The Dow Jones Industrial Average and other major indexes traded higher Monday, with a keynote speech from Nvidia (NVDA) Chief Executive Jensen Huang at the CES trade show highlighting the day’s activities. Nvidia stock hit a new buy point in premarket action Monday.
Ahead of the opening bell, Dow Jones futures rose 0.4% vs. fair value, as S&P 500 futures climbed 0.8%. Tech-heavy Nasdaq 100 futures rallied 1% in morning trades.
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Early Monday, the 10-year Treasury yield ticked lower to 4.59%. Oil prices continued to rise after reaching their highest levels since October, with West Texas Intermediate futures trading around $74.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 1%, as the SPDR S&P 500 ETF (SPY) moved up 0.7% ahead of the open.
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On Monday, Nvidia CEO Huang plans to deliver the keynote address at CES 2025 at 9:30 p.m. ET. The event can be viewed on Nvidia’s website.
The speech comes in the wake of Nvidia’s bullish move Friday back above its 50-day line. That decisive move triggered a buy signal for the artificial intelligence giant. And the AI stock is building a double-bottom base that offers a 146.54 buy point.
Nvidia stock rallied 2.5% Monday morning, putting it in position to break out past that latest buy point.
On Sunday, global chip stocks received a boost after Hon Hai Precision Industry (HNHPF), also known as Foxconn, announced record fourth-quarter revenues on continued strong demand for AI servers.
Later this week, Friday’s December jobs report takes the spotlight. But ahead of that event, the Federal Reserve will release minutes from its December meeting on Wednesday.
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Dow Jones Bounces
On Friday, the Dow Jones Industrial Average rallied 0.8%, ending a four-day losing streak. The S&P 500 jumped 1.3%, while the tech-heavy Nasdaq composite advanced 1.8%.
Both the S&P 500 and the Nasdaq have broken important levels of technical support in recent sessions, making this a good time to be tracking IBD’s Market Pulse market status indicator.
Among the best companies to watch in the current stock market are Boston Scientific (BSX), Fortinet (FTNT), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Honeywell (HON) and Microsoft (MSFT).
Fortinet and Nvidia are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge‘s “Breaking Out Today” list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Honeywell Shows Buy Point
Dow Jones component Honeywell is building a flat base that offers a 242.77 buy point, according to MarketSurge pattern recognition. Shares inched higher Monday, looking to bounce off their 50-day line.
Outside the Dow Jones index, Boston Scientific has a flat base with a 91.93 entry. Shares gained 0.4% premarket Monday.
Cybersecurity leader Fortinet is approaching a flat base’s 100.59 buy point. Shares moved up 2.6% Monday morning.
Interactive Brokers continues to rebound from 50-day line Friday, as it forms a flat base that shows a 193.42 entry. The stock gained 0.9% Monday and is an IBD SwingTrader stock.
AI chipmaker Taiwan Semiconductor, better known as TSMC, rallied back above a 205.63 cup-with-handle buy point last week. TSMC was a recent IBD Stock Of The Day. Shares jumped 4.9% premarket Monday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | (BLK) | 1,068.34 | Tight area |
| Disney | (DIS) | 118.63 | Cup with handle |
| TSMC | (TSM) | 205.63 | Cup with handle |
| Fortinet | (FTNT) | 100.59 | Flat base |
Source: IBD Data as of Dec. 31
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Tesla Stock
Tesla (TSLA) stock rebounded more than 8% Friday, snapping back from recent losses and ending a five-day losing streak.
The electric-vehicle giant added to those gains Monday, jumping another 2.3% in premarket trading. Shares are 16% off their all-time high, which was set on Dec. 18.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rose 1.8% Friday. Amid its recent move into new highs in mid-December, the e-commerce giant is sharply extended above a 201.20 buy point. It added 1.3% in premarket trading Monday.
Shares of Apple tumbled back into buy range above a flat base’s 237.49 entry during last week’s sharp losses. They edged lower Friday but rose 0.4% Monday morning.
Microsoft shares climbed 1.1% Monday morning, as they failed to find support around their 50- and 200-day lines last week. The software giant is building a cup with handle that has a 456.16 buy point.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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