BREAKING: Futures Fall With S&P 500 At Record Highs
The Dow Jones Industrial Average dropped Tuesday, as Wall Street reacted to earnings reports from index components Home Depot (HD) and Walmart (WMT). Meanwhile, artificial intelligence leaders Nvidia (NVDA) and Super Micro Computer (SMCI) dived on the stock market today.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 dropped 0.7%. The tech-heavy Nasdaq composite was down 1.4% in morning trading.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) ETF was down 0.6%, as the SPDR S&P 500 ETF (SPY) fell 0.4%.
The 10-year Treasury yield inched down to 4.26%. Further, oil prices continue to hold near their recent highs, as West Texas Intermediate futures were slightly lower, trading around $78.20 a barrel.
This week, investors will be focused on the latest minutes from the Federal Reserve, due Wednesday, to gain insight into the future path of interest rates. Atlanta Fed President Raphael Bostic spoke out Thursday to say he sees two rate cuts ahead in 2024, though he also said he will “adjust and adapt” if inflation falls faster than expected. Bostic is a voting member of the Federal Open Market Committee.
After Tuesday’s open, Home Depot sold off 2% in morning trade despite reporting better-than-expected fiscal fourth-quarter earnings.
Walmart rallied 5% after the discount retailer reported better-than-expected fiscal fourth-quarter earnings early Tuesday, but gave a mixed outlook. The Dow Jones retail giant also said it would buy television maker Vizio for $2.3 billion.
Also this week, artificial intelligence giant Nvidia, along with Palo Alto Networks (PANW) and e-commerce play MercadoLibre (MELI) are set to report earnings.
Elsewhere, Super Micro dived more than 13% in morning trading. Shares are threatening to extend Friday’s 20% plunge.
On Friday, the Dow Jones Industrial Average declined 0.4%, while the S&P 500 dropped 0.5%. The tech-heavy Nasdaq composite ended the session down 0.8%.
Friday’s Big Picture column commented, “Small caps struggled the most on the stock market, with the Russell 2000 falling 1.4%. It remains above the 2,000 mark, however, and is up about 1% since the start of the year. Growth stocks also were mauled by the bears, with the Innovator IBD 50 (FFTY) exchange traded fund tumbling 1.4%.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. 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
Birkenstock (BIRK), Lennar (LEN), Toll Brothers (TOL) and UiPath (PATH) — plus Dow Jones components Procter & Gamble (PG) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Consumer products giant Procter & Gamble gained 0.3% Friday, rising for a second straight day. Still, shares are just below their 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares were up 0.8% Tuesday.
Amid Tuesday’s early gains, discount retail leader Walmart is moving out of its buy range past a 163.57 entry in a cup with handle..
4 Top Growth Stocks To Watch In The Stock Market Rally
Birkenstock is forging a choppy cup base with a 52.12 buy point, according to IBD MarketSmith. An early entry at 51.09 is also in play. That could transform into a proper handle. Birkenstock shares fell 0.3% Tuesday morning.
Homebuilder Lennar remains below its flat base’s 156.01 buy point amid Friday’s 2.6% drop. Lennar shares lost 0.6% early Tuesday.
Fellow homebuilder Toll Brothers is bouncing from its 50-day line and is approaching a flat base’s 105.91 buy point. Toll stock fell 1% Tuesday.
UiPath dropped 2.8% Friday, further below a 26.53 cup-base entry. UiPath shares fell 1.8% early Tuesday.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven stocks Nvidia and Tesla (TSLA) fell 5.4% and 4.3%, respectively, in morning action Tuesday.
Nvidia shares reversed a fraction lower Friday, still just off record highs and closing more than 40% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla dropped 0.2% Friday, ending a two-day rally. Shares remain at their highest level since Jan. 24.
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower after Tuesday’s stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares dipped 1.1% Tuesday.
Microsoft shares remain out of buy range past a 384.30 buy point in a flat base. The software giant was down 1.3% Tuesday morning.
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.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come
Spot Buy Points And Sell Signals With MarketSmith Pattern Recognition
2/25/2024 Stocks jumped to highs thanks to Nvidia, and The major indexes jumped to highs, but a longer pause would be…
2/25/2024 Stocks jumped to highs thanks to Nvidia, and The major…
The focus on muscle loss while taking weight-loss drugs has intensified. (© Jon Krause)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2024 Investor’s Business Daily, LLC. All rights reserved
Stock Market Today: Dow Jones Falls On Home Depot, Walmart Earnings; Nvidia, SMCI Dive – Investor's Business Daily
Leave a comment