The Dow Jones Industrial Average and other indexes were little changed at the open Tuesday, as May retail sales came in below expectations. Meanwhile, Nvidia edged higher on the stock market today after reversing lower Monday.
The Dow Jones index was flat while the S&P 500 inched up 0.1% and the Nasdaq composite was almost unchanged.
The 10-year Treasury yield fell to 4.25% following the retail sales data after rising 6.5 basis points to 4.28% on Monday. Further, crude oil futures edged lower after Monday's 2.4% jump, and were near $80.25 a barrel on Tuesday.
Stock Market Today: Retail Sales
At 8:30 a.m. ET, the Commerce Department reported May retail sales rose just 0.1% vs. April and dipped 0.1% excluding autos and gas. Economists had expected 0.3% gains for both. At 9:15 a.m. ET, the Federal Reserve reported a 0.9% jump in May industrial production. Wall Street was looking for a 0.3% increase.
The Dow Jones Industrial Average rose 0.5% in Monday's stock market trading, back above its 50-day moving average. The S&P 500 index and the Nasdaq climbed 0.8% and 1%, respectively, both hitting fresh all-time highs. The small-cap Russell 2000 gained 0.8%, still below its 50-day line. The Russell was flat Tuesday morning.
The Nasdaq is now 8.3% above its 50-day line, getting increasingly extended. The tech-heavy composite can get more extended, but that would increase the risks of a pullback, and any such retreat is likely to be more significant.
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Stocks To Watch
Homebuilder Lennar reported better-than-expected earnings for its fiscal second quarter late Monday, fueled by buyer incentives. Shares fell 2% after the open on the stock market today, still trading below the 50-day moving average.
Palantir Technologies, Super Micro Computer and GE Aerospace are in alternative buy ranges after strong moves Monday. Palantir and Super Micro, both artificial intelligence plays, rose early Tuesday. GE stock rose 0.5%.
Apple, Nvidia and Microsoft rose less than 1% as they continue to vie for the market valuation crown.
Tesla, a Magnificent Seven stock that's struggled in 2024, opened more than 1% lower after strong gains Monday.
Nvidia stock is on Investor's Business Daily's Leaderboard. GE stock is on SwingTrader. Microsoft stock is on IBD Long-Term Leaders. Nvidia and Palantir stock are on the IBD 50. Nvidia and Super Micro stock are on the IBD Big Cap 20.
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Stock Market Today: Leaders In Buy Areas
Palantir stock jumped 6.2% on Monday to 25.02, breaking decisively above a downtrend and clearing very short-term levels. On Monday, Argus Research initiated coverage of the data-analytics software maker with a buy rating and 29 price target, citing growing sales to commercial clients.
Palantir stock has a 27.50 consolidation buy point.
Super Micro stock surged 5.1% to 887.41 on Monday, rebounding from the 50-day line and at least testing a trendline going back to the March 8 peak of 1,229. SMCI stock is trying to build the right side of a deep base.
GE Aerospace stock ran 4.7% to 163.23, retaking the 50-day line after tumbling below that key level on Thursday for the first time this year. The aerospace giant broke a short downtrend, offering an early entry. GE stock has a 170.80 buy point from a flat base, the first consolidation since nearly doubling from a November breakout. Shares dipped slightly before Tuesday's open.
Megacap Stocks
Apple stock popped 2% to 216.67 on Monday, extending last week's powerful breakout to record highs as the Dow giant unveiled its long-awaited AI strategy. Shares were up 0.3% in premarket trade on the stock market today.
Nvidia stock fell 0.7% to 130.98 on Monday, reversing from record highs. The AI chip leader climbed 0.4% before Tuesday's open.
Microsoft stock gained 1.3% to 448.37 on Monday, rising within a buy zone from a 430.82 flat-base entry, according to MarketSurge.
Microsoft retained its market cap crown with a $3.332 trillion valuation, just above Apple stock's $3.322 trillion market cap. Nvidia stock is close behind at $3.223 trillion.
Stock Market Today: Tesla
Tesla China electric vehicle registrations were 11,700 in the week ended June 16 vs. 12,000 in the prior week and 15,000 in the week before despite generous incentives, according to online reports. China sales are on track to fall in the second quarter vs. a year earlier as the EV giant's aging models face intense competition in that nation.
Tesla stock fell 0.9% in morning trading.
Shares raced 5.3% higher to 187.44 on Monday, rebounding from the 21-day moving average. Also, Tesla stock has a 198.87 consolidation buy point forged just above the 50-day line. Shares are still below the 200-day line and in a long downtrend.
As of Monday, the Tesla Model 3 Long Range variant qualifies for the $7,500 IRA tax credit in the U.S., joining the high-end Performance variant. But the base Rear-Wheel Drive variant does not. Along with a $250 price cut, the Model LR now starts at $39,990 after the IRA credit.
Also, Chief Executive Elon Musk said on his social site X on Monday that his Master Plan 4 will be "epic."
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