The Dow Jones Industrial Average and other major stock indices experienced a rebound on Monday as investors prepared for crucial inflation reports expected later this week. Key players in today’s stock market included Apple, Nvidia, and Tesla.
Following the market’s opening, the Dow Jones climbed by 0.9%, while the S&P 500 increased by 1%. The tech-centric Nasdaq composite saw a 1.2% rise in early trading.
On Monday morning, the yield on the 10-year Treasury note rose to 3.73%, and oil prices gained ground, with West Texas Intermediate futures hovering around $68.25 per barrel.
Among exchange-traded funds, the Invesco QQQ Trust rose by 1.1%, and the SPDR S&P 500 ETF gained 1% shortly after the market opened.
Stocks in the “Magnificent Seven,” specifically Nvidia and Tesla, increased by 2.7% and 3.4%, while Apple saw a slight dip of 0.5%. Apple is approaching a new buy point at 237.23, although it fell below support at its 50-day moving average. The company is set to introduce its iPhone 16 series during a product launch event today, which will include enhancements featuring Apple’s new AI technology. Additionally, the event is expected to showcase the latest Apple Watch and new AirPods.
Nvidia had been struggling, nearing its early August lows and dropping below its 50-day average before experiencing gains in premarket activity. Tesla’s upturn follows a drop below its 50-day line due to an 8.5% decrease on Friday.
As for market expectations, the consumer price index for August will be released on Wednesday, followed by the producer price index on Thursday. Although the earnings season is winding down, high-profile reports from tech giants like Oracle and Adobe are anticipated, along with results from GameStop and Kroger.
Last Friday witnessed a decline in major indexes, with the Dow Jones down by 1% and the S&P 500 falling by 1.7%; the Nasdaq composite also dropped by 2.6%.
Among the notable stocks to watch are Costco, Meta Platforms, Netflix, and Taiwan Semiconductor Manufacturing. Additionally, within the Dow Jones, Amazon and Microsoft saw increases following the market’s opening.
Home Depot has set a new buy point at 378.58, with its shares rising by 0.5%, while IBM’s stock rose by 1% and is currently in a buy range following its latest entry point. Costco’s stock remains below its entry point, but increased by 0.8%.
Netflix is currently under its buy point after experiencing losses last week, with a slight increase of 1.3% Monday. Taiwan Semiconductor Manufacturing is also positioned for a breakout with a current gain of 2.8%.
Further highlights include stocks in or near buy zones, such as Ferrari, Shake Shack, ServiceNow, and Birkenstock.
In the Magnificent Seven, both Meta Platforms and Alphabet recorded gains in early trading, while Amazon and Microsoft also experienced upward movement among Dow components.
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