The Dow Jones Industrial Average and the other major stock indexes traded lower Tuesday, as Wall Street reacted to key economic data. Meanwhile, Nvidia and Tesla looked to rebound on the stock market today after giving up their buy points Monday.
After the opening bell, the Dow Jones Industrial Average dropped 0.4%, while the S&P 500 dipped 0.3%. The tech-heavy Nasdaq composite fell 0.2% in morning trading.
Early Tuesday, the 10-year Treasury yield ticked higher to 4.34%. Oil prices came off Monday's lows, but West Texas Intermediate futures held below $68 per barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped 0.2%, as the SPDR S&P 500 ETF lost 0.3% after the open.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Nvidia Stock, Tesla Below Buy Points
Artificial intelligence giant Nvidia declined 0.7% Monday, after being just shy of record highs. It's now back below a 140.76 buy point in a consolidation. Shares fell another 0.7% Tuesday.
Last week, electric-vehicle giant Tesla broke out past a 264.86 buy point in a cup with handle. But shares reversed down 2.5% Monday, giving up their entry. Tesla stock dropped 0.4% Tuesday.
Stock Market Today: Early Movers
Cadence Design Systems, Ford Motor, McDonald's, PayPal and Pfizer were earnings movers Tuesday morning.
Cadence stock jumped 10%, while shares of Ford Motors skidded 8.7%. McDonald's shares rose 0.5%, as PayPal stock sold off 5.5%. Finally, Pfizer moved up 0.7% in morning action.
Meanwhile, D.R. Horton plunged 13%, sparking an industry-wide rout among housing stocks.
And Opera surged more than 8%, breaking out past a 17.25 double-bottom entry.
The Case-Shiller home price index rose 0.4% for the month of August, with a 5.2% year-over-year rise, in line with Econoday estimates. The Federal Housing Finance Agency house price index climbed 0.3% in August, with a 4.2% annual increase. It was anticipated to grow 0.1% in August.
Up next are consumer confidence numbers and the JOLTS report at 10 a.m. ET. The Conference Board's consumer confidence index is expected to rise to 99.1 in October, up from 98.7 in September.
Finally, the Labor Department's JOLTS report is expected to show that job openings fell to 7.9 million in September vs. 8.0 million in August.
Apple Staves Off Fierce Challenge From Nvidia — For Now
Best Stocks To Watch
On Monday, the Dow Jones Industrial Average climbed 0.7%, while the S&P 500 gained 0.3%. And the tech-heavy Nasdaq composite rose 0.3%.
During Monday'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, MercadoLibre, On Holding and Uber Technologies
Notable Dow Jones components are Amazon.com, Apple, Goldman Sachs and Microsoft.
Goldman and Tesla were featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Monday, notably Nu Holdings, which topped a 15.16 buy point. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Nvidia Narrowly Misses Joining This Screen Of 18 Golden Gems
Dow Jones: Goldman Sachs Reclaims Buy Point
Dow Jones financial leader Goldman Sachs regained its consolidation base's 517.26 buy point during Monday's rally, according to MarketSurge pattern recognition. Shares were down 0.4% on the stock market today.
Outside the Dow Jones index, Costco is nearing a 923.83 buy point in a flat base, as it looks for support around the 50-day moving average line. Costco stock traded down 0.3% Tuesday.
Retail giant MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also right at the 50-day moving average. Shares inched higher early Tuesday.
Footwear retailer On Holding is rebounding from its 50-day line. Shares are above an early entry at 50.11 from the Oct. 17 high. The stock fell 1.7% Tuesday morning.
Finally, Uber Technologies has fallen sharply below an 82.14 buy point in a consolidation amid recent losses. Following Monday's slight rise, Uber stock rose 0.8% in Tuesday's early trading. The company reports earnings later this week.
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
Among Magnificent Seven stocks, Alphabet and Meta Platforms rose 0.9% and 0.1%, respectively, in early trading on the stock market today.
Google parent Alphabet is currently holding above support around the 50-day moving average. The stock remains well off its prior highs.
Meta stock hit a new high in recent weeks, rising further above a 544.23 alternate entry, but is now pulling back to its own 50-day line.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock dipped 0.1% Tuesday.
Apple stock broke out above a 233.09 cup-with-handle entry but is just above that buy trigger and attempting to find support around the 50-day line. Shares fell 0.3% early Tuesday.
Microsoft shares bullishly regained their 50-day line during last week's bounce and are near a handle buy point at 441.85. And on Tuesday morning, the stock edged lower.
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.
