Futures Fall Ahead Of Key Data

Dow Jones futures dropped more than 275 points Tuesday, as Wall Street awaited key economic data from the U.S. government. Meanwhile, Tesla (TSLA) stock slid on the stock market today ahead of the company’s first-quarter deliveries.


Dow Jones futures moved down 0.7% vs. fair value in morning action, while S&P 500 futures dropped 0.6%. The tech-focused Nasdaq 100 futures lost 0.8% vs. fair value ahead of the opening bell.

The 10-year Treasury yield rose to 4.35%. Further, oil prices added to Monday’s gains, as West Texas Intermediate futures traded above $85 a barrel for the first time since October.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.8%, while the SPDR S&P 500 ETF (SPY) fell 0.6%.

Early Tuesday, Wall Street expects the electric-vehicle giant to report Q1 deliveries of 457,000 units, according to FactSet. This number started last week at 471,000 and has steadily dropped ahead of Tesla announcing global delivery numbers. The 457,000 consensus figure likely includes several analyst forecasts that haven’t been updated in weeks or months.

Tesla stock dropped 1.4% Tuesday premarket, threatening to extend a losing streak to three sessions.

Stock Market Today

UnitedHealth (UNH) and Humana (HUM) tumbled 4.7% and 10.8%, respectively, after the Biden Administration announced that final Medicare Advantage rates in 2025 won’t change from initial plans in January.

Just after Tuesday’s stock market open, the Labor Department’s JOLTS report is due out at 10 a.m. ET. The Job Openings and Labor Turnover Survey is expected to measure 8.8 million unfilled job openings for February, down from January’s 8.863 million, per Econoday estimates.

Further, the Commerce Department’s factory orders are expected to rise 1% in February vs. January’s 3.6% decline. That data is also out at 10 a.m.

Key earnings reports include apparel brand PVH (PVH) and Paychex (PAYX).

PVH stock plunged more than 21% in premarket action, while Paychex shares were off 1.5% ahead of the company’s results.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Dow Jones Falls

On Monday, the Dow Jones Industrial Average moved down 0.6% and the S&P 500 dipped 0.2%. The tech-heavy Nasdaq composite rose 0.1%.

Monday’s Big Picture column commented, “For their part, the Nasdaq and S&P 500 are near the top of price channels. In the past several months, both stock market indexes have eased when they climb to the upper regions of those channels. At the same time, both are holding above the 21-day exponential moving averages. The line has proved to be a dependable support level for both since the confirmed uptrend began in early November.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Learn How To Time The Stock Market With IBD’s ETF Market Strategy

Best Stocks To Watch On Stock Market Today

Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.

ServiceNow featured in this Stocks Near A Buy Zone column.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points, like Google stock. Meanwhile, the MarketSurge “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 are available to check every day.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones: Disney, IBM, Verizon

Disney — the strongest performer on the Dow in Q1 — is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed out of buy range, despite a 0.7% drop. The company faces a critical shareholder vote at its annual meeting on Wednesday. Shares declined 0.7% Tuesday morning.

IBM stock remains below a flat base’s 196.90 buy point, with a 0.6% fall Monday. Shares are trying to find support around their 50-day line. IBM stock lost 0.2% Tuesday.

Telecom giant Verizon is building a cup base with a 43.21 entry, as the stock bullishly rebounds from its 50-day line. Verizon shares inched higher Tuesday morning.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stock Market Today: Google Nears Breakout

Google parent Alphabet is breaking out past a 153.78 buy point in a consolidation, as the stock rallied 3% Monday. Google stock fell 0.9% Tuesday.

Arista shares regained a 292.66 flat-base buy point, according to MarketSurge charts, with a 3.4% advance Monday. And on Tuesday, the stock dipped 0.2% in morning action.

Last week, DraftKings tumbled below its 46.52 buy point in a short consolidation. And the sports-betting giant fell further below that entry Monday, dropping 1%. DraftKings stock dropped 0.5% Tuesday morning.

Finally, ServiceNow is trying to retake its 50-day line amid a two-day rally. Shares are building a flat base with an 815.32 entry. The stock moved down 0.7% Tuesday.

IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Company Name Symbol Correct Buy Point Type Of Buy Point
Disney (DIS) 112.92 Cup with handle
Arista Networks (ANET) 292.66 Flat base
DraftKings (DKNG) 45.62 Consolidation
ServiceNow (NOW) 815.32 Flat base
Source: IBD Data As Of April 1, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia

Among Magnificent Seven stocks, Nvidia (NVDA) stock dropped 0.9% Tuesday premarket, set to snap a two-day win streak. The AI giant is an IBD Leaderboard stock.

Shares remain just off their all-time highs, which were set on March 8.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower ahead of Tuesday’s stock market open.

Apple stock moved down 0.9% Monday, back near its recent lows. Shares remain sharply below their long-term 200-day line. The stock fell 0.3% Tuesday morning.

Microsoft shares ended a five-day losing streak Monday, as they rebounded 0.9%. The software giant is just off new highs. And the stock moved down 0.3% early Tuesday.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.


Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition

Source link

Leave a Comment