The Dow Jones Industrial Average and the other major stock indexes dropped Monday, as Wall Street awaited an afternoon speech from Federal Reserve Chairman Jerome Powell. Early movers on the stock market today were Nvidia and Tesla.
After the opening bell, Dow Jones Industrial Average fell 0.3%, while the S&P 500 lost 0.1%. The tech-heavy Nasdaq composite moved down a fraction in early trading.
Early Monday, the 10-year Treasury yield ticked higher to 3.77%. Oil prices rose, with West Texas Intermediate futures trading around $68.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down less than 0.1%, while the SPDR S&P 500 ETF lost 0.1% after the open.
Nvidia stock declined 1.2% Monday, still above the 50-day line. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger.
Tesla reversed up 1.3% Monday morning, within striking distance of a cup base's 274 buy point.
Fellow automaker Stellantis plunged after issuing a profit warning due to increased competition from Chinese automakers. The Jeep maker tumbled 13% in morning trading.
Nvidia, Apple And Tesla Highlight How To Handle This Market
Stock Market Today: Powell Speech
Fed Chair Powell's speech at the National Association for Business Economics Annual Meeting is set for 1:55 p.m. ET Monday, which could offer further insight into future policy.
Friday's U.S. employment report takes the economic spotlight this week. Nonfarm payrolls are seen rising by 142,000 while the unemployment rate is seen coming in at 4.2%, according to Econoday. And Wednesday's ADP jobs data is a precursor to that release.
Elsewhere, there are a few noteworthy earnings reports due over the next week, including cruise operator Carnival, Dow Jones giant Nike, Paychex and Levi Strauss.
Broadcom Pulls Past Tesla As Amazon Locks Heads With Google
Best Stocks To Watch
On Friday, the Dow Jones Industrial Average moved up 0.3% to hit more new highs. The S&P 500 inched lower, and the tech-heavy Nasdaq composite dropped 0.4%.
During Friday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market.
Among the best companies to watch on the stock market today are Arista Networks, Spotify, Texas Roadhouse and Wingstop.
Notable Dow Jones components are Amazon.com, Apple, Home Depot and Microsoft.
Spotify featured in Investor's Business Daily's Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Friday, including Trip.com. The stock topped a 58 buy point in a cup base. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Close, But No 'Perfect' Cigar For Nvidia, Broadcom. But Kudos To These 22 Gems.
Dow Jones: Home Depot Extended
Dow Jones retailer Home Depot is moving out of buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up a fraction early Monday.
Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares fell 0.9% Monday morning.
Spotify shares are falling back into buy range above a consolidation's 359.38 entry. The music streaming platform was off 0.1% Monday.
Texas Roadhouse is attempting to break out past a 177.72 flat-base entry, but is under the buy trigger. Shares were a fraction higher Monday.
Finally, Wingstop topped a 431.03 entry last week, but is below it. The stock edged lower in morning action Monday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta
Among Magnificent Seven stocks, Alphabet rose 0.4% and Meta Platforms fell 0.3% Monday.
Google-parent Alphabet is testing resistance at the 50-day line following a strong rebound in recent weeks.
Fellow Magnificent Seven stock Meta is in buy range above a 544.23 alternate entry.
Dow Jones Leaders: Apple, Microsoft Eye Buy Points
Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 195.37 buy point in a cup with handle. The stock fell 0.5% Monday.
Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares gained 1.5% Monday morning.
Microsoft shares are also back above their 50-day line and nearing a 441.85 buy point in a cup with handle. And on Monday morning, the stock dipped 0.4%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
