dow-jones-futures:-fed-chair-powell-speech-looms;-nvidia-rebounds-from-buy-point

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s open in overnight trade, with Fed Chair Jerome Powell’s speech looming on Friday. Meanwhile, tech titan Nvidia stock rebounded from its latest buy point.

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The economic calendar is heavy this week, with Thursday’s personal income and outlays for October featuring the Fed’s primary inflation gauge, the PCE price index. Expectations are for a tame reading. Still, measures within the data leave room for a surprise. After a soft retail sales report, the PCE report will show whether spending on services is also moderating.

Further, Fed Chair Jerome Powell will speak at a fireside chat at Spelman College in Atlanta on Friday.

Big earnings reports this week include Dow Jones software giant Salesforce (CRM), along with Intuit (INTU), Pure Storage (PSTG) and Dell Technologies (DELL).

Late Monday, Zscaler (ZS) dived nearly 7% in extended trade after reporting fiscal Q1 results. Shares finished Monday extended from a 177.69 buy point in an ascending base.

Stock Market Today: Dow Jones Falls

On Monday, the Dow Jones Industrial Average and S&P 500 both dropped 0.2%, while the tech-heavy Nasdaq composite dipped 0.1%.

Electric-vehicle giant Tesla (TSLA) moved up 0.3% Monday, while stock market leader Nvidia (NVDA) gained 1%. NVDA stock rebounded from its 476.09 double-bottom entry, snapping a three-day losing streak.

Meanwhile, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded mixed in today’s stock market, with AAPL stock down 0.1% and Microsoft shares up 0.3%.

Advanced Micro Devices (AMD) and IBD Leaderboard stock Amazon (AMZN), along with Roku (ROKU) and IBD SwingTrader stock Shopify (SHOP) — as well as Dow Jones stocks Salesforce and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.

Salesforce and Shopify featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.


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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and 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 4.38%. Meanwhile, oil prices dropped, as West Texas Intermediate futures settled below $75 a barrel.


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Stock Market Rally: What To Do Now

Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend.

Amid continued bullish action in recent weeks, investors can raise their market exposure. IBD recommends a level of 80% to 100%, as the trend continues to strengthen.

A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases.

To find more stock ideas, check IBD Stock Lists, like IBD 50Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.

Dow Jones Stocks To Watch

Software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is about 3% away from its latest buy point. Shares rose 0.2% Monday.

Health care giant UnitedHealth is trying to break out past a handle entry at 546.78. But shares fell back below that level with a 0.6% drop Monday.


4 Top Growth Stocks To Watch In The Stock Market Rally


Stocks To Buy And Watch: Roku Breaks Out

IBD Leaderboard stock Amazon moved further above its cup base’s 145.86 buy point during Monday’s 0.7% gain. Shares remain sharply above an early entry at 134.48.

Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, amid Monday’s 0.3% rise.

IBD SwingTrader stock Shopify jumped out of buy range past a double bottom’s 67.60 buy point. The buy zone topped out at 70.98, so shares are extended. SHOP stock rallied nearly 5% Monday, on positive data regarding the launch of the holiday shopping season.

Roku surged past a 98.44 buy point, rallying 8.5% Monday. Shares jumped after Cannonball Research upgraded the stock from neutral to buy, with a 116 price target.


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Best Stocks In Today’s Stock Market Action

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Amazon (AMZN) 145.86 Cup base
UnitedHealth (UNH) 546.78 Handle entry
Toll Brothers (TOL) 82.39 Cup with handle
Advanced Micro Devices (AMD) 122.11 Cup with handle
Source: IBD Data As Of Nov. 27, 2023

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Tesla Stock

Tesla stock moved up 0.3% Monday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line in recent weeks.

TSLA is around 20% off its 52-week high.

Dow Jones Leaders: Apple, Microsoft

Apple dropped 0.1% Monday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. The latest pause could be the start of a handle.

Microsoft stock moved up 0.3% Monday, notching an all-time high at 380.64. The stock is nearing the top of its buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20.

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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