The Dow Jones Industrial Average and the other major stock indexes traded lower Monday, as Wall Street looked toward Tuesday's presidential election as well as the Federal Reserve's interest rate decision on Thursday. Nvidia stock jumped on the stock market today after its announced inclusion in the Dow Jones Industrial Average.
After the opening bell, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 inched lower. The tech-heavy Nasdaq composite traded down 0.2% in morning trading.
Early Monday, the 10-year Treasury yield dropped to 4.28%. Oil prices jumped 3%, as West Texas Intermediate futures traded around $71.60 per barrel after OPEC+ decided to delay plans to increase output by a month.
Among exchange traded funds, the Invesco QQQ Trust declined 0.2%, as the SPDR S&P 500 ETF moved down 0.1% after the open.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Nvidia Jumps On Dow 30 Inclusion
Late Friday, S&P Dow Jones Indices announced that Nvidia will replace chipmaker Intel in the Dow Jones Industrial Average. Sherwin-Williams will take the place of Dow Inc.. The changes will take place before the open on Friday, Nov. 8.
Nvidia stock rallied 1.5% in early trading, looking to add to Friday's 2% rebound. It's now back below a 140.76 buy point. Nvidia reports third-quarter results on Nov. 20.
Intel shares dropped 3%. Sherwin Williams rallied 4.4%. And Dow Inc. declined 1.5% in early action.
Stock Market Today: Election, Fed Meeting
This week, investor attention shift to Tuesday's election results, with the presidential race too close to call.
On the economic front, the Fed's interest rate decision is due out Thursday, with a 25-basis-point cut seen as nearly certain by the CME FedWatch Tool. Post-meeting comments from Fed Chair Jerome Powell could also move the stock market.
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Best Stocks To Watch
On Friday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 gained 0.4% and the Nasdaq composite moved up 0.8%.
During Friday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale, GoDaddy and MercadoLibre.
Notable Dow Jones components are Amazon.com, Apple, Goldman Sachs and Microsoft.
Goldman and Tesla were featured in the Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge's "Breaking Out Today" list Friday. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Goldman Sachs Reclaims Buy Point
Dow Jones financial leader Goldman Sachs remains above its 517.26 buy point, according to MarketSurge pattern recognition. Shares fell 1% in the stock market today.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, but it threatens to give up support around the 50-day moving average. Costco stock traded up a fraction early Monday.
GoDaddy is trying to break out above a cup-with-handle entry at 166.17, but declined 2.1% Friday. Shares fell another 0.1% Monday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is right at the 50-day moving average. Shares rose 0.6% early Monday. MercadoLibre is due to report third-quarter results on Wednesday.
Nvidia Still King, But This 'Big Daddy' Crushes All Other Mag 7 Stocks
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 |
|---|---|---|---|
| Ferrari | 498.23 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| MercadoLibre | 2,161.73 | Flat base | |
| Uber Technologies | 82.14 | Consolidation |
Source: IBD Data as of Oct. 28
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet moved down 1.4% in morning trading on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.
Meta Platforms continues to pull back to its 50-day moving average line, a support level to watch. Shares lost 0.7% Monday.
On Oct. 25, electric-vehicle giant Tesla broke out past a 264.86 buy point in a cup with handle. But shares fell further below that entry Friday, with a 0.4% decline. Tesla stock skidded another 2.3% Monday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock gave up 0.9% Monday following last week's earnings-fueled gains. On Friday, shares of the e-commerce giant jumped above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant's high-water mark.
Shares of Apple closed Friday further below its 50-day line in the wake of the company's earnings report. Apple stock fell another 0.6% Monday morning.
Microsoft shares fell 0.4% Monday morning. Last week, shares of the software giant dived through their 50-day and 200-day lines, triggering a sell signal, after the company's earnings results.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
