Following a mixed trading session on Monday, U.S. stock index futures showed upward movement early Tuesday. Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures all posted gains before the market open, signaling a potentially positive start to the day. This movement occurs as investors anticipate a busy week filled with major corporate earnings and significant economic data releases.
Key Stock Movements: Nvidia and Tesla
Individual stocks like Nvidia and Tesla saw notable activity around Monday’s close and in early Tuesday trading.
Nvidia shares declined by 2.1% on Monday, interrupting a four-day streak of gains. The stock encountered resistance around its 10-week moving average, a key level closely watched by analysts. In extended trading, Nvidia saw a further slight dip of 0.4%.
Tesla’s stock ended a volatile Monday session up 0.3%, encountering resistance at its long-term 200-day moving average line. The electric vehicle maker’s shares have traded below this technical level since late March and remain approximately 42% below their record high of 488.54 reached on December 18. Tesla shares also saw a small decrease of 0.6% in late trading.
Ahead This Week: Major Earnings and Economic Data
The week’s economic calendar is packed, highlighted by data releases from the U.S. Commerce Department on GDP and inflation, as well as the Labor Department’s monthly payrolls report.
Economists surveyed by FactSet anticipate that the first-quarter GDP report, due Wednesday, will show a significant slowdown in growth to a 0.9% annualized rate, down from 2.4% in the fourth quarter. A personal income and spending report later in the week will include the core Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation. Expectations are for core PCE to rise by 0.1% month-over-month, which would lower the 12-month inflation rate to 2.6%.
First-quarter earnings season is also accelerating this week with reports from some of the market’s largest companies. Scheduled to report are tech giants Apple (AAPL), Amazon.com (AMZN), and Meta Platforms (META). Results are also expected from major corporations including Exxon Mobil (XOM), Chevron (CVX), Caterpillar (CAT), Pfizer (PFE), and Eli Lilly (LLY).
Recent Market Action
On Monday, the Dow Jones Industrial Average closed up 0.3%, adding 114 points. The S&P 500 posted a modest gain, while the Nasdaq Composite edged lower by 0.1%.
In the bond market on Monday, the yield on the 10-year U.S. Treasury note declined to 4.21%. Meanwhile, oil prices also fell, with West Texas Intermediate futures settling near $62 per barrel.
As of early Tuesday before the opening bell, Dow Jones futures were up 0.2%, S&P 500 futures gained 0.3%, and the tech-heavy Nasdaq 100 futures showed a 0.4% increase. It’s important to note that overnight futures movements do not always perfectly predict the actual trading session.
Stocks to Monitor
Several individual stocks showed notable technical action or upcoming events this week:
- MercadoLibre (MELI): According to IBD MarketSurge, the e-commerce giant is attempting to move past a 2,202 buy point from a double-bottom base. On Monday, shares dipped slightly but remained just above that potential entry.
- Loar Holdings (LOAR): This IBD Leaderboard stock traded just outside a potential buy range on Monday, sitting slightly below its 90.79 buy point derived from a cup-with-handle base after a 1.3% drop.
- Palantir Technologies (PLTR): Palantir extended its winning streak to five consecutive sessions on Monday, gaining 1.5% and trading above an earlier entry level of 98.99. The stock has a potential buy trigger at 125.41 from a larger cup base, though it remains some distance away.
- Spotify (SPOT): Spotify shares fell 4% on Monday, closing further below its 621.20 entry point ahead of its earnings report scheduled for early Tuesday.
Market Strategy Outlook
With the stock market currently described as being in a “recovery mode,” investment publications like IBD recommend that investors methodically deploy capital by purchasing stocks that are showing strong breakouts past valid entry points. IBD’s suggested market exposure level is currently between 40% and 60%. Resources like IBD MarketSurge’s lists of stocks “Breaking Out Today” or “Near a Pivot” can help identify potential opportunities. Checking IBD Stock Lists such as the IBD 50, Big Cap 20, and Stocks Near A Buy Zone regularly can also provide ideas based on established uptrends and proximity to buy points.
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