Futures: Fed Meeting Looms; Bitcoin Leader Slides On Earnings
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. Meanwhile, the Federal Reserve’s two-day policy meeting looms over Wall Street this week.
IBD Stock Of The Day, is working on cooling the artificial intelligence “heat wave.” United Rentals is shaping up a double bottom. Finally, Howmet Aerospace is still holding strong forming a flat base.” vid-name=”Indexes At Inflection Point; Carrier Global, United Rentals, Howmet In Focus” vid-cat=”Stock Market Today” vid-date=”04/29/2024″ vid-date-tmsp=”1714398141″ vid-image=”https://www.investors.com/wp-content/uploads/2024/04/OXLpMukQ-640×360.jpg” vid-authors=”ALISSA CORAM, JUSTIN NIELSEN”>
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Late Monday, Lattice Semiconductor (LSCC), MicroStrategy (MSTR) and NXP Semiconductor (NXPI) reported their earnings results.
Lattice shares declined nearly 4% after the market close, while bitcoin leader MicroStrategy slipped 4% after diving as much as 8%. And NXP stock rallied 4.2% in extended trade.
The Fed’s policy meeting is sure to take the spotlight this week when it begins Tuesday, but there are a number of key economic reports for investors to watch.
The latest consumer confidence reading is due Tuesday while the ADP employment report is expected Wednesday. But the key report will be the April jobs report on Friday. Analysts expect the U.S. economy to have added 250,000 new jobs, a decline from the previous month. Analysts see the unemployment rate holding steady at 3.8%.
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Stock Market Today
On Monday, the Dow Jones Industrial Average moved up 0.4% and the S&P 500 climbed 0.3%. The tech-heavy Nasdaq composite gained 0.4%.
Among the Magnificent Seven stocks, Tesla (TSLA) was the big winner, up more than 15%. Shares regained their 50-day line for the first time since early January.
And Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) ended mixed in today’s stock market, with Apple up 2.5% and Microsoft down 1%.
Chipotle Mexican Grill (CMG), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.
Texas Roadhouse featured in this Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures and S&P 500 futures fell less than 0.1% vs. fair value, while tech-heavy Nasdaq 100 futures inched higher. 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 4.6%. And oil prices dipped, as West Texas intermediate futures settled around $82.70 a barrel.
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Stock Market Today: What To Do Now
Now is an important time to read IBD’s The Big Picture column amid the recent stock market gains. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.
Monday’s IBD Live show began with an assessment of trading conditions after Friday’s strong gains. Mike Webster said Friday had the spirit of a follow-through day, though the Nasdaq’s volume edged lower vs. Thursday. So we have to lean bullish, though he noted that the Fed and a lot of news is coming this week. Friday’s lows are key.
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. Notably, Carrier Global (CARR) broke out past a 60.87 buy point in a flat base. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like 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: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound places the software leader in a new buy area. Keep in mind that market risk is higher right now. Shares are also climbing above a 231.69 entry in a short consolidation.
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Outside the Dow Jones index, Chipotle moved up another 0.7% Monday, ending further above a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge.
Texas Roadhouse is just above a flat base’s 157.12 buy point. The stock climbed 1.1% Monday.
Tradeweb is building a flat base with a 108.04 buy point. But shares continue to struggle below their 50-day line. Look for a decisive retake of that level to indicate a potential breakout is on the horizon.
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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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 29, 2024
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Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia stock inched higher Monday, further above its 50-day line following Friday’s bullish move. Nvidia stock is building a consolidation that has a 974 buy point.
The AI giant is an IBD Leaderboard stock.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed during Monday’s stock market action.
Apple stock rallied 2.5% Monday after Bernstein upgraded the stock from market perform to outperform. Shares regained their 50-day line for the first time since late January.
Microsoft shares slipped 1% Monday, still below their 50-day line. The software giant is building a new flat base that has a 430.82 buy point.
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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Read More: Futures: Fed Meeting Looms; Bitcoin Leader Slides On Earnings
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