The Dow Jones Industrial Average and other major indexes traded higher at the start of the final trading day of 2024, looking to bounce back from Monday's stock market sell-off. Two early stocks to watch were Nvidia (NVDA) and Tesla (TSLA).
After the opening bell, the Dow Jones Industrial Average rose 0.3%, as the S&P 500 climbed 0.2%. The tech-heavy Nasdaq composite reversed slightly lower in morning trades.
ServiceNow, Credo Tech, IBKR In Focus" vid-repeat="1" vid-top="" vid-url="https://content.jwplatform.com/manifests/shhN2gdD.m3u8" vid-width="100"> ↑ XEarly Tuesday, the 10-year Treasury yield ticked lower to 4.52%. Oil prices held their recent gains, with West Texas Intermediate futures trading around $71.20 per barrel,
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.1%, as the SPDR S&P 500 ETF (SPY) moved up 0.2% after the open.
Bond markets will close at 2 p.m. this afternoon. The stock market will be closed Wednesday for the New Year's Day holiday.
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Nvidia rose 0.4% Monday, ending a two-day skid and looking to regain its 50-day line, a key level to monitor. Shares of the artificial intelligence giant are building a double-bottom base that offers a 146.54 buy point. Meanwhile, a decisive retake of the 50-day line around 140 would mark an aggressive buy trigger.
Nvidia stock dropped 0.8% Tuesday morning.
Tesla skidded 3.3% Monday, falling sharply for a third straight day. In recent weeks, the Elon Musk-led company topped out at 488.54, about 84% above a 264.86 buy point in a cup with handle. But shares are nearly 15% off that high.
Tesla stock gave up early gains in morning action Tuesday, down 0.4% in morning trade.
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On Monday, the Dow Jones Industrial Average declined 1%, while the S&P 500 lost 1.1% and the Nasdaq sold off 1.2%. Both the S&P 500 and the Nasdaq broke important levels of technical support, making this a good time to be tracking IBD's Market Pulse market status indicator.
Among the best companies to watch on the stock market today are BlackRock (BLK), Fortinet (FTNT), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Walt Disney (DIS) 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 component Disney continues to build a cup with handle that has a 118.63 buy point, according to MarketSurge pattern recognition. Shares rose 0.1% Tuesday.
Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern as it again looks for support at its 50-day moving average. BlackRock stock advanced 0.3% in early trading Tuesday.
Cybersecurity leader Fortinet is approaching a flat base's 100.59 buy point. Shares moved up 0.3% Tuesday morning.
Interactive Brokers fell 1.2% Monday, still rebounding from support at the 50-day line, which offered an entry around 172.50. The stock gained 0.3% Tuesday.
AI chipmaker Taiwan Semiconductor, better known as TSMC, broke out last week, moving past a 205.63 cup-with-handle buy point. But shares closed further below their buy point following Monday's decline. TSMC was a recent IBD Stock Of The Day. Shares edged higher Tuesday.
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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 |
| Burlington Stores | (BURL) | 279.51 | Cup with handle |
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Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which dropped 1.1% Monday. Amid its recent rally, the e-commerce giant is sharply extended above a 201.20 buy point after hitting new highs in mid-December. It rose 0.4% Tuesday.
Shares of Apple are out of buy range above a flat base's 237.49 entry after they hit a new high last week. They sold off 1.3% Monday and bounced 0.3% Tuesday morning.
Microsoft shares rose 0.1% Tuesday morning, as they failed to find support around their 50-day line Monday. 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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