The Dow Jones Industrial Average dropped Tuesday, as Wall Street reacted to key economic data due just after the market open. Two early movers on the stock market today were Magnificent Seven members Alphabet (GOOGL) and Apple (AAPL).
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After the opening bell, the Dow Jones Industrial Average fell 0.6%, as the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite moved down 1.2% in early trading.
Early Tuesday, the 10-year Treasury yield dipped to 3.74%. Oil prices fell, with West Texas Intermediate futures trading around $67.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) dropped 1.2%, as the SPDR S&P 500 ETF (SPY) declined 0.8% after the open.
Google stock cut gains to 0.4% Tuesday after Pivotal Research started coverage on the search giant with a buy rating and a 215 price target. That’s a 30% premium to Monday’s closing price. Alphabet shares are reclaiming their 50-day line this week.
Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares sold off 2.9% Tuesday morning after Barclays gave cautious comments about iPhone 16 demand.
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Stock Market Today: Economic Data
On the economic front, the Purchasing Managers’ manufacturing index fell less than expected, to 47.3 in September vs. August’s 47.9 reading. Estimates called for a drop to 47.0.
After that comes the Institute for Supply Management’s manufacturing reading, the Commerce Department’s construction spending and the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS. Those latter three reports are due at 10 a.m. ET.
Construction spending is expected to fall 0.3% in August, while job openings are expected to hold steady at 7.7 million in August.
Key earnings movers Tuesday include Acuity Brands (AYI), McCormick (MKC) and Paychex (PAYX).
Acuity Brands rose 6.8% in morning trading, while McCormick climbed 0.3%. Paychex stock was down 1% in morning action.
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Best Stocks To Watch
On Monday, the Dow Jones Industrial Average inched higher, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite also rose 0.4%.
During Monday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market.
Among the best companies to watch on the stock market today are Arista Networks (ANET), Spotify (SPOT), Texas Roadhouse (TXRH) and Wingstop (WING).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD) and Microsoft (MSFT).
Amazon and Tesla featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge‘s “Breaking Out Today” list Monday. Check for more names on the site’s “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: Home Depot Extended
Dow Jones retailer Home Depot is moving out of buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares dipped 0.2% early Tuesday.
Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares edged up Tuesday morning.
Spotify shares are falling back into buy range above a consolidation’s 359.38 entry. The music streaming platform was up 0.5% Tuesday.
Texas Roadhouse is attempting to break out past a 177.72 flat-base entry, but is under the buy trigger. Shares rose 0.8% Tuesday.
Finally, Wingstop topped a 431.03 entry last week, but is below it. The stock inched lower in morning action Tuesday.
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Stock Market Today: Companies 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 |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 75.40 | Double bottom |
Source: IBD Data as of Sept. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Meta Platforms (META) rose 0.5% Tuesday, hitting a new high and moving further above a 544.23 alternate entry.
Nvidia stock fell 1.1% Tuesday, still holding above the 50-day line. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger.
Tesla dropped 1.7% Tuesday morning, still close to a cup base’s 274 buy point.
Dow Jones Leaders: Amazon, Microsoft Eye Buy Points
Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 195.37 buy point in a cup with handle. The stock moved 1.5% lower Tuesday.
Microsoft shares are also back above their 50-day line and nearing a 441.85 buy point in a cup with handle. And on Tuesday morning, the stock dropped 2.1%.
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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