Dow Jones futures and other major stock indexes continued their gains Tuesday morning, as… General Motors (GM) achieved significant profits in the first quarter. while, Tesla (TSLA) Dividends are due after the close of the stock market today.
X
Dow Jones futures rose 0.2% versus fair value in morning trading, and S&P 500 futures rose 0.3%. Technology-focused Nasdaq 100 futures also rose 0.3% before the opening bell.
Early Tuesday, the 10-year Treasury yield rose to 4.65%. Furthermore, oil prices fell 0.7% as WTI futures traded around $81.30 per barrel.
Among the US exchange-traded funds is the Nasdaq 100 Tracker Invesco QQQ Trust ETF (QQQ) by 0.2%, as is the case with the SPDR S&P 500 ETF (spy).
Stock market today
General Motors shares rose about 5% after the company announced strong profits and sales in the first quarter and raised its expectations for 2024.
Other major drivers of earnings on Tuesday include Rhythm design systems (CDNS), Nocor (No), American Packaging Company (kg package), PepsiCo (Beep) And Spotify (spot).
Cadence stock fell 6.2%, while Nucor shares sold off nearly 6% in pre-market trading. Shares of the packaging company fell 3.6% before the market open. PepsiCo fell, while Spotify shares jumped nearly 8%.
On Tuesday's economic calendar, the Manufacturing and Services PMI is scheduled for release at 9:45 a.m. ET. The manufacturing and services indices for April are expected to remain steady at 51.9 each.
Furthermore, the Commerce Department is scheduled to announce new home sales at 10 a.m. ET. March sales are expected to rise to 670,000 compared to 662,000 in the previous month.
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Dow Jones rebounds
On Monday, the Nasdaq Composite led a broad rebound with a 1.1% gain. The index broke a six-day losing streak, its longest since December 2022. Meanwhile, the S&P 500 rose 0.9%, ending its longest losing streak since October 2022. The Dow Jones Industrial Average rose 0.7%.
“Although the recovery was welcome, it was not a huge surprise,” The Big Picture column commented on Monday. “Indices were oversold by some measures.” MarketsorgFor example, the short-term overbought and oversold oscillator reached its highest oversold level since the market bottom in late October.
Now is an important time to read Investor's Business Daily's Big Picture column amid ongoing stock market action. Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
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Top stocks to watch in today's stock market
the alphabet (Google), Discom (DXCM), Ali Holding (Onon) And TradeWeb Markets (T.W) – in addition to the Dow Jones component American pass (XP) – is among the top companies to watch in the stock market today.
Alphabet and Tradeweb are shown in the column of stocks near the buy zone.
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Dow Jones: American Express
American Express is bouncing with significant amounts of support around its 50-day moving average, according to Marketsorg Graphs. The bounce puts the software leader into a new buying zone. Shares rose above the entry level of 231.69 in a short consolidation, although the stock was flat Tuesday morning. Keep in mind that market risk is high at the moment.
Last week, American Express reported better-than-expected first-quarter earnings and sales results, along with a strong outlook, resulting in a 6.2% rise. The payments industry leader earned $3.33 per share on sales of $17.8 billion, year-over-year increases of 39% and 13%, respectively.
4 Higher Growth Stocks to Watch in Stock market correction
Outside of the Dow Jones, Google stock rose above a 153.78 buy point and its relative strength line is at its highest level since January, according to Marketsorg Graphs. Stocks rose on Tuesday.
The Dexcom fell below a flat entry level of 132.03 during last week's losses, but is still holding above its key 50-day line. Support would be bullish for the stock's prospects. Dexcom stock rose 0.1% early Tuesday.
Leading retailer On Holding gave up its 50-day line on Monday, but a decisive rebound to reclaim that level would be positive for the stock's outlook. The holding company's shares were unchanged early Tuesday.
Tradeweb is below the 50-day moving average, forming a flat base with a buy point at 108.04. Shares fell 0.6% on Tuesday.
Stock Market Today: Companies to Watch
These are four stocks that are in or near buy zones in the stock market today.
| Company Name | Code | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| American Express | (XP) | 231.69 | Merger |
| the alphabet | (Google) | 153.78 | Merger |
| Discom | (DXCM) | 132.03 | Flat base |
| TradeWeb Markets | (T.W) | 108.04 | Flat base |
Source: IBD data as of April 22, 2024
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The 7 Great Stocks: Nvidia and Tesla
The Seven Great Stocks Nvidia (NVDA) Tesla gained 1.6% and 0.3%, respectively, in Tuesday morning trading.
Nvidia stock rose 4.4% on Monday, recovering part of Friday's 10% drop. Shares fell below the 50-day line last week.
Tesla stock fell 3.4% on Monday, extending its losing streak to seven sessions. Shares hit new 52-week lows.
Tesla's earnings are scheduled to be released after the market closes. Earnings are expected to fall 42% to 49 cents per share on sales of $22.2 billion, according to IBD MarketSurge data.
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in Magnificent Seven, apple (Camel) And Microsoft (MSFT) were trading mixed before the stock market opened on Tuesday.
Apple shares rose 0.5% on Monday, ending a five-day losing streak. Last week, stocks found strong resistance at the 50-day line. The stock was down 0.2% Tuesday morning.
Microsoft shares rose 0.5% on Monday, still below the 50-day line after last week's losses. The stock rose 0.4% early Tuesday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen To learn more about growth stocks, the Dow Jones Industrial Average, and today's stock market.
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