Dow Jones futures and the other major stock indexes rebounded Monday ahead of a set of critical inflation reports due this week. Three early winners on the stock market today were Apple (AAPL), Nvidia (NVDA) and Tesla (TSLA).
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Ahead of the opening bell, Dow Jones futures rallied 0.7% vs. fair value, as did S&P 500 futures. Tech-focused Nasdaq 100 futures climbed 0.8% in early trading.
Early Monday, the 10-year Treasury yield ticked higher to 3.73%. Oil prices rose, as West Texas Intermediate futures traded around $68.25 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.8%, as the SPDR S&P 500 ETF (SPY) rose 0.7% ahead of the open.
Magnificent Seven Riders Move Up
In premarket trading Monday, two stocks in the Magnificent Seven — Nvidia and Tesla — held gains of 0.2%, 1.1% and 2.7%, respectively. But a third, Apple, reversed course and was down 0.2% in recent action.
Apple stock is within striking distance of a new buy point at 237.23 due to a cup with handle, but gave up support at the 50-day line. The tech titan is due to reveal its iPhone 16 series smartphone at a product launch event on Monday.
The new device will be enhanced with artificial intelligence technology, which Apple has branded Apple Intelligence. In addition to new iPhones, Apple is likely to unveil its latest Apple Watch smartwatches and new AirPods wireless earbuds.
On Friday, Nvidia headed back toward its early August lows, further below its 50-day line before Monday’s premarket gain. And Tesla’s Monday climb comes after it plunged under its 50-day line Friday during the session’s 8.5% dive.
Apple Seeks Support As Netflix Tries To Stop Buffering And Break Out
Stock Market Today: Inflation Data
Wednesday’s consumer price index for August takes the economic spotlight, followed closely by Thursday’s producer price index.
And while earnings season has tailed off, there are a few noteworthy reports in the coming week. Big Tech names Oracle (ORCL) and Adobe (ABDE) plan to post earnings while GameStop (GME) and supermarket giant Kroger (KR) are also due.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Falls
On Friday, the Dow Jones Industrial Average sold off 1% and the S&P 500 tumbled 1.7%, while the tech-heavy Nasdaq composite declined 2.6%.
During Friday’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) and Taiwan Semiconductor Manufacturing (TSM).
Also on the list are Dow Jones components Amazon (AMZN), Apple, Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
There was only one new stock on IBD MarketSurge‘s “Breaking Out Today” list Friday amid the ongoing market weakness. Guidewire Software (GWRE) jumped past a 153.85 flat-base entry by surging more than 12% Friday. Shares were down earlier in premarket action Monday, but reversed for a marginal gain in recent action.
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 rose 0.4% Monday morning.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock gained 0.4% Monday.
Outside the Dow Jones index, retail giant Costco remains below its 896.67 cup-base entry. The stock moved up 0.7% Monday 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% Monday premarket.
And Taiwan Semiconductor Manufacturing is building a cup with handle that has a 175.45 entry, and it gained 2% Monday morning.
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, Alphabet
Among Magnificent Seven stocks, Meta Platforms and Alphabet (GOOGL) traded higher in premarket trading.
Meta stock attempted a breakout above a 542.81 buy point in recent weeks, but now sits squarely below the entry. Shares rose 1.1% in premarket action Monday, looking to retake their 50-day line.
Google-parent Alphabet gave up support around the 200-day line. After tumbling Friday, shares gained 0.7% in early trades Monday.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon and Microsoft traded up ahead of Monday’s stock market open.
Amazon shares are back at potential support at their 200-day moving average. The stock was up 1.4% Monday morning.
Microsoft shares are below their 200-day line. And on Monday morning, the stock moved up 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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