Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher ahead of Tuesday's stock market open. Palantir Technologies and Meta Platforms are among the best stocks to buy and watch. Up next, Wall Street will shifts its attention Tuesday to testimony from Fed Chairman Jerome Powell, while a pivotal CPI inflation report is out later in the week.
Fed Chair Powell is scheduled to appear before Congress Tuesday and Wednesday. He will first answer questions at a U.S. Senate session before he visits the Republican-controlled House the following day.
Investors will be looking for further clues on when the Fed plans to cut interest rates. Powell recently said the fight against inflation has made progress, but more is needed before the Fed can introduce rate cuts.
The biggest economic data of the week comes Thursday, when the Bureau of Labor Statistics is expected to deliver the latest Consumer Price Index report. Economists see headline CPI slowing to 3% year-over-year growth. Core CPI, in contrast, is expected to hold steady at annualized growth of 3.4%. Producer price index data is due Friday.
Meanwhile, a new earnings season is set to get underway with a slew of big bank earnings reports. Major lenders JPMorgan Chase, Citigroup and Wells Fargo are all due to deliver quarterly results Friday.
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved down 0.1% and the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite climbed 0.3%.
Carvana, Meta Platforms, Monday.com and Palantir Technologies — plus Dow Jones components Amazon, Apple, American Express, JPMorgan Chase and Microsoft — are among the best companies to watch on the stock market today.
American Express and Meta are featured in this Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's opening bell, Dow Jones futures rose 0.1% vs. fair value and S&P 500 futures gained 0.2%. Tech-heavy Nasdaq 100 futures were up 0.4% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield held steady at 4.27%. And oil prices dropped, as West Texas intermediate futures settled around $82.20 a barrel.
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Stock Market Today: What To Do Now
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market rally. Following Monday's action, be sure to check out today's The Big Picture and today's exposure level.
On Monday's IBD Live show, the IBD Live team discussed current trading conditions.
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 buy points. Notably on that list, Dow Jones investment bank Goldman Sachs briefly broke out past a 471.48 buy point in a flat base on the stock market today. 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.
Dow Jones Stocks: American Express, JPMorgan
Dow Jones stocks worth watching include payments giant American Express, which is approaching a flat base's 133.10 entry, according to MarketSurge pattern recognition. And JPMorgan is just below a 205.88 flat-base entry. The banking leader was the IBD Stock Of The Day.
Outside the Dow Jones index, Carvana is squarely below a 129 buy point in a cup base following Monday's losses.
Meta stock is again breaking out above a 514.01 buy point in a cup-with-handle base, despite a 2% drop Monday. The Facebook and Instagram parent is an IBD Leaderboard stock.
Monday.com is just below a 249 buy point in a flat base, with a 1.9% drop Monday.
Finally, Palantir Technologies rallied another 1.7% Monday, topping a 27.50 entry. Last week, the stock broke out past a 26.57 handle buy trigger.
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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 |
|---|---|---|---|
| Carvana | 129 | Cup base | |
| Domino's | 542.75 | Flat base | |
| Meta Platforms | 514.01 | Cup with handle | |
| Amazon | 191.70 | Flat base |
Source: IBD Data As Of July 8, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Tesla stock moved up 0.6% Monday, extending a win streak to nine sessions. Last week, Tesla has surged more than 24%, closing sharply above the long-term 200-day line.
Nvidia stock bounced back from Friday's losses, moving up 1.9%. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Amazon remains in buy range above a 191.70 buy point in a flat base following a recent breakout move.
Apple stock rose 0.65% Monday, hitting more record highs. Shares are extended above a cup base's 199.62 buy point.
Microsoft shares dropped 0.3% Monday, ending a four-day win streak. Shares are extended above a flat base's 430.82 buy point and hitting new highs.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
