Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s stock market open. Nvidia stock boasts a new buy point, while GameStop (GME) rocketed after the return of Keith Gill, known by his social media name “Roaring Kitty.” Up next, a key inflation report looms from the Labor Department.




X



Keith Gill, who sparked the meme stock rally during the pandemic, made his return to social media for the first time in three years. Gill, or Roaring Kitty, on Sunday night posted on social media platform X for the first time since June 2021. The post was an image of a meme implying he is “getting serious.”

GameStop stock soared more than 74%, while AMC Entertainment (AMC) surged more than 79%. Late Monday, GameStop shares were up another 22%, while AMC stock climbed another 25%.

Up next, the Labor Department will report Tuesday its producer price index, which is a key measure of wholesale inflation. The PPI is expected to rise 0.3% for the month of April, with a 2.2% annual increase, per Econoday estimates. And the core PPI is estimated to rise 0.2% on the month and a 2.3% year-over-year increase.

This week’s economic spotlight likely will focus on Wednesday’s consumer price index. Economists expect price pressures to ease slightly, with the core CPI, excluding food and energy, up 0.3% on the month, according to FactSet, down from March’s 0.4% increase. In addition, retail sales data for April is also expected out Wednesday.


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Stock Market Today

On Monday, the Dow Jones Industrial Average moved down 0.2% and the S&P 500 lost less than 0.1%. The tech-heavy Nasdaq composite gained 0.3%.

NetApp (NTAP), NXP Semiconductors (NXPI), Taiwan Semiconductor Manufacturing (TSM)and Tradeweb Markets (TW) — plus Dow Jones components JPMorgan Chase (JPM) and Merck (MRK) — are among the best companies to watch on the stock market today.

And Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) ended mixed in today’s stock market, with Apple up 1.8% and Microsoft down 0.3%.

JPMorgan and Taiwan Semi are featured in this Stocks Near A Buy Zone column.


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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, were little changed 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 ticked lower to 4.48%. And oil prices rose, as West Texas intermediate futures settled around $79.20 a barrel.


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Stock Market Today: What To Do Now

Now is an important time to read IBD’s The Big Picture column amid the recent stock market gains. Following Monday’s action, be sure to check out today’s The Big Picture for an updated exposure level.

On Monday’s IBD Live show, the IBD Live team discussed current trading conditions. Arnie Gutierrez shared his “giddy level” and why he likes to take some profits when a stock reaches an extreme level. Arnie also covered China mobile app and commercial staffing firm Kanzhun (BZ). Justin Nielsen went through the weekly industry group analysis and highlighted the current year-to-date underperformance by the Nasdaq vs. the S&P 500 so far.

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 buy points. Notably, KKR (KKR) broke out past a flat base’s 103.48 buy point. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

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: JPMorgan, Merck

JPMorgan is rapidly nearing a flat base’s 200.94 entry following strong gains in recent weeks.

Meanwhile, drug giant Merck is building a flat base that has a 133.10 entry.


4 Top Growth Stocks To Watch In The Stock Market Action


Outside the Dow Jones index, NetApp is trading just below a 108.82 buy point in a double bottom, according to IBD MarketSurge.

NXP Semiconductors is in buy range past a double-bottom entry at 251.96. Shares were up 0.8% Monday.

Chipmaker Taiwan Semiconductor is breaking out past a 148.43 buy point in a double-bottom base in the wake of Friday’s strong monthly sales results. The stock lost 1.9% Monday, falling below the entry.

Tradeweb is squarely in its buy range past a flat base’s 108.04 buy point, with a 0.7% fall Monday.


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Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Company Name Symbol Correct Buy Point Type Of Buy Point
American Express (AXP) 231.69 Consolidation
Chipotle (CMG) 3,023.98 Consolidation
Texas Roadhouse (TXRH) 157.12 Flat base
Tradeweb Markets (TW) 108.04 Flat base
Source: IBD Data As Of May 5, 2024

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Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) rose 0.6% and 2%, respectively, Monday.

Nvidia stock rallied further above the 50-day line Monday. Shares of the artificial intelligence giant added a handle to a base Monday, taking the buy point down from 974 to 922.20. The AI leader is an IBD Leaderboard stock.

Tesla stock snapped a four-day losing streak Monday. Shares are right at their 50-day line following last week’s losses.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple stock added 1.8% Monday, closing at its highest level since Feb. 12. Shares are back above their 200-day line and forming the right side of a new base.

Microsoft shares slipped 0.3% Monday, right at their 50-day line. The software giant is building a flat base that has a 430.82 buy point and the 50-day line will be a key hurdle.

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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