Dow Jones futures rose but the other major stock indexes traded lower Monday, as the Federal Reserve’s Wednesday interest rate decision loomed over Wall Street. An early loser on the stock market today was Apple (AAPL), which fell after a bearish report regarding demand for its new iPhone 16.
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Ahead of the opening bell, Dow Jones futures rose 0.2% vs. fair value, while S&P 500 futures dipped 0.1%. Nasdaq 100 futures moved down 0.5% in early trading.
Early Monday, the 10-year Treasury yield held steady at 3.64%. Oil prices extended their rebound off their recent lows, rising 1% to lift West Texas Intermediate futures to around $69.40 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was down 0.5%, as the SPDR S&P 500 ETF (SPY) moved down 0.1% ahead of the open.
Apple stock fell 2.5% after reports said that early demand for the new iPhone 16 is lagging behind last year’s levels for the iPhone 15. Shares are forming a V-shaped cup with handle that has a 232.92 buy point.
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Stock Market Today: Fed Meeting
The Fed’s two-day policy meeting kicks off Tuesday, culminating in an interest rate decision Wednesday afternoon. The central bank is set to announce its first rate cut since it slashed its key rate to almost zero in March 2020 as the Covid pandemic started to spiral.
Ahead of that meeting, the August U.S. retail sales report drops Tuesday.
Further, earnings reports are set to trickle in this week, with FedEx (FDX), Darden Restaurants (DRI) and homebuilder Lennar (LEN) headlining the calendar.
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The Nasdaq composite had another solid session Friday, rising nearly 0.7%. It ended last week back above the 50-day moving average , a bullish sign. The S&P 500 rose 0.5%, pulling further clear of its 50-day line. The Dow Jones Industrial Average rose 0.7% Friday, closing near its all-time high.
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale (COST), DoorDash (DASH) and Taiwan Semiconductor Manufacturing (TSM).
Notable Dow Jones components are Amazon.com (AMZN), Apple, Home Depot (HD) and Microsoft (RCL) topped a 169.47 buy point. And there is an increasing number of names 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.
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Dow Jones: Home Depot Tops Buy Point
Among Dow Jones components, Home Depot is breaking out past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up a fraction early Monday.
Outside the Dow Jones index, retail giant Costco is in the buy area above a 896.67 cup-base entry. The stock edged up Monday morning.
DoorDash ended Friday just above a cup-with-handle’s 131.21 buy point. Shares added 0.2% early Monday.
Taiwan Semiconductor is nearing a cup-with-handle’s 175.45 entry after regaining the 50-day line last week, but it fell 0.5% Monday morning.
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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. 10
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL), Nvidia (NVDA) and Tesla (TSLA) traded lower in early trading.
Google parent Alphabet closed slightly above the 200-day line Friday as it rebounds. After extending their gains Friday, shares lost a fraction in early trades Monday.
Nvidia held just above its 50-day line Friday. The stock declined 1.7% early Monday, testing that key level.
And Tesla fell 0.3% Monday morning, threatening to snap a five-day win streak. Shares of the electric-vehicle leader are nearing a 235 early entry, the high price on Sept. 5.
Dow Jones Leaders: Amazon, Microsoft Rebound
Among Dow Jones components in the Magnificent Seven, Amazon shares reclaimed their 50-day line during last week’s rally. The stock inched lower Monday morning.
Microsoft shares are also back above their 50-day line and building a new base. And on Monday morning, the stock fell 0.2%.
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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