Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed before the stock market opened on Tuesday. Artificial Intelligence Repository arm (ARM), Broadcom (AVGO) and Nvidia ( NVDA ) are near buy points on Monday, while Tesla (TSLA) increased.
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This week, Wall Street will turn its attention to Wednesday’s consumer price index for March. Additionally, the minutes of the Federal Reserve’s March policy meeting are due on Wednesday.
Meanwhile, the first-quarter earnings season kicks off this week with reports from major banks. JP Morgan Chase (JPM), Wells Fargo (WFC) and Citigroup (c) with Delta Airlines (DAL).
AI stocks near buy points
The AI chip stock arm is building a consolidation with an official buy point of 164. But investors can use a decisive rebound from the 50-day line as a new buy area. Today’s price action was strong, but the move came on low volume, removing some of the session’s momentum. Watch for large increases in firm volume to indicate institutional support at key levels.
Additionally, more aggressive investors may also use a move above the 145 price level, the stock’s high in late March, as an early buying trigger.
AI stock Broadcom is forming a short consolidation with a 1,438.17 buy point. The price action looks like a flat base, but it’s a bit too deep, with a depth of just over 16%. Maximum depth of flat base is 15%. Shares were down 0.3 percent on Monday, about 8 percent off the entry.
And Magnificent Seven stock Nvidia is close to completing a flat base that will provide a buying opportunity at 974. Nvidia stock is in its fifth week of a flat base, which means the entry will be valid after this week. Shares fell 1 percent on Monday. The AI giant is an IBD leaderboard stock.
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Stock market today
On Monday, the Dow Jones Industrial Average and S&P 500 both inched lower, while the tech-heavy Nasdaq Composite rose less than 0.1 percent.
Google Parents the alphabet (GOOGL), Arista Networks (a trap), Draft Kings (DKNG) and Service Now (now) — plus Dow Jones components Sales force (CRM), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch in the stock market today.
Salesforce is featured in the Stocks Near Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Before 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 does not necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield rose to 4.42 percent. And oil prices fell, as West Texas Intermediate futures settled at $86.50 a barrel.
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Stock Market Rally: What to Do Now
Now is a prime time to read IBD’s The Big Picture column, “Uptrend Under Pressure,” with a stock market outlook. After Monday’s action, be sure to check out today’s The Big Picture for the latest exposure levels.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. This MarketSurge Growth shows 250 stocks that are breaking new past buy points. Meanwhile, the MarketSurge “Near Pivot” list shows stocks near buy points in bases.
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 are available to check every day.
Dow Jones: Salesforce, IBM, Verizon
According to market surge charts, the sales force is trying to find support around its 50-day moving average. Rebound software will place the leader in a new buy area. But investors need to wait for a decisive rebound. Shares also show a flat base entry at 318.72.
IBM stock is looking for support at the 50-day line with a 0.4% gain on Monday. Shares remain below the flat base’s 196.90 buy point.
Telecom giant Verizon’s recent breakout attempt fizzled further on Monday amid three straight days of losses.
4 Top Growth Stocks to Watch Stock market rally
Google stock regains buy point
Alphabet has bounced back above the 153.78 buy point in a rally, as the stock rose 1.5 percent on Monday.
Arista shares closed above their 292.66 flat-base buy point in buy range on Monday, according to the Market Surge chart, even as they edged lower.
DraftKings moved below its 46.52 buy point in a brief consolidation after Monday’s 3.6% decline.
Finally, ServiceNow is moving closer to the 815.32 entry of a flat base. Shares rose another 0.3 percent on Monday.
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Stocks to watch
These are four stocks in or near the buy zone in today’s stock market.
| Company Name | symbol | Correct the purchase point. | Type of purchase point |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (a trap) | 292.66 | Flat base |
| Draft Kings | (DKNG) | 45.62 | Aggregation |
| Service Now | (now) | 815.32 | Flat base |
Source: IBD data as of April 1, 2024
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Spectacular Seven Stocks: Tesla
Among the top seven stocks, Tesla stock gained 4.9% on Monday, rebounding from its recent lows.
Shares are more than 40% off their 52-week highs.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower during Monday’s stock market action.
Apple stock was down 0.7% on Monday, right off its recent lows. Shares remain sharply below their long-term 200-day line.
Microsoft shares fell 0.2 percent on Monday, still above their 50-day line.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.
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