Dow Jones futures and other major stock indexes bounced Tuesday following Monday’s stock market plunge. During the rebound, Palantir Technologies (PLTR) and Uber Technologies (PLTR) were early earnings winners on the stock market today.
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Ahead of the opening bell, Dow Jones futures climbed 0.4% vs. fair value. S&P 500 futures also rose 0.4% as did tech-focused Nasdaq 100 futures climbed 0.5% in morning action.
Early Tuesday, the 10-year Treasury yield rose to 3.83%. Oil prices inched lower, with West Texas Intermediate futures trading around $72.45 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.5%, while the SPDR S&P 500 ETF (SPY) rose 0.5% before the open.
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Stock Market Today: Palantir, Uber Earnings
Artificial intelligence leader Palantir vaulted more than 12% in premarket trading after the company reported strong second-quarter earnings results and raised its full-year revenue outlook.
Meanwhile, Uber stock jumped nearly 9% after the company reported better-than-expected results for its second quarter early Tuesday.
Other key earnings movers Tuesday morning included Caterpillar (CAT), Celsius (CELH), Planet Fitness (PLNT) and TransDigm (TDG).
Caterpillar shares ticked up a fraction, while Celsius advanced 3.7%. Planet Fitness stock surged more than 8%. And TransDigm rallied 3.4% in early morning trading.
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Dow Jones Extends Sell-Off
On Monday, the Dow Jones Industrial Average dropped 2.6%, while the S&P 500 lost 3%. The tech-heavy Nasdaq composite plunged 3.4%.
During Monday’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.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Ferrari (RACE), MercadoLibre (MELI), ServiceNow (NOW) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Amgen (AMGN), Apple (AAPL), IBM (IBM) and Microsoft (MSFT).
There was only new stock on IBD MarketSurge‘s Breaking Out Today list Monday, namely MercadoLibre. MercadoLibre is attempting a breakout past a 1,792.05 buy point in a cup with handle, as shares inched lower Monday. Shares climbed 0.4% early Tuesday.
Check out the MarketSurge “Near Pivot” list for more stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Amgen, IBM
Among Dow Jones components, biotech giant Amgen is in buy range above a cup-with-handle base’s 322.60 entry, according to MarketSurge pattern recognition. Earnings are due late Tuesday. Shares edged up premarket Tuesday.
Meanwhile, IBM staged a breakout in recent weeks following the company’s earnings report. Shares are below a 189.47 cup-with-handle entry following recent losses. IBM stock bounced 0.3% Tuesday.
Outside the Dow Jones index, automaker Ferrari shares were racing toward a 442.80 buy point in a flat base, bullishly regaining their 50-day line last week. Shares lost 2.2% Tuesday morning.
ServiceNow is below a 806.52 handle entry amid a three-day losing streak, but finding support at the 50-day line. ServiceNow added 0.5% early Tuesday.
Shake Shack soared surged last week on earnings, but gave up some more gains Monday. Shares are building the right side of a cup base that has a 111.29 buy point. Shares gained 1.4% Tuesday 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 |
|---|---|---|---|
| MercadoLibre | (MELI) | 1,792.05 | Cup with handle |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Spotify | (SPOT) | 331.08 | Flat base |
Source: IBD Data as of Aug. 5
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) rebounded 2.2% and 1.6%, respectively, in premarket trading.
Nvidia stock plunged as much as 15.5% Monday before cutting losses to close down 6.4%. Shares hit their lowest level since mid-May.
Tesla stock skidded another 4.2% Monday, falling below the 50- and 200-day lines.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed ahead of Tuesday’s stock market open.
Amazon shares declined 4.1%, giving up their long-term 200-day line. The stock rose a fraction Tuesday morning.
On Monday, Apple stock sold off 4.8%, triggering the round-trip sell rule from a 199.62 buy point. Shares closed below their 50-day line. Apple dropped another 1.6% Tuesday.
Microsoft shares lost 3.3% Monday, falling below their 200-day line for the first time since March 2023. And on Tuesday morning, the stock rose 0.9%.
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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