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Dow Jones futures and other major stock indexes were modestly higher on Monday as markets looked ahead to a possible signal this week from Federal Reserve Chairman Jerome Powell on interest rates. One of the early winners in the stock market today was Nvidia (NVDA program) competition Advanced Micro Devices (AMD), which has agreed to acquire an AI hardware manufacturer.
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How This Week Changed Our Outlook; Ferrari, Costco, and DaVita in the Spotlight
Ahead of the opening bell, Dow Jones futures were up 0.1%, while S&P 500 futures and tech-focused Nasdaq 100 futures were each up 0.1% in morning trading.
Early Monday, the yield on the 10-year U.S. Treasury note fell to 3.86%. Oil prices fell, with West Texas Intermediate crude futures falling to $76 a barrel.
Among the exchange-traded funds, the Invesco QQQ Trust (Q Q Q) rose 0.1%, as the SPDR S&P 500 ETF (spyA break has been added in front of the fat-ha.
Early Monday, shares of Nvidia rival AMD jumped 2.6% after the company agreed to acquire ZT Systems in a $4.9 billion cash-and-stock deal. AMD CEO Lisa Su said: In the press release The purchase “will enable AMD to deliver end-to-end AI infrastructure for the data center at scale.”
Wake-up calls continue to ring for Nvidia, Google, Meta and others
Stock Market Today: Jackson Hole Meeting
The spotlight will shift this week to Jackson Hole, Wyoming, where the Federal Reserve Bank of Kansas City's annual economic symposium will be held from Thursday to Saturday.
Fed Chair Powell, who is scheduled to speak Friday morning, is generally expected to signal a 25 basis point cut in the federal funds rate in September. However, markets are pricing in about a 26% chance of a half-point cut.
This week's top profit drivers include: goal (TGT), Burlington Stores (knot), TJX (TJX) and Ross Stores (Roast). Meanwhile, Baidu (Bido) He heads a large group of reports from leaders based in China. The Toll Brothers (Tol) Highlights a big week for the real estate industry.
Nvidia and other stocks are under fire. But there is a glimmer of hope.
Dow Jones continues to rise
On Friday, the Dow Jones Industrial Average, the S&P 500 and the technology-heavy Nasdaq Composite all rose 0.2%.
During IBD Live on FridayThe IBD Live team discusses current trading conditions and how investors are approaching the stock market today.
Now is a good time to read the big picture column amidst the ongoing market movements. Also be sure to read how to adapt to changing market conditions, with IBD’s new exposure levels.
Deepening cracks at Nvidia. Don't ignore early wake-up calls.
Stock Market Today: Top Stocks to Watch
Among the best companies to watch in the stock market today are: Birkenstock (Burke), reward (reward), Ferrari (race) and Shake Shack (Shak).
The list also includes components of the Dow Jones Index. Amazon (Amazon), apple (Apple Inc.), IBM (IBM), Microsoft (Microsoft) and United Health (University of New Hampshire).
There was one new arrow. IBD MarketFriday's “To-Go” list. fortinet (FTNT) surpassed the 73.91 buy point. Shares were down 0.4% before the market opened Monday.
Furthermore, there are a few stock ideas on the site. “Near Axis” ListThese are the leading stocks that are approaching new buy points, such as: intuition (You). Intuit stock is just below the entry level of 674.34. Shares were up 0.4% on Monday.
To find more stock ideas, check out IBD stock lists like Inflammatory bowel disease 50, Big Capital 20 And stocks close to the buy zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard.
Dow Jones: IBM, UnitedHealth
Among the Dow components, UnitedHealth is in a buy range above the 554.70 buy point on a cup basis, according to Pattern Recognition in MarketSurgeStocks remained flat Monday morning.
Meanwhile, IBM is approaching its latest entry, a cup-and-handle buy point at 196.26. IBM shares rose slightly on Monday.
Outside the Dow, Mediterranean restaurant chain Cava reclaimed its 50-day high last week. That also presents a buying opportunity for more aggressive investors. The stock is just above the 98.69 entry level. Cava shares were up 0.8% early Monday. It is included in the IBD SwingTrader list.
Birkenstock shares are in a buying range above the 61.83 fixed buy point after last week’s move. Shares were up 2.2% early Monday.
Shares of automaker Ferrari topped a 442.80 buy point from a flat base. Ferrari is a top stock on the IBD Leaderboard. Shares were up 0.8% Monday morning.
Shake Shack managed to break out of the cup-and-handle entry level at 105.68. But shares fell more than 3% Monday morning after Piper Sandler downgraded the stock.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen Of The Day
Stock Market Today: Companies to Watch
These are the four stocks that are in or near buy zones in the stock market today.
| Company Name | code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| Ferrari | (race) | 442.80 | flat base |
| Shake Shack | (Shak) | 111.29 | cup base |
| Service Now | (now) | 806.52 | entry handle |
| Birkenstock | (Burke) | 61.83 | flat base |
Source: IBD data as of August 15
Join IBD experts as they analyze today's leading stocks on IBD Live.
The 7 Great Stocks: Nvidia, Tesla
Among the Magnificent Seven stocks, Nvidia added 0.3%, while Tesla (Tesla) rose 0.5% in pre-market trading.
Nvidia stock rose another 1.4% on Friday, extending its winning streak to five days and moving above the critical 50-day line. If Nvidia can hold above that level, it will soon provide another decent entry. But if the stock gives up on that level amid heavy trading volume, it is likely to see further weakness.
Tesla shares rose 0.9% on Friday, crossing the 50-day line for the first time since Aug. 2. The electric-vehicle giant’s shares may be tracking to the right side of a new base, but they’re at an early stage of the process.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones Industrial Average's seven superstar companies, Amazon, Apple and Microsoft were trading mixed ahead of Monday's stock market open.
Amazon shares have decisively reclaimed their 200-day long-term level during recent gains. The stock was up 0.5% Monday morning.
Apple stock is back above its 50-day line amid a seven-day winning streak. Last week, the stock triggered a back-and-forth sell-off from a 199.62 buy point. Apple stock was up slightly on Monday.
Microsoft shares are back above their 200-day line despite Friday’s losses. On Monday morning, the stock was slightly higher.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today's stock market.
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