Dow Jones futures and other major stock indexes traded modestly higher Monday as markets look toward a possible signal this week from Federal Reserve Chairman Jerome Powell about interest rates. Nvidia (NVDA) rival Advanced Micro Devices (AMD) ticked higher on the stock market today after it agreed to acquire an artificial intelligence hardware maker.
↑ X NOW PLAYING How This Week Changed Our Outlook; Ferrari, Costco, DaVita In Focus
Ahead of the opening bell, Dow Jones futures were marginally higher, while S&P 500 futures and tech-focused Nasdaq 100 futures each rose 0.1% in morning action.
Early Monday, the 10-year Treasury yield ticked higher to 3.9%. Oil prices dropped, as West Texas Intermediate futures fell near $76.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.2%, as the SPDR S&P 500 ETF (SPY) added a fraction ahead of the open.
Early Monday, shares of Nvidia rival AMD pared gains and were up only 0.5% after the company agreed to acquire ZT Systems in a cash-and-stock deal valued at $4.9 billion.
AMD Chief Executive Lisa Su said in the press release that the purchase “will enable AMD to deliver end-to-end data center AI infrastructure at scale.” AMD shares had jumped more than 2% at one point.
Wake-Up Calls Still Ringing For Nvidia, Google, Meta And More
Stock Market Today: Jackson Hole Meeting
The spotlight this week will shift to Jackson Hole, Wyo., for the Kansas City Federal Reserve’s annual economic symposium, which runs Thursday through Saturday.
Fed Chair Powell, set to speak Friday morning, is generally expected to signal a 25-basis-point cut to the federal funds rate in September. Markets, however, figure almost a 26% probability of a half-point decrease.
Key earnings movers this week include Target (TGT), Burlington Stores (BURL), TJX (TJX) and Ross Stores (ROST). Meanwhile, Baidu (BIDU) heads up a heavy contingent of reports from China-based leaders. Toll Brothers (TOL) highlights a big week for the real estate industry.
Onslaught Of Selling Hammers Nvidia Stock And More. But Rays Of Hope Emerge.
Dow Jones Extends Rally
On Friday, the Dow Jones Industrial Average, S&P 500 and the tech-heavy Nasdaq composite all gained 0.2%.
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Nvidia Cracks Deepen. Don’t Ignore Earlier Wake-Up Calls.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Birkenstock (BIRK), Cava (CAVA), Ferrari (RACE) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and UnitedHealth (UNH).
There was one new stock on IBD MarketSurge‘s “Breaking Out Today” list Friday. Fortinet (FTNT) broke out past a 73.91 buy point. Shares added 0.1% Monday premarket.
Further, there are a handful of stock ideas on the site’s “Near Pivot” list. These are top stocks nearing new buy points, like Intuit (INTU). Intuit stock is just below a 674.34 cup-with-handle entry. Shares jumped 2.2% Monday.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. Shares added 0.2% Monday morning.
Meanwhile, IBM is approaching its latest entry, a cup-with-handle buy point at 196.26. IBM stock edged lower Monday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line last week. That also offers a buying opportunity for more aggressive investors. Shares are just above a 98.69 entry. Cava stock rose 0.8% early Monday. It is a stock on the IBD SwingTrader list.
Birkenstock is in buy range past a 61.83 flat-base buy point following last week’s breakout move. Shares gained 0.6% early Monday.
Shares of automaker Ferrari are breaking out past a 442.80 buy point from a flat base. Ferrari is an IBD Leaderboard stock. Shares added 0.2% Monday morning.
Shake Shack is breaking out past a cup-with-handle entry at 105.68. But shares tumbled more than 3% Monday morning on a Piper Sandler downgrade.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 15
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia added 0.1%, while Tesla (TSLA) rose 0.3% in premarket trading.
Nvidia stock climbed another 1.4% Friday, extending a win streak to five days and moving further above its critical 50-day line. If Nvidia can hold above this level, then it will soon offer an additional proper entry. But if the stock gives it up in heavy volume, then further weakness is likely.
Tesla stock raced added 0.9% Friday, further above the 50-day line for the first time since Aug. 2. Shares of the electric-vehicle giant could be tracing the right side of a new base, but it is early in the process.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed ahead of Monday’s stock market open.
Amazon shares decisively reclaimed their long-term 200-day line during recent gains. The stock rose 0.5% Monday morning.
Apple stock is back above its 50-day line amid a seven-day win streak. Last week, shares triggered the round-trip sell rule from a 199.62 buy point. Apple edged lower Monday.
Microsoft shares are back above the 200-day line despite Friday’s losses. And on Monday morning, the stock inched higher.
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.
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