Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were modestly lower ahead of Tuesday’s stock market open. Magnificent Seven stock Nvidia (NVDA) slipped Monday, as Wall Street braced for the “most important tech earnings in years,” according to one analyst.
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Stocks Await Nvidia Earnings; GE Vernova, Ardent Health Flash Buy Signals
In Nvidia’s earnings report, scheduled for release late Wednesday, Wall Street expects the artificial intelligence giant to earn 65 cents per share on revenue of $28.7 billion, per FactSet estimates. Last week, Wedbush Securities analyst Daniel Ives called the Nvidia report the “most important tech earnings in years” in a research note.
Nvidia, an IBD Leaderboard stock, declined 2.3% Monday, still holding near its recent highs. The base it’s forming has an official 140.76 buy point, but investors can use an early entry at 136.15.
This week’s economic highlight comes Friday, when the Commerce Department releases the Federal Reserve’s primary inflation gauge for July as part of Friday’s personal income and outlays report. The core personal consumption expenditures, or PCE, price index is expected to rise between 0.1% and 0.2%. That should lower the 3-month annualized core inflation rate to 2% or lower for the first time since December.
Key earnings reports this week include Lululemon Athletica (LULU), Ulta Beauty (ULTA), Lands’ End (LE) and Burlington Stores (BURL), along with fellow retailers Abercrombie & Fitch (ANF), Nordstrom (JWN), Gap (GPS) and Foot Locker (FL).
Nvidia Stock Faces Two Tests This Week. Investors Face A Third.
Stock Market Today: Dow Jones Hits Record High
On Monday, the Dow Jones Industrial Average moved up 0.2% to hit a record high, while the S&P 500 dropped 0.3%. The tech-heavy Nasdaq composite lost nearly 0.9%.
Among the best companies to watch on the stock market today are Birkenstock (BIRK), Meta Platforms (META), Netflix (NFLX) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
Home Depot and Meta featured in this Stocks Near A Buy Zone column.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures lost 0.1% vs. fair value, while S&P 500 futures edged lower. The tech-heavy Nasdaq 100 futures also inched down 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 higher to 3.82%. And oil prices extended their recent gains, as West Texas intermediate futures settled around $77 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, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Step Aside, Tesla. This Stock Wants Your Mag 7 Card.
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Meanwhile, IBM is moving further past its latest entry, a cup-with-handle buy point at 196.26.
Outside the Dow Jones index, Birkenstock is still above a 61.83 flat-base buy point despite Monday’s 1.8% drop.
Streaming giant Netflix is below a late-stage cup base’s 697.49 buy point. And Shake Shack‘s recent breakout move past a cup-with-handle entry at 105.68 remains on track despite a 1.2% fall Monday.
Learn How To Time The Market With IBD’s ETF Market Strategy
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) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 26
Magnificent Seven Stocks: Meta, Tesla
Among Magnificent Seven stocks, Meta Platforms and Tesla (TSLA) fell sharply Monday.
Meta stock lost 1.3%, falling for a third straight session. The social media leader attempted to break out past a 542.81 buy point last week, but was turned away.
Tesla skidded 3.2% Monday, falling back below the 50-day moving average line. Shares of the electric-vehicle giant are trying to form 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 decisively reclaimed their long-term 200-day line on Aug. 15. But the stock remains below its 50-day line, as it dropped 0.9% Monday.
Apple stock rose 0.2%, building the right side of a new base after recapturing its 50-day line in recent weeks.
Microsoft shares declined 0.8% Monday, continuing to hold below their 50-day line as a new base takes shape.
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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