The Dow Jones Industrial Average and the other major stock indexes rebounded Monday morning, as Wall Street — and Nvidia stock in particular — looked to bounce back from last week's stock market sell-off. Meanwhile, Tesla tumbled on the stock market today after the company cut electric-vehicle prices.
The Dow Jones Industrial Average rose 0.3% in morning action, while the S&P 500 added 0.6%. The tech-focused Nasdaq composite climbed 0.8% after the opening bell.
Early Monday, the 10-year Treasury yield ticked higher to 4.64%. Further, oil prices dropped as West Texas Intermediate futures traded around $81.40 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.7%, and the SPDR S&P 500 ETF rose 0.6%.
Over the weekend, Tesla cut EV prices in the U.S., China and Europe, as well as slashing the price for its Full Self-Driving feature. They are the latest pricing strategy shifts by the struggling EV giant. Tesla stock briefly plunged 5% before cutting losses to 2.3% in morning trading, setting yet another 52-week low.
On the upside, Nvidia stock added 3.6%, looking to bounce back from Friday's 10% plunge that triggered a sell rule below its 50-day moving average.
Stock Market Today: Economic Data Due
This week of economic data will feature first-quarter GDP and the Fed's primary inflation gauge, the Personal Consumption Expenditures price index. Based on the already reported inputs, the forthcoming data likely won't spell relief for the recent surge in interest rates.
The GDP data, out Thursday, will provide the big picture. The first official estimate of real GDP is expected to show 2.1% growth in the first quarter, down from 3.4% in the fourth quarter.
Along with GDP, the Bureau of Economic Analysis reports the core PCE price index. Personal spending and outlays for March are due Friday.
Key earnings reports this week include Microsoft, Boeing, Tesla, Meta Platforms and Alphabet.
Telecom giant Verizon Communications reported early Monday. A breakout attempt by Verizon failed in recent sessions, as it dropped more than 7% below a 43.21 buy point. And Monday's results put Verizon shares further on the decline, as they dropped 2%.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Climbs While Other Indexes Fall
On Friday, the Dow Jones Industrial Average rose 0.6%, while the Nasdaq and S&P 500 sold off 2.1% and 0.9%, respectively.
The stock market ended the day and week firmly lower Friday amid more Iran-Israel tensions and a post-earnings Netflix sell-off.
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market action. 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, On Holding and Tradeweb Markets — plus Dow Jones component American Express — are among the best companies to watch on the stock market today.
On Holding is 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. Also, 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: American Express
Following Friday's gains, American Express found much-needed support around its 50-day moving average, according to MarketSurge charts. That rebound gives the payments leader a new buying opportunity. But risk is higher due to the market weakness. Shares climbed another 0.1% Monday.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow, Google stock is holding just above a 153.78 buy point despite Friday's 1.2% drop. Its relative strength line is at its highest level since January, according to MarketSurge charts. Shares climbed 0.2% Monday.
Retail leader On Holding gave up its 50-day line Friday, but a decisive rebound to retake that level would be bullish for the stock's prospects. On Holding stock rose 0.3% early Monday.
Tradeweb is below its 50-day moving average line, as it forms a flat base with a 108.04 buy point. Shares inched lower Monday.
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 | |
| Broadcom | 1,438.17 | Consolidation | |
| DraftKings | 45.62 | Consolidation | |
| ServiceNow | 815.32 | Flat base |
Source: IBD Data As Of April 15, 2024
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher after Monday's stock market open.
Apple stock moved down 1.2% Friday, falling for a fifth-straight session. Last week, shares found stout resistance at the 50-day line. The stock was up 0.3% Monday morning.
Microsoft shares lost 1.3% Friday, breaking down further below their 50-day line. The stock rose 0.5% early Monday.
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.
