Stock Market Today: Dow Jones Futures Fall; Nvidia Stock Set For More Record Highs

Dow Jones futures dropped, while the other major stock indexes were mixed Monday as the market flirted with all-time highs. One winner was artificial intelligence leader Nvidia (NVDA), which looked to continue its winning ways and set more record highs on the stock market today.

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Prior to the opening bell, the Dow Jones futures dropped 0.2% vs. fair value, while S&P 500 futures edged lower. The tech-focused Nasdaq 100 futures rose 0.2% vs. fair value in premarket trades.

Early Monday, the 10-year Treasury yield ticked higher to 4.25%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $78.75 a barrel.

Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.2% as the SPDR S&P 500 ETF (SPY) was nearly flat.

Nvidia stock moved up nearly 1% Monday morning, set to hit more record highs. On Friday, shares rallied another 1.8%, advancing to new highs and trading sharply above a split-adjusted alternative buy point at 97.40. The AI leader is an IBD Leaderboard stock.

Stock Market Today

In this week’s key economic reports, May’s retail sales data, out Tuesday morning, are expected to show a moderate 0.4% rise overall and 0.3% excluding autos. Industrial production, also out early Tuesday, is seen rising 0.25%. Jobless claims just hit a nine-month high of 242,000 in the week of June 8. Data for the June 15 week, due out ahead of Thursday’s stock market open, will be a key focus point.

Further, earnings results this week are mostly scarce. Some important names report in the coming week, including Kroger (KR), CarMax (KMX) and Jabil (JBL).

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Dow Jones Extends Losing Streak

On Friday, the Dow Jones Industrial Average fell 0.15%, extending a losing streak to four sessions. The S&P 500 inched lower, and the Nasdaq moved up 0.1%. The tech-heavy composite posted another new closing high.

Investor’s Business Daily’s Big Picture column commented, “The fortunes of the equal-weight S&P 500 and Nasdaq 100 indexes highlight a broader malaise, with both ending the day lower as they continue to lag their regular, market cap-weighted counterparts.”

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 stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

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Stock Market Today: Best Stocks To Watch

ASML (ASML), Netflix (NFLX), Novo Nordisk (NVO) and Spotify (SPOT) — plus Dow Jones components Apple (AAPL), Amgen (AMGN), Microsoft (MSFT) and Visa (V) — are among the best companies to watch on the stock market today.

Visa is featured in this Stocks Near A Buy Zone column.

In IBD MarketSurge’s “Breaking Out Today” list, Universal Display (OLED) broke out past a 194.84 buy point in a cup base last week. Shares ended Friday in the 5% buy zone.

Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. 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: Amgen Building A Base

Dow stocks worth watching include biotech giant Amgen, which is building a cup-with-handle base that has a 133.10 entry. Visa is tracing a flat base with a 290.96 buy point, according to MarketSurge pattern recognition, but is now below the 50-day line. Amgen moved down 0.7%, while Visa shares inched lower in morning trading Monday.

Outside the Dow Jones index, streaming giant Netflix rallied Friday to the top of its buy range above a 639 cup entry. Netflix stock was up a fraction Monday.

Weight-loss drug leader Novo Nordisk is at the top of its buy range from a cup-with-handle entry at 137.22, according to IBD MarketSurge. Novo shares fell 0.4% Monday morning.

Spotify shares remain below their 319.30 buy point in a flat base and are bouncing back from their 50-day line. The stock rose 0.9% early Monday.

Finally, ASML stock is trying to break out past a 1,056.35 buy point in a cup base. Shares moved up 1.4% 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.

Source: IBD Data As Of June 10, 2024

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Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla (TSLA) dipped 0.1% on the stock market today in premarket trading.

Tesla stock slipped 2.4% Friday, abruptly ending a two-day rally. Shares still remain above their 50-day line but are more than 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded higher ahead of Monday’s stock market open.

Apple stock declined 0.8% Friday, snapping a three-day win streak. Shares remain extended past a cup base’s 199.62 buy point. Apple was up 0.7% Monday.

Microsoft shares inched higher Friday, closing squarely in buy range past a flat base’s 430.82 buy point. And early Monday the stock gained 0.1%.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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