The Dow Jones Industrial Average and the other major stock indexes rose Monday, as Wall Street awaited this week’s big earnings reports from Apple (AAPL), Alphabet (GOOGL) and Microsoft (MSFT). Meanwhile, Tesla (TSLA) was a premarket winner on the stock market today.
Ahead of the opening bell, Dow Jones futures rose 0.4% vs. fair value, as S&P 500 futures gained 0.6%. Tech-heavy Nasdaq 100 futures moved up 0.8% in early trading.
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Early Monday, the 10-year Treasury yield ticked higher to 4.25%. Oil prices tumbled, with West Texas Intermediate futures trading around $67.60 per barrel. Israel retaliatory strike on Iran early Saturday avoided energy and nuclear facilities.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.8%, as the SPDR S&P 500 ETF (SPY) gained 0.6% ahead of the open.
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Tesla Stock Rises In Pre-Market Trades
Tesla stock was up 0.6% premarket Monday after Canaccord raised its price target on Tesla from 278 to 298, keeping its buy rating. That’s a near-11% premium to Friday’s closing price.
Last week, electric-vehicle giant Tesla broke out past a 264.86 buy point in a cup with handle, closing in the buy zone Friday.
Stock Market Today: Pre-Market Movers
On Semiconductor (ON) and Philips (PHG) were earnings movers Monday morning. On stock rose nearly 4%, while Philips plunged more than 16% in premarket trading.
This week’s heavy economic calendar is highlighted by Friday’s jobs report. While results will be distorted by the impact of hurricanes and the Boeing strike, economists still expect 125,000 new jobs in October, including 115,000 private jobs, as the unemployment rate holds, FactSet says, at 4.1%.
Further, the core PCE price index, the Fed’s primary inflation gauge, will be updated for September with the Commerce Department’s personal income and outlays report early Thursday.
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Best Stocks To Watch
On Friday, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 edged lower. The Nasdaq composite hit a new high, with a 0.6% gain.
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale (COST), MercadoLibre (MELI), Uber Technologies (UBER) and United Therapeutics (UTHR).
Notable Dow Jones components are Amazon.com (AMZN), Apple, Goldman Sachs (GS) and Microsoft.
Apple and MercadoLibre were featured in the Stocks Near A Buy Zone column.
There were four new stocks on IBD MarketSurge‘s “Breaking Out Today” list Friday, notably ResMed (RMD), which topped a 255.18 buy point. Check for more names on the site’s “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Goldman Sachs At Buy Point
Dow Jones financial leader Goldman Sachs gave up a consolidation base’s 517.26 buy point, according to MarketSurge pattern recognition. Shares were up 0.3% on the stock market today.
Outside the Dow Jones index, Costco is nearing a 923.83 buy point in a flat base, as it looks for support around the 50-day moving average line. Costco stock moved up 0.3% Monday.
Retail giant MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also right at the 50-day moving average. Shares gained 0.7% early Monday.
Uber Technologies has fallen sharply below an 82.14 buy point in a consolidation amid recent losses. Following Friday’s drop, Uber stock bounced 1.2% in Monday’s premarket trading. The company reports earnings later this week.
Finally, United Therapeutics tumbled below a 366.08 buy point during four days of losses. Shares gained a fraction Monday.
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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 Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Source: IBD Data as of Oct. 14
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Magnificent Seven Stocks Pre-Market: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet and Meta Platforms (META) rose 2.1% and 1.4%, respectively, in premarket trading on the stock market today.
Google parent Alphabet is currently holding above support around the 50-day moving average. The stock remains well off its prior highs. Meta stock hit a new high in recent weeks, rising further above a 544.23 alternate entry, but is now pulling back to its own 50-day line.
Nvidia (NVDA) touched new highs last week before easing. Shares gained 1.1% Monday morning, squarely above a 131.26 alternate entry. The stock also was just above a 140.76 conventional buy point.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock rose 1% Monday.
Apple stock broke out above a 233.09 cup-with-handle entry but is back below that buy trigger and attempting to find support around the 50-day line. Shares added 0.6% early Monday.
Microsoft shares bullishly regained their 50-day line during last weeks’ bounce and are near a handle buy point at 441.85. And on Monday morning, the stock climbed 0.9%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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