Dow Jones futures, along with futures for the S&P 500 and Nasdaq 100, showed modest declines ahead of Tuesday’s market opening. Despite this, significant movements were observed in key stocks. Nvidia (NVDA) and Tesla (TSLA), both part of the so-called Magnificent Seven, rebounded sharply by 3.5% and 2.6%, respectively. However, both remain below their 50-day moving averages.
In a notable performance, Oracle (ORCL), a leading player in artificial intelligence, saw its shares surge over 6% following the company’s fiscal Q1 earnings report, which exceeded expectations. Oracle’s stock is currently forming a flat base with a buy point set at 146.59.
Apple Inc. (AAPL) also experienced a modest increase in its stock price after its product launch event held at its Cupertino headquarters. The company introduced the iPhone 16 and highlighted new features in its latest operating system, iOS 18, which includes advanced AI capabilities.
Looking ahead, economic data will take center stage with Wednesday’s release of the August Consumer Price Index (CPI) and Thursday’s Producer Price Index (PPI). These reports are expected to provide key insights into inflation trends.
Despite the earnings season winding down, several notable reports are still anticipated this week. Adobe (ADBE) is scheduled to release its earnings, while GameStop (GME) and Kroger (KR) are also expected to report.
Market Recap:
On Monday, the Dow Jones Industrial Average rebounded by 1.29%, recovering from the previous Friday’s downturn. Both the S&P 500 and the Nasdaq Composite also posted gains, climbing 1.2% each. Noteworthy stocks to monitor include Costco Wholesale (COST), Meta Platforms (META), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSMC), and Uber Technologies (UBER). Dow Jones components such as Amazon (AMZN), Apple, Home Depot (HD), IBM (IBM), and Microsoft (MSFT) are also highlighted, with Apple and Uber featuring in the “Stocks Near A Buy Zone” column.
Pre-Market Trends:
As Tuesday’s trading session approaches, Dow Jones futures are down 0.1%, S&P 500 futures are flat, and Nasdaq 100 futures are also down 0.1%. It is important to note that pre-market movements do not always predict actual trading outcomes for the day.
On Monday, the 10-year U.S. Treasury yield fell to 3.699%, marking a new 52-week low. Meanwhile, oil prices saw a rebound after recent declines, with West Texas Intermediate futures settling around $68.60 per barrel.
What to Watch:
Investors should pay attention to IBD’s “The Big Picture” column for the latest market insights and updates. Following Monday’s market session, check today’s “The Big Picture” and updated exposure levels for strategic guidance.
On “IBD Live,” the team discussed current trading conditions amid the market rebound. For daily breakouts, refer to IBD MarketSurge’s “Breaking Out Today” list, which highlights stocks surpassing buy points. The “Near Pivot” list also shows stocks approaching buy points.
To discover more stock ideas, review IBD Stock Lists such as IBD 50, Big Cap 20, and Stocks Near A Buy Zone, which identify bullish patterns and potential buy points.
