Dow Jones futures were lower, along with S&P 500 futures, while Nasdaq 100 futures were higher ahead of May's retail sales Tuesday. On Monday, the S&P 500 and Nasdaq composite rallied to more record highs, while Nvidia reversed lower.
In this week's key economic reports, May's retail sales data, out Tuesday morning, is expected to show a moderate 0.4% rise overall and 0.3% excluding autos. Industrial production, also out early Tuesday, is seen rising 0.25%. Jobless claims just hit a nine-month high of 242,000 in the week of June 8. Data for the June 15 week, due out ahead of Thursday's stock market open, will be a key focus point.
Further, earnings results this week are mostly scarce. Some important names report in the coming week, including Kroger, CarMax and Jabil.
Late Monday, homebuilder Lennar declined nearly 2% in extended trade after the company's quarterly earnings report.
Nvidia stock reversed 0.5% lower Monday after briefly hitting record highs at the market open. Shares are trading sharply above a split-adjusted alternative buy point at 97.40. The AI leader is an IBD Leaderboard stock.
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 rose 0.8%. The tech-heavy Nasdaq composite climbed nearly 1%.
ASML, ELF Beauty, Netflix and Novo Nordisk — plus Dow Jones components Amazon, Apple, Amgen and Microsoft — are among the best companies to watch on the stock market today.
Amazon is 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 and S&P 500 futures both dropped 0.1% vs. fair value. Tech-heavy Nasdaq 100 futures rose 0.2% 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 ticked higher to 4.28%. And oil prices rose, as West Texas intermediate futures settled just below $80 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, Colgate-Palmolive is breaking out past a 95.59 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: Amazon, Amgen
Dow Jones stocks worth watching include e-commerce giant Amazon, which is building a flat base that has a 191.70 entry. Visa is tracing a flat base with a 290.96 buy point, according to MarketSurge pattern recognition, but is now below the 50-day line.
Outside the Dow Jones index, streaming giant Netflix rallied Monday out of its buy range above a 639 cup entry, while weight-loss drug leader Novo Nordisk is squarely in buy range from a cup-with-handle entry at 137.22.
ASML stock hit an early-entry buy point of 992.88 in recent weeks, based on IBD analysis. Now, shares are trying to move above a 1,056.34 buy point.
Finally, cosmetics leader ELF Beauty is moving closer to a 202.58 buy point in a cup with handle. Shares are within striking distance of that entry.
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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 |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Spotify | 319.30 | Flat base | |
| ASML | 992.88 | Handle entry |
Source: IBD Data As Of June 17, 2024
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Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla raced more than 5% higher Monday.
Tesla stock closed at its highest level since April 29. Shares are rebounding from support at their 50-day line but are still nearly 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple stock rallied 2% Monday, posting a record closing high. Shares are extended above a cup base's 199.62 buy point.
Microsoft shares climbed 1.3% Monday, further 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.
