Dow Jones Futures: AI Giant Soars On Earnings, While Nvidia, Meta Slide; CPI Inflation Report Looms

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher ahead of Tuesday’s stock market open. Artificial intelligence leaders Nvidia (NVDA) and Super Micro Computer (SMCI) continued to slide Monday, as Magnificent Seven stock Meta Platforms (META) sold off sharply.


Late Monday, AI giant Oracle (ORCL) was a key earnings mover. Oracle shares jumped more than 11% in extended trade.

Further, Adobe (ADBE) and Jabil (JBL) will report later this week.

Tuesday’s release of the Consumer Price Index from the U.S. Labor Department takes the spotlight this week. The CPI is expected to rise 0.4% on the month with an increase of 3.1%. Wall Street expects core prices in February to climb 0.3%, with a year-over-year rise of 3.7%. That inflation report is due out at 8:30 a.m. ET.

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Stock Market Today: Meta And Nvidia Slide

On Monday, the Dow Jones Industrial Average moved up 0.1% and the S&P 500 slipped 0.1%. The tech-heavy Nasdaq composite dropped 0.4%.

Among the Magnificent Seven stocks, Meta stock was the biggest loser, down 4.4%. And Nvidia slid 2%, adding to Friday’s bearish downside reversal. Meanwhile, AI titan Super Micro tumbled more than 5%, closing about 12% off Friday’s record high.

Finally, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded mixed in today’s stock market, with Apple stock up 1.2% and Microsoft down 0.4%.

Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Block (SQ) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Block was featured in this Stocks Near A Buy Zone column. And Fifth Third is a recent addition to the IBD Leaderboard portfolio.

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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures rose 0.1%, while S&P 500 futures gained 0.2%. Tech-heavy Nasdaq 100 futures climbed 0.4% 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 rose to 4.1%. Meanwhile, oil prices continue to hold near their recent highs, as West Texas intermediate futures settled just above $78 a barrel.

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Stock Market Rally: What To Do Now

Now is an important time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.

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 new buy points. There were no breakouts Monday.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like FleetCor Technologies (FLT), which is approaching a 298.48 flat-base entry.

To find more stock ideas, check IBD Stock Lists like IBD 50Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.

Dow Jones: Disney, IBM, P&G

Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed just under their entry Monday, with a 1.8% gain.

IBM stock fell further below a flat base’s 196.90 buy point, with a 2.2% drop Monday.

Consumer products giant Procter & Gamble rose 0.8% Monday, further above a 158.38 buy point in a cup base.

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Square Stock Attempts Breakout

IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 4.3% Monday.

Fifth Third Bancorp climbed 1% Monday, further above a 35.73 buy point.

Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock was up 0.2% Monday.

Square parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed last week when the stock fell 7% from the buy trigger. Square stock rose 1% Monday, about 2% away from the entry.

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Best Bets On Stock Market Today

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Symbol Correct buy point Type of buy point
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 202.88 Flat base
Source: IBD Data As Of March 4, 2024

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Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia slid 2% Monday, while Tesla stock rallied 1.4%.

Nvidia shares backed further away from Friday’s record highs. Still, they closed about 70% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.

Tesla stock rose 1.1% Monday, still just off its recent lows. Shares remain sharply below their 50- and 200-day lines and more than 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed Monday.

Despite a two-day rally, Apple stock remains far below its 50- and 200-day lines. Shares are about 13% from their 52-week high.

Microsoft shares are pulling back to their 50-day line, a key support level to watch.

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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