Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday's stock market open. Magnificent Seven stock Nvidia (NVDA) extended its recent gains, approaching an early buy trigger.
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Late Monday, cybersecurity leader Palo Alto Networks (PANW) jumped nearly 3% after the company reported stronger-than-expected fiscal-fourth quarter earnings and sales results. The company also issued strong guidance and authorized an additional $500 million for stock repurchases.
The spotlight this week will shift to Jackson Hole, Wyo., for the Kansas City Federal Reserve's annual economic symposium, which runs Thursday through Saturday.
Fed Chair Powell, set to speak Friday morning, is generally expected to signal a 25-basis-point cut to the federal funds rate in September. Markets, however, figure almost a 26% probability of a half-point decrease.
Key earnings movers this week include Target (TGT), Burlington Stores (BURL), TJX (TJX) andRoss Stores (ROST). Meanwhile, Baidu (BIDU) heads up a heavy contingent of reports from China-based leaders.Toll Brothers (TOL) highlights a big week for the real estate industry.
Nvidia, an IBD Leaderboard stock, jumped another 4.4%, extending its win streak to six sessions and moving closer to its latest buy point. The base has an official 140.76 buy point, but an early entry at 136.15 can be used.
Stock Market Today
On Monday, the Dow Jones Industrial Average moved up 0.6%, while the S&P 500 rallied 1%. The tech-heavy Nasdaq composite advanced 1.4%.
Among the best companies to watch on the stock market today are Birkenstock (BIRK), Cava (CAVA), Ferrari (RACE), Netflix (NFLX) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and UnitedHealth (UNH).
Birkenstock, Ferrari and Netflix featured in this Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield ticked lower to 3.87%. And oil prices extended their recent slide, as West Texas intermediate futures settled around $73.80 a barrel.
What To Do Now
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market action. Following Monday's session, be sure to check out today's The Big Picture and today's updated exposure level.
On Monday's "IBD Live" show, the team discussed current trading conditions amid the ongoing stock market rebound.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. Meanwhile, the MarketSurge "Near Pivot" list shows more stocks nearing buy points in bases.
To find more stock ideas, checkIBD Stock ListslikeIBD 50,Big Cap 20andStocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Wake-Up Calls Still Ringing For Nvidia, Google, Meta And More
Dow Jones: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. And IBM is approaching its latest entry, a cup-with-handle buy point at 196.26.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line last week. That also offered a buying opportunity for more aggressive investors. Shares are just above a 98.69 entry. It is a stock on the IBD SwingTrader list.
Birkenstock is in buy range past a 61.83 flat-base buy point following last week's breakout move.
Shares of automaker Ferrari are breaking out past a 442.80 buy point from a flat base and at the top of their buy range. Ferrari is an IBD Leaderboard stock.
Streaming giant Netflix is building a late-stage cup base with a 697.49 buy point. AndShake Shack's recent breakout move past a cup-with-handle entry at 105.68 stumbled Monday, with a 2.5% decline on a Piper Sandler downgrade.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company | Symbol | Buy point | Type of buy point |
|---|---|---|---|
| MercadoLibre | (MELI) | 1,792.05 | Cup with handle |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Spotify | (SPOT) | 331.08 | Flat base |
Source: IBD Data as of Aug. 19
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla rallied 3.1% Monday, moving up a for a third-straight session.
Last week, Tesla stock bullishly regained its 50-day moving average line. Shares are forming the right side of a new base.
Dow Jones Leaders: Amazon, Apple And Microsoft
Among Dow Jones stocks in the Magnificent Seven, Amazon, Apple and Microsoft finished mixed Monday.
Amazon shares rose 0.7% Monday, still below their 50-day line.
On Monday, Apple stock dipped 0.1%, snapping an eight-day win streak, holding above the 50-day line.
Microsoft shares gained 0.7%, as they hold below their 50-day line. A new base is forming.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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