The Dow Jones Industrial Average rose Monday as Wall Street braced for a pair of speeches this week from Federal Reserve Chairman Jerome Powell. One of the big winners was Nvidia chipmaker Taiwan Semiconductor Manufacturing, which jumped on the stock market today after a price-target hike.
After the opening bell, the Dow Jones Industrial Average added 0.5%, while the S&P 500 and tech-focused Nasdaq composite both rose 0.2% in morning trades.
Early Monday, the 10-year Treasury yield ticked higher to 4.3%. Oil prices dropped, with West Texas Intermediate futures trading around $82.50 a barrel.
Among exchange traded funds, the Invesco QQQ Trust and the SPDR S&P 500 ETF both were up 0.2% after the open.
Taiwan Semiconductor, better known as TSMC, jumped more than 3% after Morgan Stanley raised its price target by about 9%. The broker said the company is likely to raise its full-year sales outlook in its upcoming earnings announcement.
TSMC is the world's largest chip foundry. Its vast array of customers includes Apple, Nvidia, Advanced Micro Devices, Qualcomm and Broadcom.
Stock Market Today: Powell Speeches
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.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Rises
On Friday, the Dow Jones Industrial Average moved up 0.2%. The S&P 500 gained 0.5%, as the tech-heavy Nasdaq composite climbed 0.9%. Both hit new highs.
Investor's Business Daily's Big Picture column commented that the Nasdaq sits clear of short-term moving averages and is more than 8% above its 50-day moving average. The index turned in its fifth weekly gain in a row with a 3.5% lift. Further, the tech-heavy composite is now up 22.3% for the year so far.
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
Carvana, Meta Platforms and Monday.com — plus Dow Jones components Amazon, Apple JPMorgan Chase and Microsoft — are among the best companies to watch on the stock market today.
New names on IBD MarketSurge's "Breaking Out Today" list include AppLovin. The stock is breaking out past an 88.50 buy point in a flat base.
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: JPMorgan Breaks Out
Dow Jones stocks worth watching include banking giant JPMorgan. Shares are trying to break out past a 205.88 flat-base entry, according to MarketSurge pattern recognition. JPMorgan was a recent IBD Stock Of The Day. Shares gained 0.6% in early trading.
Outside the Dow Jones index, Carvana is still below a 129 buy point in a cup base despite Friday's rise. Carvana stock fell 2.8% Monday morning.
Meta stock is again breaking out above a 514.01 buy point in a cup-with-handle base following Friday's rally. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares lost 1.5% after the opening bell Monday.
And Monday.com is breaking out past a 249 buy point in a flat base, with a 2.3% gain Friday. Shares dipped 2.2% 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 |
|---|---|---|---|
| Carvana | 129 | Cup base | |
| Domino's | 542.75 | Flat base | |
| Meta Platforms | 514.01 | Flat base | |
| Amazon | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rose 3.6%, while Tesla moved down 1% on the stock market today in morning trading.
Tesla stock rallied 2.1% Friday, extending a win streak to eight sessions. Last week, Tesla has surged more than 24%, closing sharply above the long-term 200-day line.
Nvidia stock slipped 1.9% Friday, giving up a part of Wednesday's rally. 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 components in the Magnificent Seven, Amazon, Apple and Microsoft were mixed after Monday's stock market open.
Amazon is squarely above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock fell 0.1% Monday.
Apple stock rose 2.2% Friday, hitting more record highs. Shares are extended above a cup base's 199.62 buy point. Apple was down 1.4% early Monday.
Microsoft shares gained 1.5% Friday, further above a flat base's 430.82 buy point and hitting more new highs. And early Monday the stock was off 0.3%.
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.
