Dow Jones futures and the other major stock indexes fell Tuesday as investors awaited comments from Federal Reserve Chairman Jerome Powell expected later in the morning. Expectations also surround the electric vehicle giant Tesla (TSLA), which is widely expected to report delivery figures on the stock exchange today.
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Markets hold firm after Friday’s turnaround; Meta, Ollie’s, Synopsys in focus
Before the opening bell, futures on the Dow Jones Industrial Average fell 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.
On Tuesday morning, the 10-year Treasury yield fell to 4.45%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $84 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.5%, while the SPDR S&P 500 ETF (SPY) was down 0.4% pre-open.
Tesla shares fell 1.9% in premarket trading today. Tesla rose more than 6% on Monday, closing at its highest level since late January and breaking through the 200-mark.
The electric vehicle maker’s second-quarter deliveries are due Tuesday morning. Analysts on Monday were forecasting a total of 436,000 vehicles delivered globally, according to FactSet. At the end of May, Wall Street expected 448,000 deliveries for the three-month period, but estimates have since fallen 3%.
The current estimate would be down 6.5% from last year’s 466,140 deliveries. But it would be up 13% from 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, being held in Portugal. The policy panel discussion begins at 9:30 a.m. ET.
Other labor market data out Tuesday includes the Job Openings and Labor Turnover Survey, or JOLTS, due out at 10 a.m. ET. The number of job openings is expected to fall to 7.9 million in May, down from 8.059 million in April.
The markets are closed on Thursday for Independence Day.
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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 tech-heavy Nasdaq composite climbed 0.8%.
Investor’s Business Daily’s Big Picture column said: “Overall, session moves across broader indexes were mild. Daily swings may be limited by the fact that the stock market closes Thursday for the July 4 holiday. But don’t ignore key economic data coming later this week, including the June nonfarm employment report.”
During Monday’s IBD Live broadcast, the IBD Live team discussed current trading conditions and how investors should approach the stock market today.
This is an important time to read The Big Picture column, amid the ongoing stock market action. Also read how to adapt to changing market conditions, with IBD’s new exposure levels.
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Stock Market Today: Best Stocks to Watch
Burlington stores (BURL), Caravan (CVNA number), Domino’s Pizza (DPZ) and Meta platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL certificate), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Manulife Financial (MFC) breaks through a buy point of 26.81 in a flat base.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. For more stock ideas, check out IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base of 133.10, according to MarketSurge pattern recognition. Amgen rose slightly in premarket. And JPMorgan broke out past a 205.88 flat-base entry. The bank leader was Monday’s IBD Stock Of The Day. Shares were down 0.3% in early trading.
Outside the Dow, Burlington Stores was flat in premarket trading, in a buying range above a 232.69 cup-base entry despite recent losses. Carvana is well below a 129 buy point in a cup base after Monday’s losses. Carvana shares fell another 1.1% Tuesday morning.
Pizza maker Domino’s is following a flat base with a buy point of 542.75. Shares were flat in Tuesday’s premarket.
And Meta shares are trying to break out above a 514.01 buy point in a cup-with-handle base, but Friday’s drop sent the stock back below that entry. The Facebook and Instagram parent company is an IBD Leaderboard stock. Meta shares were down 0.7% early Tuesday.
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Stock Market Today: Companies to Watch
These are four stocks that are in or near buy territory on the current stock market.
| Company Name | Symbol | Right point of purchase | Point of sale type |
|---|---|---|---|
| Caravan | (CVNA number) | 129 | Cup base |
| Dominoes | (DPZ area) | 542.75 | Flat base |
| Meta platforms | (META text) | 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 leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia
Of the Magnificent Seven stocks, Nvidia shares fell more than 1% premarket Tuesday. The market leader rebounded after two days of losses on Monday, rising 0.6%.
Shares remain well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Of the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were lower ahead of the stock market’s open on Tuesday.
Amazon breaks out past a 191.70 buy point into a flat base after a recent rebound from the 50-day line. Amazon shares fell 0.1% premarket Tuesday.
Apple shares rose 2.9% on Monday to close just below record highs. Shares have extended above the 199.62 buy point of a cup base. Apple fell 0.5% on Tuesday.
Microsoft shares rose 2.2% on Monday, rising above a flat base’s 430.82 buy point and hitting new highs. And early Tuesday, the stock lost 0.5%.
Follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more information about growth stocks, the Dow Jones Industrial Average and today’s stock market.
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