The Dow Jones Industrial Average and other major indexes traded lower in premarket action Tuesday amid November retail sales numbers that gave a mixed picture. An early loser on the stock market today was Nvidia (NVDA), while Tesla (TSLA) was headed for more record highs Tuesday.
Ahead of the opening bell, Dow Jones futures dropped 0.5% vs. fair value, as S&P 500 futures fell 0.4%. Tech-heavy Nasdaq 100 futures moved down 0.3% in morning trades.
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Early Tuesday, the 10-year Treasury yield ticked higher to 4.41%. Oil prices dropped more than 1%, as West Texas Intermediate futures traded around $69.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.2%, while the SPDR S&P 500 ETF (SPY) moved 0.3% lower ahead of the open.
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Nvidia stock sold off 1.8% Monday, hitting its lowest level since Oct. 15 and triggering the 7% loss rule below a 140.76 buy point. That’s a sell signal and a warning that the stock isn’t acting right following a mid-October breakout move. Shares also closed further below their 50-day moving average, a key level to watch.
Nvidia stock tumbled another 2% in premarket trading Tuesday.
Tesla raced more than 6% higher Monday. The Elon Musk-led company topped out at 463.19, about 75% above a 264.86 buy point in a cup with handle. The electric-vehicle giant rallied 2.4% in premarket trading Tuesday, on pace for more record highs.
Helping the cause was analyst firm Mizuho, which upgraded Tesla stock from neutral to outperform early Tuesday and raised its price target to 515 from 230.
Early Tuesday, the Commerce Department’s November retail sales rose 0.7%, above the 0.5% Econoday estimate. Excluding autos, however, sales rose 0.2%, below the 0.4% estimate.
Meanwhile, the Federal Reserve’s two-day policy meeting kicks off Tuesday. There is a 97% chance the Fed will cut rates 25 basis points, according to the CME FedWatch Tool, during Wednesday’s rate announcement.
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Dow Jones Extends Losing Streak
On Monday, the Dow Jones Industrial Average declined 0.3%, while the S&P 500 climbed 0.4% and the Nasdaq advanced 1.2% to hit another record high.
Among the best companies to watch on the stock market today are BlackRock (BLK), Manhattan Associates (MANH) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and Nvidia.
BlackRock is featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge‘s “Breaking Out Today” list for top growth stocks that are moving above correct buy points. 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: IBM Nears Buy Point
Dow Jones leader IBM is just below a 237.37 buy point in a cup base, according to MarketSurge pattern recognition. Shares were flat Tuesday.
Outside the Dow Jones index, BlackRock is barely under a 1,068.34 buy point in a four-weeks-tight pattern. BlackRock stock dipped 0.4% in premarket trading Tuesday.
Manhattan Associates gave up its 306.63 handle entry following recent losses. Shares rose 0.5% Tuesday morning.
Nvidia chipmaker Taiwan Semiconductor closed Monday within striking distance of a 205.63 cup-with-handle buy point. Shares slipped 1% early Tuesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | (BLK) | 1,068.34 | Tight area |
| IBM | (IBM) | 237.37 | Cup base |
| Broadcom | (AVGO) | 185.05 | Double bottom |
| Manhattan Associates | (MANH) | 306.63 | Handle entry |
Source: IBD Data as of Dec. 16
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which has rallied sharply in recent weeks. During that advance, the e-commerce giant decisively regained a 201.20 buy point and hit new highs. It slipped 0.2% in premarket trading Tuesday.
Shares of Apple are moving out of buy range above a flat base’s 237.49 entry as they hit new highs Monday. The stock lost 0.2% Tuesday morning.
Microsoft shares dipped 0.3% Tuesday morning. Last week, the stock reached its highest level since mid July.
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.
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