Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were down slightly ahead of the stock market open on Tuesday. Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) rebounded sharply, while Apple shares edged up after the iPhone 16 product launch event.
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Stocks rebound after awful week: Look out for Flutter Entertainment, Axon, and General Dynamics
Shares of artificial intelligence giant Oracle (ORCL) surged more than 6% late Monday after the company reported better-than-expected first-quarter profit and sales results. The stock is trading flat with a 146.59 buy point.
Nvidia and Tesla rebounded 3.5% and 2.6%, respectively. Both Mag 7 stocks remain below their 50-day moving averages.
Apple shares rose slightly on Monday as the company kicked off its annual fall product launch at its headquarters in Cupertino, California. Apple detailed the hardware upgrades, product specifications and pricing of its new devices. The company touted the capabilities of its latest smartphone operating system, iOS 18, including new artificial intelligence features.
In economic news, the Consumer Price Index for August will be in the spotlight on Wednesday, followed by the Producer Price Index on Thursday.
Earnings season is drawing to a close, but there are several notable reports next week, including tech giant Adobe (ABDE) due to report, as well as GameStop (GME) and supermarket giant Kroger (KR).
As Netflix tries to stop buffering and get out of the way, Apple asks for help
Stock market today: Dow Jones Industrial Average rebounds
The Dow Jones Industrial Average rose 1.2% on Monday, bouncing back from Friday’s sell-off. The S&P 500 and tech-heavy Nasdaq Composite Index also rose 1.2% each.
Some companies to watch in the stock market today include Costco Wholesale (COST), Meta Platforms (META), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM), and Uber Technologies (UBER).
The list also includes Dow Jones components Amazon (AMZN), Apple, Home Depot (HD), IBM (IBM), and Microsoft (MSFT).
This “Stocks Near the Buy Zone” column has featured Apple and Uber.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of the open of trading on Tuesday, Dow Jones futures were down 0.1% relative to fair value, while S&P 500 futures were unchanged. Futures for the tech-heavy Nasdaq 100 were down 0.1% relative to fair value. Keep in mind that overnight movements in Dow Jones futures, and other futures, don’t necessarily translate into actual trading in the next regular stock market session.
The yield on the 10-year Treasury note fell to 3.69% on Monday, a 52-week low, according to Dow Jones Market Data. Meanwhile, oil prices rebounded after falling sharply in recent trading, with West Texas Intermediate crude oil futures closing around $68.60 a barrel.
What to do now
As stock market action continues, now is an important time to read IBD’s The Big Picture column, so be sure to check out today’s The Big Picture and today’s updated exposure levels following Monday’s session.
On Monday’s “IBD Live” show, the team discussed current trading conditions as the stock market continues to recover.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list, which displays the MarketSurge Growth 250 stocks that are breaking out above a buy point, while MarketSurge’s “Near Pivot” list displays additional stocks that are approaching a buy point on the base.
To find more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and can be checked daily.
While Nvidia stumbles and Tesla plummets, this Mag 7 stock is ripe for a breakout
Dow Jones: Home Depot, IBM
Among Dow components, Home Depot is just below its handle buy point of 378.58, while IBM is even higher than its cup-with-handle buy point of 196.26 at its latest entry, according to MarketSurge Pattern Recognition.
Outside the Dow Jones index, retail giant Costco remains below its cup entry price of 896.67 despite rising 2.1% on Monday, while streaming giant Netflix is below its closing cup buy point of 697.49 following last week’s decline.
Also, Taiwan Semiconductor Manufacturing is producing a cup with handle entry at 175.45 but is below its 50-day line. Finally, Uber stock is near a double bottom entry at 75.40.
Nvidia loses to Apple and Microsoft. Tesla overtakes Broadcom.
Stock Market Today: Companies to Watch
These are four stocks that are in or near the buy zone on the stock market today.
Company Name Symbol Correct Buy Point Type of Buy Point Ferrari (RACE) 442.80 Flat Base Taiwan Semiconductor (TSM) 175.45 Cup with Handle ServiceNow (NOW) 850.33 Flat Base Uber Technologies (UBER) 75.40 Double Bottom Source: IBD Data, as of September 9
7 Great Stocks: Meta, Alphabet
Two of the Magnificent Seven stocks, Meta Platforms and Alphabet (GOOGL), bifurcated on Monday.
Shares of social media leader Meta rose 0.9% on Monday as the stock tried to find some much-needed support at its 50-day line.
Shares of search giant Alphabet fell another 1.5% on Monday, falling further below its long-term 200-day mark to its lowest level since mid-March.
Dow Jones Leaders: Amazon, Microsoft
Among the Dow Jones Magnificent Seven stocks, Amazon, Apple and Microsoft ended mixed on Monday.
Amazon shares are trying to stem a decline near their 200-day line and were up 2.3% on Monday.
Microsoft shares rose 1% on Monday and remain below their 200-day mark as a new base is forming.
For more on growth stocks and the Dow Jones Industrial Average, follow Scott Lehtonen at @IBD_SLehtonen on Twitter/X.
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