Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, showed little movement ahead of Tuesday’s market open. Nvidia (NVDA), one of the “Magnificent Seven” stocks, continues to extend its recent gains, approaching a key buy trigger.
Late on Monday, cybersecurity giant Palo Alto Networks (PANW) jumped nearly 3% following the release of its fiscal fourth-quarter earnings and sales results, which exceeded expectations. The company also issued strong forward guidance and announced an additional $500 million for stock buybacks.
Attention this week will shift to Jackson Hole, Wyoming, where the Kansas City Federal Reserve’s annual economic symposium will take place from Thursday through Saturday. All eyes are on Fed Chair Jerome Powell, who is expected to deliver a key speech on Friday morning. Powell is widely anticipated to signal a 25-basis-point cut to the federal funds rate in September, though the market currently sees a 26% chance of a more aggressive half-point reduction.
This week, key earnings reports include major retailers like Target (TGT), Burlington Stores (BURL), TJX (TJX), and Ross Stores (ROST). Additionally, Baidu (BIDU) will lead a wave of earnings from China-based companies, while Toll Brothers (TOL) highlights a busy week for the real estate sector.
Nvidia, which is featured on the IBD Leaderboard, surged another 4.4%, extending its winning streak to six sessions and closing in on its latest buy point. The stock’s base has an official buy point at 140.76, though an early entry could be considered at 136.15.
On Monday, the Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 1%, and the tech-heavy Nasdaq composite advanced 1.4%.
Among the top stocks to watch today are Birkenstock (BIRK), Cava (CAVA), Ferrari (RACE), Netflix (NFLX), and Shake Shack (SHAK). Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT), and UnitedHealth (UNH) are also on the radar.
Birkenstock, Ferrari, and Netflix were highlighted in the “Stocks Near A Buy Zone” column, suggesting they are close to actionable levels for potential investors.
Dow Jones Today: Oil Prices and Treasury Yields
Before Tuesday’s opening bell, Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, were relatively unchanged. It’s important to note that overnight futures activity doesn’t always predict how the market will behave during regular trading hours.
On Monday, the 10-year U.S. Treasury yield slightly decreased to 3.87%. Meanwhile, oil prices continued their recent decline, with West Texas Intermediate futures settling around $73.80 a barrel.
Investor Guidance
Investors should take note of the ongoing stock market action and refer to IBD’s “The Big Picture” column for insights. After Monday’s session, checking out the updated “The Big Picture” and the latest exposure level is crucial.
During Monday’s “IBD Live” show, experts discussed current trading conditions amid the ongoing stock market recovery.
For those seeking potential breakouts, the IBD MarketSurge “Breaking Out Today” list identifies stocks surpassing buy points. Additionally, the MarketSurge “Near Pivot” list highlights stocks approaching critical buy zones.
