The Dow Jones Industrial Average and other major indexes traded mixed Monday with another Federal Reserve meeting on the horizon this week. An early loser on the stock market today was Super Micro Computer (SMCI), which plunged after it was removed from the Nasdaq 100.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 climbed 0.3%. The tech-heavy Nasdaq composite moved up 0.5% in morning trades.
↑ XEarly Monday, the 10-year Treasury yield ticked lower to 4.37%. Oil prices dropped, as West Texas Intermediate futures traded around $70.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 0.5%, while the SPDR S&P 500 ETF (SPY) rose 0.3% after the open.
Late Friday, the Nasdaq said that Palantir Technologies (PLTR), MicroStrategy (MSTR) and Axon Enterprise (AXON) will join the Nasdaq 100 index before the open on Dec. 23. Moderna (MRNA), Illumina (ILMN) and Super Micro will be replaced.
In morning trading, Palantir fell 0.4%, MicroStrategy jumped 4.1% and Axon gained 1.2%. Moderna added 2.4%, while Illumina rallied 1.7%. Super Micro plunged 10% in early morning trade. Meanwhile, the company hired Evercore to help raise capital.
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Any suspense over whether the Fed would cut its key interest rate went by the wayside with last week's consumer price index and producer price index reports for November. A quarter-point rate cut is virtually certain. But suspense remains over what the Fed might signal for 2025. The Fed's new set of quarterly projections, to be released with the policy statement on Wednesday, might only signal a half-point in cuts, to a range of 3.75% to 4%.
Ahead of that meeting, November's retail sales are expected out Tuesday, with an estimated rise of a solid 0.4% overall, and 0.5% excluding autos, FactSet says. Personal income and outlays, out Friday, will include November's update of the core personal consumption expenditures price index, the Fed's key inflation rate.
Elsewhere, notable earnings reports this week include Darden Restaurants (DRI), Nike (NKE), FedEx (FDX), Micron Technology (MU) and Carnival (CCL).
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On Friday, the Dow Jones industrials dropped 0.2% to extend a losing streak to seven sessions, while the S&P 500 inched lower. The tech-heavy Nasdaq composite edged higher, closing just below the 20,000 price level.
Among the best companies to watch on the stock market today are BlackRock (BLK), Broadcom (AVGO), Manhattan Associates (MANH) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and Nvidia.
BlackRock is 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 leader IBM is just below a 237.37 buy point in a cup base, according to MarketSurge pattern recognition. Shares fell 0.4% Monday.
Outside the Dow Jones index, BlackRock is modestly under a 1,068.34 buy point in a four-weeks-tight pattern. BlackRock stock rose 0.4% in early trading Monday.
Artificial intelligence giant Broadcom soared more than 24% Friday, breaking out past a double-bottom entry at 185.05. Due to the breakaway gap, a more appropriate buy point would be the high of the first five-minute bar at 217.81. Shares rallied another 4.3% Monday morning.
Manhattan Associates gave up its 306.63 handle entry following Friday's 3.8% drop. Shares were slightly higher Monday morning.
Taiwan Semi, better known as TSMC, is in a cup-with-handle base with a buy point of 205.63, according to IBD MarketSurge charts. TSMC shares climbed 1.4% Monday.
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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 |
| IBM | (IBM) | 237.37 | Cup base |
| Broadcom | (AVGO) | 185.05 | Double bottom |
| Manhattan Associates | (MANH) | 306.63 | Handle entry |
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Nvidia stock declined 1% Monday, looking to bounce back from Friday's losses. Shares are below their 50-day line, a critical level to watch. A heavy volume breach of this level would trigger a sell signal, while a decisive rebound would place the AI titan in a new buy area.
Electric-vehicle giant Tesla (TSLA) moved up 0.8% Monday, hitting more record highs. Tesla stock set all-time highs last week, topping out at 436.30.
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which has rallied sharply in recent weeks. During that advance, the e-commerce giant decisively regained a 201.20 buy point and hit new highs. It rose 1.8% Monday.
Shares of Apple are in buy range above a flat base's 237.49 entry as they hit new highs last week. The stock added 0.5% Monday morning.
Microsoft shares rose 0.2% Monday morning. Last week, the stock reached its highest level since mid July.
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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