The Dow Jones Industrial Average and other major stock indexes traded mixed Monday, ahead of this week’s critical earnings report from Nvidia (NVDA). An early winner on the stock market today was Tesla (TSLA).
Ahead of the opening bell, Dow Jones futures fell 0.1% vs. fair value, while S&P 500 futures rose 0.1%. Tech-heavy Nasdaq 100 futures traded up 0.3% in morning trading.
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Early Monday, the 10-year Treasury yield rose to 4.45%. Oil prices climbed, as West Texas Intermediate futures traded around $67.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.4%, while the SPDR S&P 500 ETF (SPY) moved up a fraction ahead of the open.
Chip giant Nvidia sold off 3.3% Friday, sliding from recent record highs. And shares extended those losses Monday morning, down nearly 2%. Nvidia stock is testing a 140.76 buy point.
Nvidia is scheduled to report earnings late Wednesday. For the fiscal fourth-quarter, Wall Street currently expects Nvidia to earn 75 cents a share, up 86%, on sales of $33.1 billion, up 83%, per IBD MarketSurge data.
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Tesla stock surged nearly 6% early Monday on news that President-elect Donald Trump’s transition team wants a federal framework for self-driving vehicles. Shares of the electric-vehicle giant rallied 3.1% Friday, but still posted a loss for the week.
Key earnings reports this week include those of retailers Walmart (WMT) and Target (TGT)
Elsewhere, investors are awaiting a lighter week of economic news. The focus will be on housing, though the numbers will be largely dated, given the six-week climb in mortgage rates — back to 7% for the first time since early July. Housing starts and building permits for October are out Tuesday.
Existing home sales will be reported on Thursday. Meanwhile, S&P Global’s preliminary indexes for the manufacturing and services sector, out Friday, provide an early indicator of the pace of economic growth for November.
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Dow Jones Slides
On Friday, the Dow Jones Industrial Average declined 0.7%, while the S&P 500 dropped 1.3% and the Nasdaq composite sold off 2.2%. The small-cap Russell 2000 index fell 1.4%, its fourth straight day of sharp losses.
Among the best companies to watch on the stock market today are Broadcom (AVGO), Costco Wholesale (COST), Deckers Brands (DECK) and FanDuel parent Flutter Entertainment (FLUT).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT) and Salesforce (CRM).
Salesforce and Broadcom featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge‘s “Breaking Out Today” list Friday due to the recent market weakness. 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: Salesforce Pulls Back
Dow Jones software leader Salesforce is back in buy range above a 318.71 buy point, according to MarketSurge pattern recognition. Shares bounced 0.5% higher on Monday.
Outside the Dow Jones index, artificial intelligence giant Broadcom is below support around its 50-day line, as it continues to build a flat base that has a 186.42 alternative entry. Broadcom shares rose 0.2% Monday.
Heico is testing support at its flat base’s 269.38 buy point and is a recent IBD Stock Of The Day. Shares climbed 0.2% early Monday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base. Shares were up marginally Monday.
Shares of Flutter jumped past a 252.84 buy point in a flat base during last week’s jump to new highs. The stock dipped 0.5% Monday morning.
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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) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| Broadcom | (AVGO) | 186.42 | Handle entry |
| Deckers Brands | (DECK) | 172.57 | Handle entry |
Source: IBD Data as of Nov. 12
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Magnificent Seven Stocks: Alphabet, Meta
Among Magnificent Seven stocks, Alphabet (GOOGL) rose 0.6% in premarket trading. Shares are below a 182.02 buy point in a cup with handle following a short-lived breakout attempt.
Meta Platforms (META) gave up its 50-day line last week, but is still near a flat base’s 602.95 buy point. Shares edged lower Monday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock tumbled 4.2% Friday, but moved up 0.6% in morning trading Monday. Amazon shares are just above a consolidation’s 201.20 buy point.
Shares of Apple are vacillating above and below their 50-day line, as they continue to consolidate after a new high on Oct. 15. The stock gained 0.4% Monday morning.
Microsoft shares moved up 0.2% Monday morning. The stock remains below its 50-day line, a key level to watch.
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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