The Dow Jones Industrial Average and the other major stock indexes rose Monday, a day after President Joe Biden said he would drop out of the 2024 race. An early winner on the stock market today was Nvidia, which received a price-target hike from a Wall Street firm.
After the opening bell, the Dow Jones Industrial Average moved up 0.3%, while the S&P 500 rose 0.9%. The tech-focused Nasdaq composite advanced 1.4% in morning action.
Early Monday, the 10-year Treasury yield ticked lower to 4.22%. Oil prices eased, with West Texas Intermediate futures trading around $77.90 a barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 1.4%, as the SPDR S&P 500 ETF rose 0.9% after the open.
In a written statement issued on Sunday, Biden said that he will "stand down" from the 2024 election, ending weeks of speculation of whether he would drop his re-election bid. Biden endorsed Vice President Kamala Harris to replace him as the Democratic nominee.
Early Monday, Piper Sandler raised its price target on Nvidia stock to 140 from 120 and kept an overweight rating on the shares. The firm views the setup for Nvidia positively ahead of July-quarter earnings and an outlook for the October quarter. Nvidia stock rallied 3.8% in early trading.
Nvidia shares slipped 2.6% Friday, holding just above the 50-day line, a key support level to watch. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence titan is an IBD Leaderboard stock.
Stock Market Today: Verizon Earnings
The Federal Reserve's primary inflation gauge, the core Personal Consumption Expenditures price index, will be in the spotlight on Friday. But Thursday's second-quarter GDP estimate also will be a focus.
The GDP report is expected to show annual growth near 2%, after the first quarter's sluggish 1.4%. The report should also offer a three-month inflation and spending trend, rather than a monthly breakdown.
Verizon Communications is an earnings mover Monday morning. Verizon shares sold off 4.2% in morning trading.
More key earnings reports from the Dow Jones index this week include Visa, IBM, Honeywell and 3M.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Slides
On Friday, the Nasdaq composite fell 0.8% and suffered a weekly decline of 3.7%. The S&P 500 also backtracked with a 0.7% slide for the day. The benchmark index also suffered its worst week since April amid a weekly decline of 2%.
And the Dow Jones Industrial Average was hit the hardest out of the major indexes, diving 0.9%. Nevertheless, the Dow still squeezed out a weekly gain of 0.7%
Investor's Business Daily's Big Picture column commented, "IBD is holding its recommended exposure level in the 60% to 80% range. Given the weakening technical picture, investors could consider moving to the lower end of the scale and locking in some profits."
During Friday'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
Among the best companies to watch on the stock market today are AppFolio, Newmont, Palantir Technologies and Toast.
Also on the list are Dow Jones components Amazon, American Express, Apple, Goldman Sachs and Microsoft.
New names on IBD MarketSurge's "Breaking Out Today" list include Vista Energy. The stock broke out past a 49.58 buy point in a cup base last week but closed below the entry.
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: American Express, Goldman Sachs
Among Dow components, payments giant American Express is back below a flat base's 244.41 entry, according to MarketSurge pattern recognition, following last week's attempted breakout move. And Goldman is in buy range on the stock market today above a 471.48 flat-base entry.
Outside the Dow Jones index, AppFolio closed Friday in buy range above a flat base's 256.73 entry. Shares rose 0.8% Monday.
Gold miner Newmont is just out of buy range past a 44.59 flat-base entry following a recent breakout move. Newmont shares moved down 0.7% Monday morning.
Palantir Technologies remains above a 27.50 entry and in buy range. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir gained 0.5% early Monday.
And Toast stock rallied 2.5% Friday, in buy range above a 26.29 buy point in a cup with handle. Shares added 0.7% Monday.
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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 |
|---|---|---|---|
| Toast | 26.29 | Cup with handle | |
| KB Home | 74.66 | Flat base | |
| Palantir | 26.57 | Handle entry | |
| NXP Semiconductors | 286.87 | Flat base |
Source: IBD Data as of July 17
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Tesla
Magnificent Seven stock Tesla rose 4.8% on the stock market today in early trading.
Tesla skidded 4% Friday, closing at its lowest level since early July. The company's second-quarter earnings are due Tuesday after the close.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher after Monday's stock market open.
Amazon gave up its 191.70 buy point in a flat base amid recent losses and is below its 50-day line. Amazon stock rose 0.6% Monday.
Apple stock continues to fall from its record highs. The stock is sharply extended past a 199.62 cup-base entry. Apple shares gained 1.1% early Monday.
Microsoft shares slipped 0.7% Friday, in buy range above a flat base's 430.82 buy point as it tries to find support around the 50-day line. And early Monday the stock was up 1.4%.
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.
