Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures, were lower ahead of Tuesday’s open in overnight trading. Meanwhile, stocks of the Magnificent Seven have rallied, with sharp gains among Apple (AAPL), Amazon (AMZN) And Nvidia (NVDA).
X
Leading this week’s economic data are two important inflation reports: Thursday’s Consumer Price Index and Friday’s Producer Price Index.
Additionally, banks kick off their fourth-quarter reporting season on Friday, with JPMorgan Chase (JPM), Bank of America (BAC), Citi Group (VS) And Wells Fargo (WFC) were lining up to report.
late Monday, Jefferies (I F) lost nearly 2% in extended trading. JEF stock ended Monday out of buy range above a 37.42 buy point in a cup with handle.
Stock market today: Magnificent rally of seven stocks
On Monday, the Dow Jones Industrial Average rose 0.6% and the S&P 500 rose 1.4%. The technology-heavy Nasdaq Composite Index rose 2.2%.
THE Seven magnificent actions rebounded strongly on Monday, with Nvidia the biggest gainer, up 6.4%. Shares are above the 505.48 buy point on a flat basis and are in buy range.
In the meantime, You’re here (TSLA) climbed 1.25%, while Alphabet (GOOGLE) And Metaplatforms (META) are up 2.3% and 1.9% respectively. Amazon also rose 2.7%, returning to entry of 145.86 on a cup basis.
Finally, the tech icons of the Dow Jones, Apple and Microsoft (MSFT) is trading higher in today’s stock marketwith AAPL shares up 2.4% and Microsoft shares up 1.8%.
Magnificent seven players Alphabet and Amazon, and Netflix (NFLX) And Novo Nordisk (NVO) — with Dow Jones components Amgen (AMGN), caterpillar (CAT) And Visa (V) – are among the best stocks to buy and watch in the current market rally.
Amgen and Novo Nordisk featured in this Column Stocks close to a buy zone.
Dow Jones Today: Oil Prices and Treasury Yields
Ahead of Tuesday’s open, Dow Jones futures fell 0.15% from fair value, while S&P 500 futures fell 0.1%. Nasdaq 100 futures were also down 0.1% from fair value. Remember that overnight action on Dow Jones futures and elsewhere does not necessarily translate into actual trading during the next regular trading session.
On Monday, the yield on the 10-year U.S. Treasury fell to 4%. Meanwhile, oil prices fell, as West Texas Intermediate futures stabilized below $71 per barrel.
Receive real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Stock market rally: what to do now
Now is an important time to read Chronicle The Big Picture by MIIwith stock market outlook in confirmed upward trend.
After Monday’s bullish gains, investors are increasing their exposure to the market, as the uptrend continues to hold. Be sure to check Overview of today’s IBD for a updated exposure level.
A great resource for everyday breakouts is IBD MarketSmith “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks surpassing new buy points. There were three escapes today, including Dexcom (DXCM) and Nvidia. DXCM stock rises above a cup with handle’s 126.37 buy point.
Meanwhile, MarketSmith’s “Near Pivot” list shows stocks near buy points in the bases.
To find more action ideas, check out IBD Stock Listsas MII 50, Large cap 20 And Stocks close to a buy zone. These features identify uptrends and buy points and should be checked daily.
Dow Jones: Amgen out of buy range
Pharmaceutical leader Amgen rose 2.6% on Monday, moving further out of the 5% buying range beyond an official 288.46 buy point on a flat base. The 5% buy zone rose to 302.88.
Heavy machinery giant Caterpillar ended Monday just below its buy level of 293.88, amid a 1.2% gain.
Payments leader Visa remains in a buy range above a 250.06 entry into a cup base, according to IBD MarketSmith Pattern Recognition. V stock was up 1.1% on Monday.
4 Most Important Growth Stocks to Watch in the Stock market rally
Stocks to Buy and Watch: Amazon Finds Its Entry
IBD Ranking Stocks Amazon reclaimed its cup base’s 145.86 buy point during Monday’s 2.7% rally, finding support around its 50-day line.
Alphabet regained its 50-day line, but closed just below its 139.42 buy point for a cup with handle after rising 2.3% on Monday, according to IBD Market.
IBD SwingTrader Stock Netflix rose 2.3% on Monday, regaining a 482.70 buy point in a cup with handle.
Novo Nordisk ended Monday up 0.4%, above a flat base buy point of 105.69 after a sharp breakout on January 4.
Learn to Time the Market with IBD’s ETF Market Strategy
Best Bets in Today’s Action
These are the four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| caterpillar | (CAT) | 293.88 | Cup base |
| Netflix | (NFLX) | 482.70 | Cup with handle |
| Snowflake | (SNOW) | 192.66 | Cup with handle |
Source: MII data as of January 8, 2024
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla Stock rose 1.25% on Monday, as shares rebound from their 50-day support level. TSLA stock ended a six-day losing streak on Monday.
The electric vehicle giant has a large double bottom setup with a conventional buy point of 278.98. Meanwhile, an early buy trigger sits at 265.13.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones Stocks in the Magnificent Seven, Apple and Microsoft trade higher during Monday’s stock market action.
Apple ended a five-day slippage on Monday, with an advance of 2.4%. Shares remain below a 192.93 buy point and their 50-day line.
Microsoft stock rallied 1.9% on Monday, still within buying range of a 366.78 cup base buy point. Meanwhile, MSFT is rebounding from its 50-day line.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
YOU MIGHT ALSO LIKE:
Top Growth Stocks to Buy and Watch
Learn to Time the Market with IBD’s ETF Market Strategy
Find the best long-term investments from IBD Long-Term Leaders
MarketSmith: Research, Charts, Data and Coaching in One Place
How to Research Growth Stocks: Why This IBD Tool Makes Finding the Best Stocks Simple
