Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. After the close Monday, artificial intelligence leader Palantir Technologies (PLTR) plunged on first-quarter earnings results, while Apple’s “Let Loose” event is set to take place on Tuesday.
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Late Monday, Palantir reported reported in-line quarterly earnings and higher sales numbers than expected. But shares plunged more than 10% in extended trade before they cut losses to about 6%. Shares of the AI leader surged 8.1% Monday to retake their 50-day line.
Other key earnings movers include Axon Enterprise (AXON), Lucid Motors (LCID), Microchip (MCHP) and Vertex Pharmaceuticals (VRTX).
Axon shares dropped almost 1%, while Lucid stock skidded nearly 7%. Microchip shares sold off 4%. And Vertex stock climbed nearly 1% in extended trade.
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 climbed 1%. The tech-heavy Nasdaq composite gained 1.2%.
Chipotle Mexican Grill (CMG), NXP Semiconductor (NXPI), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones components American Express (AXP) and Merck (MRK) — are among the best companies to watch on the stock market today.
And Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) ended mixed in today’s stock market, with Apple down 0.9% and Microsoft up 1.7%.
Chipotle and Merck featured in this Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and tech-heavy Nasdaq 100 futures were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield ticked lower to 4.48%. And oil prices rose, as West Texas intermediate futures settled around $78.60 a barrel.
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Stock Market Today: What To Do Now
Now is an important time to read IBD’s The Big Picture column amid the recent stock market gains. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.
On Monday’s IBD Live show, the IBD Live team discussed last week’s strong action, with the Nasdaq reclaiming the 50-day line. Once again, the Nasdaq’s strong price gain came on slightly lower volume, but the panel explained why IBD raised market exposure.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Notably, Duolingo (DUOL) broke out past a cup base’s 245.59 buy point. Meanwhile, the MarketSurge “Near Pivot” list shows 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. These features identify bullish patterns and buy points and are available to check every day.
Dow Jones: American Express, Merck
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound placed the software leader in a new buy area. And shares are also climbing above a 231.69 entry in a short consolidation.
Meanwhile, drug giant Merck is building a flat base that has a 133.10 entry.
4 Top Growth Stocks To Watch In The Stock Market Action
Outside the Dow Jones index, Chipotle moved up another 1.4% Monday, ending further above a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge.
NXP Semiconductors closed Monday in buy range past a double-bottom buy point at 251.96.
Texas Roadhouse advanced out of buy range above a flat base’s 157.12 buy point, with a 2.5% rally Monday.
Tradeweb is breaking out past a flat base’s 108.04 buy point. That places the stock in a new buy area.
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Stocks 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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of May 5, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) advanced 3.8% and 2%, respectively, Monday.
Nvidia stock rallied further above the 50-day line Monday, continuing to build a base that has a 974 buy point. Meanwhile, an early buy trigger looms is in play at 888.19, which was the high on April 30. The AI giant is an IBD Leaderboard stock.
Tesla stock extended a win streak to three sessions Monday, finding support at the 50-day line following last week’s surge.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple stock slipped 0.9% Monday, giving back a part of Friday’s gains. Shares are back above their 200-day line and forming the right side of a new base.
The Apple “Let Loose” event will start 10 a.m. ET Tuesday. Two new iPad Pro models are expected, the 11 -inch and the 12.9-inch models, according to Forbes. Meanwhile, there is expected to be a new design that changes the look of the tablets for the first time in more than three years.
Microsoft shares rallied 1.7% Monday, right at their 50-day line. The software giant is building a new flat base that has a 430.82 buy point and the 50-day line will be a key hurdle.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
