The Dow Jones Industrial Average dropped and the other major stock indexes traded higher Tuesday, as Apple (AAPL) lost a court battle over a $14 billion Irish tax bill. An early earnings winner on the stock market today was artificial intelligence company Oracle (ORCL).
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After the opening bell, the Dow Jones Industrial Average dropped less than 0.1%, while the S&P 500 gained 0.3%. The tech-focused Nasdaq composite also climbed 0.3% in early trading.
Early Tuesday, the 10-year Treasury yield ticked higher to 3.72%. Oil prices fell more than 1%, as West Texas Intermediate futures traded around $68 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.3%, as the SPDR S&P 500 ETF (SPY) moved up 0.2% after the open.
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Stock Market Today: Apple Falls, Oracle Surges
Apple shares sold off nearly 2% Tuesday morning after the company lost a court battle over more than $14 billion in Irish taxes. The European Court of Justice, the bloc’s highest court, upheld an order for Ireland to recoup up to 13 billion euros, equivalent to $14.35 billion, plus interest from Apple. The stock has formed a V-shaped cup with handle.
Early Tuesday, AI leader Oracle surged 13% after the company’s better-than-expected fiscal Q1 earnings and sales results. Shares are breaking out above a flat base’s 146.59 buy point.
Another earnings mover Tuesday is Academy Sports & Outdoors (ASO), which rallied more than 3% in morning action.
Late Tuesday, meme stock GameStop (GME) is expected to report its earnings results. Shares rose 1.2% in early trade.
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Dow Jones Rebounds
On Monday, the Dow Jones Industrial Average moved up 1.2% to snap back from Friday’s sell-off. The S&P 500 and tech-heavy Nasdaq composite also rallied 1.2% each.
During Monday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Nvidia Loses Ground To Apple And Microsoft. Tesla Takes Out Broadcom.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale (COST), Meta Platforms (META), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM) and Uber Technologies (UBER).
Notable Dow Jones components are Amazon.com (AMZN), Apple, Home Depot (HD), IBM (IBM) and Microsoft (MSFT), which has struggled more.
Apple and Uber were featured in this Stocks Near A Buy Zone column.
There was only one new stock on IBD MarketSurge‘s “Breaking Out Today” list Monday despite the stock market rebound. Notably, General Dynamics (GD) is trying to break out past a 302.75 flat-base entry, as shares rose 0.3% early Tuesday.
Further, there are only a handful of stock ideas on the site’s “Near Pivot” list. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot has added a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were a fraction lower early Tuesday.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock inched higher Tuesday.
Outside the Dow Jones index, retail giant Costco remains just below its 896.67 cup-base entry. The stock moved down 0.3% Tuesday morning.
Streaming giant Netflix is under its late-stage cup base’s 697.49 buy point following last week’s losses. Netflix stock was up 0.6% Tuesday.
And Taiwan Semiconductor Manufacturing is building a cup with handle that has a 175.45 entry, but it lost 0.7% Tuesday morning.
Finally, Uber stock is near a 75.40 double-bottom entry. Uber shares added 0.4% early Tuesday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla, Alphabet
Among Magnificent Seven stocks, Meta Platforms, Alphabet (GOOGL), Nvidia (NVDA) and Tesla (TSLA) all climbed in early trading.
Meta stock is trying to stem its recent slide at the 50-day line. And shares rose 1.3% in morning action Tuesday.
Google parent Alphabet gave up support around the 200-day line. After sliding Monday, shares bounced 0.9% in early trades Tuesday.
On Monday, Nvidia rebounded from its lowest level since early August. Shares looked to extend that rebound, up 0.5% in Tuesday’s action.
And Tesla climbed 2.5% Tuesday morning, set to add to Monday’s bounce.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon and Microsoft traded up after Tuesday’s stock market open.
Amazon shares are back at potential support at their 200-day moving average. The stock was up 1.8% Tuesday morning.
Microsoft shares are below their 200-day line. And on Tuesday morning, the stock moved up 1.8%.
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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