaq and S&P 500 are near the top of price channels. In the past several months, both stock market indexes have eased when they climb to the upper regions of those channels. At the same time, both are holding above the 21-day exponential moving averages. The line has proved to be a dependable support level for both since the confirmed uptrend began in early November."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. 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
Alphabet, Arista Networks, DraftKings and ServiceNow — plus Dow Jones components Disney, IBM and Verizon Communications — are among the best companies to watch on the stock market today.
ServiceNow 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, like Google stock. Meanwhile, 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: Disney, IBM, Verizon
Disney — the strongest performer on the Dow in Q1 — is extended past a big cup-with-handle base's 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed out of buy range, despite a 0.7% drop. The company faces a critical shareholder vote at its annual meeting on Wednesday. Shares declined 0.6% Tuesday morning.
IBM stock remains below a flat base's 196.90 buy point, with a 0.6% fall Monday. Shares are trying to find support around their 50-day line. IBM stock lost 0.2% Tuesday.
Telecom giant Verizon is building a cup base with a 43.21 entry, as the stock bullishly rebounds from its 50-day line. Verizon shares inched higher Tuesday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: Google Nears Breakout
Google parent Alphabet is breaking out past a 153.78 buy point in a consolidation, as the stock rallied 3% Monday. Google stock fell 1.5% Tuesday.
Arista shares regained a 292.66 flat-base buy point, according to MarketSurge charts, with a 3.4% advance Monday. And on Tuesday, the stock fell 2.5% in morning action.
Last week, DraftKings tumbled below its 46.52 buy point in a short consolidation. And the sports-betting giant fell further below that entry Monday, dropping 1%. DraftKings stock dropped 1.8% Tuesday morning.
Finally, ServiceNow is trying to retake its 50-day line amid a two-day rally. Shares are building a flat base with an 815.32 entry. The stock moved down 1.7% Tuesday.
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 | 112.92 | Cup with handle | |
| Arista Networks | 292.66 | Flat base | |
| DraftKings | 45.62 | Consolidation | |
| ServiceNow | 815.32 | Flat base |
Source: IBD Data As Of April 1, 2024
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Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia stock dropped 2.2% Tuesday morning, set to snap a two-day win streak. The AI giant is an IBD Leaderboard stock.
Shares remain just off their all-time highs, which were set on March 8.
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 moved down 0.9% Monday, back near its recent lows. Shares remain sharply below their long-term 200-day line. The stock fell 0.5% Tuesday morning.
Microsoft shares ended a five-day losing streak Monday, as they rebounded 0.9%. The software giant is just off new highs. And the stock moved down 1.3% early 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.
