Finance
Stock market today: Dow Jones is ahead of Powell’s speech; Tesla delivery numbers due
Dow Jones futures and the other major stock indexes fell on Tuesday as investors awaited comments from Federal Reserve Chairman Jerome Powell, due later in the morning. There is also anticipation for the electric car giant Tesla (TSLA), which is widely expected to report delivery numbers to the stock market today.
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Markets hold steady after Friday’s reversal; Meta, Ollie’s, Synopsys in focus
Before the opening bell, futures on the Dow Jones Industrial Average were down 0.3% from fair value. Futures on the S&P 500 lost 0.4%, while the tech-focused Nasdaq 100 fell 0.6% in premarket trades.
Early Tuesday, the interest rate on ten-year government bonds fell to 4.45%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $84 a barrel.
Among US exchange-traded funds, Invesco QQQ Trust (QQQ) fell 0.5%, while the SPDR S&P 500 ETF (SPY) fell 0.4% before the open.
Tesla shares fell 1.9% on the stock market in premarket trading today. On Monday, Tesla rose more than 6%, closing at its highest level since late January and breaking the 200 level.
Deliveries for the electric vehicle manufacturer’s second quarter will take place Tuesday morning. Analysts forecast a total of 436,000 vehicles delivered worldwide as of Monday, according to FactSet. In late May, Wall Street called for 448,000 deliveries for the three-month period, but estimates have since fallen 3%.
The current estimate would be 6.5% lower compared to last year’s 466,140 deliveries. But it would be an increase of 13% compared to the first quarter of this year.
Stock market today: Powell speech
On Tuesday, Fed chief Powell will speak at the European Central Bank Forum on Central Banking, held in Portugal. The policy panel discussion begins at 9:30 a.m. ET.
Other labor market data Tuesday includes the Job Openings and Labor Turnover Survey, or JOLTS, due out at 10 a.m. ET. The number of vacancies is expected to fall to 7.9 million in May, down from 8.059 million in April.
Meanwhile, markets will be closed on Thursday for the Independence Day holiday.
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Dow Jones rises
On Monday, the Dow Jones Industrial Average rose 0.1% and the S&P 500 rose 0.3%. The technology indicator Nasdaq climbed 0.8%.
Investor’s Business Daily’s Big Picture column said: “Overall, moves in the broader indices were mild during the session. The daily swings could be limited by the fact that the stock market will close on Thursday for the 4 July. But don’t do that.” t ignores important economic data coming later this week, including June nonfarm payrolls.”
During Monday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.
This is an important time to read The Big Picture column amid the continued action in the stock market. Also learn how to adapt to changing market conditions, with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF market strategy
Stock market today: the best stocks to watch
Burlington Stores (BUL), Carvana (CVNA), Domino’s Pizza (DPZ) And Metaplatforms (META) – plus Dow Jones components Amazon (AMZN), Apple (AAPL), Amgen (AMGN) And Microsoft (MSFT) – are among the best companies to watch in the stock market today.
In IBD MarketSurges “Breaking Out Today” list, Manulife financial (MFC) breaks past a 26.81 buy point on a flat base.
look at the MarketSurge List ‘Near Pivot Point’ for stocks that are basically approaching their buy points. For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards
Dow Jones: Amgen breaks out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break past 133.10 from a cup-with-handle base, according to MarketSurge Pattern Recognition. Amgen moved to a higher premarket. And JPMorgan broke past a 205.88 flat-base entry. The bank leader was Monday’s IBD Stock Of The Day. Shares fell 0.3% in early trading.
Outside the Dow Jones Industrial Average, Burlington Stores traded flat in premarket trading, in a buy range above a cup base of 232.69, despite recent losses. Carvana is squarely under a 129 buy point in a Cup base after Monday’s losses. Carvana stock fell another 1.1% Tuesday morning.
Pizza maker Domino’s traces a flat base with a buy point of 542.75. Shares were flat in the premarket on Tuesday.
And Meta stock is trying to break out above a 514.01 buy point on a cup-with-handle basis, but Friday’s decline sent the stock back below that level. The Facebook and Instagram parent is a IBD Leaderboard Stocks. Meta shares fell 0.7% early Tuesday.
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 purchase point | Purchase point type |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Dominoes | (DPZ) | 542.75 | Flat base |
| Metaplatforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD data as of June 27, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Beautiful seven stocks: Nvidia
Of the Magnificent Seven shares, Nvidia shares fell more than 1% on Tuesday. The market leader recovered on Monday after two days of losses and rose 0.6%.
Shares remain sharply above a split-adjusted alternative buy point at 97.40. The leader in artificial intelligence is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were trading lower ahead of Tuesday’s stock market open.
Amazon is breaking past a 191.70 buy point on a flat base after a recent rebound from the 50-day line. Shares of Amazon fell 0.1% premarket on Tuesday.
Apple shares rose 2.9% on Monday to close just shy of record highs. The stock is extended above the 199.62 buy point of a cup basis. Apple fell 0.5% on Tuesday.
Shares of Microsoft rose 2.2% on Monday, further above the 430.82 buy point on a flat basis and hitting new highs. And early Tuesday, the stock lost 0.5%.
Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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