Dow Jones futures, along with S&P 500 and Nasdaq 100 futures, opened slightly lower ahead of Tuesday’s stock market session. Notably, stocks from the Magnificent Seven, including Amazon.com (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), and Tesla (TSLA), are approaching new buy zones.
Key economic data this week will focus on Friday’s core Personal Consumption Expenditures price index, which the Federal Reserve uses as its primary inflation gauge. Projections suggest a 0.15% monthly increase in the index, with personal consumption expected to rise by 0.3% and personal income by 0.4%, according to FactSet.
This week’s earnings calendar features major retailers such as Costco Wholesale (COST), homebuilder KB Home (KBH), and flash memory leader Micron Technology (MU).
Market Highlights: On Monday, the Dow Jones Industrial Average reached an all-time high, rising nearly 0.2%. The S&P 500 gained 0.3%, while the Nasdaq composite saw a slight drop of 0.1%. Companies to watch include Arista Networks (ANET), DoorDash (DASH), and Spotify (SPOT), with notable Dow components like Amazon, Apple, Home Depot (HD), Microsoft, and Visa (V) highlighted as stocks nearing buy zones.
Market Overview: As the market approaches Tuesday’s opening bell, Dow Jones, S&P 500, and Nasdaq futures were all down about 0.1% from fair value. It’s important to note that overnight futures movements do not always reflect actual trading conditions.
The 10-year U.S. Treasury yield rose to 3.74% on Monday, while oil prices remained stable, with West Texas Intermediate futures settling around $70.50 per barrel.
Actionable Insights: Now is a crucial time to consult IBD’s “The Big Picture” column for insights into current market trends. Following Monday’s session, readers should check today’s updates on market exposure levels. The “IBD Live” team discussed trading conditions amid the market rebound, emphasizing the importance of the MarketSurge’s “Breaking Out Today” and “Near Pivot” lists for identifying bullish patterns and stock opportunities.
