May 25, 2024

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Stock Market Today: Dow Jones Index Rises Ahead of Powell's Comments;  Tesla stock extends dive

Stock Market Today: Dow Jones Index Rises Ahead of Powell's Comments; Tesla stock extends dive

The Dow Jones Industrial Average rebounded Tuesday morning, as investors hoped for a reversal of the downtrend that has besieged stocks in recent days. But the recovery did not help Tesla (TSLA), which fell again in the stock market today.




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The Dow Jones Industrial Average rose 0.4% in morning trading after heavy losses on Monday, which was the sixth straight session in which blue-chip stocks fell. The Dow Jones has fallen on 10 of the last 11 trading days and is down more than 5% from its peak on March 21. It lies well below the 50-day moving average.

The S&P 500 fell 0.1%, and the technology-focused Nasdaq Composite fell 0.1% after the opening bell. After two straight bearish sessions, both fell below their 50-day lines amid Monday's sell-off.

Early Tuesday, the yield on the 10-year Treasury note rose to 4.65%. Furthermore, oil prices fell, with WTI futures trading around $84.90 per barrel.

Among the US exchange-traded funds is the Nasdaq 100 Tracker Invesco QQQ Trust ETF (QQQ(down 0.1%, SPDR S&P 500 ETF)spy) by 0.1%.

Tesla shares sold off another 4% Tuesday morning, threatening to extend Monday's losses.

Tesla confirmed on Monday that it will cut more than 10% of its global workforce, Elon Musk emailed to employees. The move results in the elimination of more than 14,000 jobs, and comes at a time when the electric car manufacturer is facing slowing demand and excess capacity in its factories.

Tesla shares nearly hit multi-month lows on Monday, with shares down more than 45% from their 52-week high.

Stock market today: Powell, earnings

In economic news, Federal Reserve Chair Jerome Powell will participate in a moderated discussion Tuesday afternoon with Tiff Macklem, Governor of the Bank of Canada. The lecture will be held at the Washington, D.C. Forum on the Canadian Economy and is scheduled to begin at 1:15 p.m. ET.

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Meanwhile, the main drivers of earnings on Tuesday included American bank (Buck), Johnson & Johnson (JNJ), Morgan Stanley (Ms) And UnitedHealth (United nations).

Bank of America shares fell 1% in morning trading, while Johnson & Johnson fell 1.7%. Morgan Stanley shares rose 2.7%. UnitedHealth shares rose 5.5% in early trading.


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Dow Jones slides

On Monday, the Nasdaq Composite fell 1.8% and the S&P 500 lost 1.2%. Both crudes closed below their 50-day moving averages for the first time since early November, when the market confirmed a new uptrend.

The Dow Jones Industrial Average, which was the first of the major indexes to break its 50-day line, was down 0.6% on Monday and nearly 1.7% from its session high.

The Big Picture column commented on Monday: “With the support level broken Monday, the Nasdaq and S&P 500 ended a 110-day closing streak above their 50-day averages. This was the longest for the S&P since the 139 days that ended March 9 2011, according to Dow Jones Market Data, the Nasdaq was equivalent to 110 days ending on February 2, 2018.

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Top stocks to watch in today's stock market

Broadcom (Afgo), Kings Project (DKNG) And Service now (now) – in addition to the components of the Dow Jones Index American pass (XP) And Verizon Communications (VZ) – is among the top companies to watch in the stock market today.

ServiceNow is displayed in the column of stocks close to the buy zone.

An essential resource for your daily escape IBD MarketSurge Check out today list. He appears Market growth 250 Stocks breaking through new buy points. Also, the MarketSurge “Near Pivot” list shows stocks that are approaching buy points in the bases.

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Dow Jones: American Express, Verizon

American Express is trying to find support around its 50-day moving average, according to… Marketsorg charts. A bounce will put the payments leader into a new buying zone. But investors will have to wait for a decisive rebound. American Express shares rose in morning trading Tuesday.

A breakout attempt by telecom giant Verizon failed in recent sessions, falling more than 7% from its 43.21 buy point. Verizon shares fell 0.1% Tuesday morning.


4 Higher Growth Stocks to Watch in Stock market pool


Stock Market Today: Broadcom Eyeing a Buy Point

AI player Broadcom continues to build a consolidated short position with a buy point at 1,438.17, according to Marketsorg Graphs. The price action looks like a flat base, but its depth is just over 16%. The maximum depth of the flat base is 15%. Stocks are looking for support at the 50-day line. Broadcom stock rose 0.3% on Tuesday.

DraftKings is back below its 46.52 buy point in a short consolidation after recent losses. The sports betting giant rose 2.1% on Tuesday morning.

ServiceNow decisively gave up its 50-day streak during Monday's 4.3% decline. Shares continue to build a flat base entering 815.32, but have a lot of work to do before a potential breakout occurs. The stock rose 0.2% early Tuesday.


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Stocks 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
Disney (Dis) 112.92 Cup with handle
Broadcom (Afgo) 1,438.17 Merger
Kings Project (DKNG) 45.62 Merger
Service now (now) 815.32 Flat base
Source: IBD data as of April 15, 2024

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The 7 Great Stocks: Nvidia

Among the seven great stocks, Nvidia (NVDA) by 1% in early trading on Tuesday.

Nvidia stock is trying to find support around the 50-day line, where it is building a flat base at a 974 buy point. The artificial intelligence giant is an IBD Leaderboard stock.

Dow Jones leaders: Apple, Microsoft

Among the Dow Jones stocks in Magnificent Seven, apple (Camel) And Microsoft (MSFT) was trading higher after the stock market opened on Tuesday.

Apple stock fell 2.2% on Monday, ending a two-day rally that saw strong resistance at the 50-day line. The stock rose 0.4% on Tuesday morning.

Microsoft shares fell 1.9% on Monday, clearing its 50-day line for the first time since the Jan. 11 breakout above a buy point of 384.30. The stock rose 0.5% 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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