Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday’s open in overnight trade, with the Labor Department’s jobs report looming on Friday. Meanwhile, the Magnificent Seven stocks tumbled, with sharp losses among Alphabet (GOOGL), Meta Platforms (META) and Nvidia (NVDA).
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On the economic front, Friday’s jobs report from the Labor Department headlines the week. Wall Street economists expect the November employment report to show that employers added a solid 175,000 jobs last month as the unemployment rate held at 3.9%. It is the last major jobs report ahead of the Federal Reserve’s mid-December meeting.
Further, the ADP monthly private-sector employment report is out Wednesday.
Key earnings reports this week include AutoZone (AZO), Broadcom (AVGO), C3.ai (AI), Lululemon Athletica (LULU) and MongoDB (MDB), along with Ollie’s Bargain Outlet (OLLI) and Toll Brothers (TOL).
Late Monday, GitLab (GTLB) soared 16% in extended trade after the company’s earnings report. Shares finished just below a 54.38 buy point.
Stock Market Today: Dow Jones Falls
On Monday, the Dow Jones Industrial Average moved down 0.1%, and S&P 500 dropped 0.5%. The tech-heavy Nasdaq composite declined 0.8%.
The Magnificent Seven stocks fell sharply Monday, as with Nvidia the biggest loser, down 2.7%. Shares are now testing their 50-day line, about 4% below a 476.09 double-bottom entry.
Meanwhile, Tesla (TSLA) skidded 1.4%, while Alphabet and Meta Platforms were down 2% and 1.5%, respectively. Amazon (AMZN) also declined 1.5%.
Finally, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded lower in today’s stock market, with AAPL stock down 0.95% and Microsoft shares off 1.4%.
Advanced Micro Devices (AMD) and IBD Leaderboard stock Amazon (AMZN), along with IBD SwingTrader stock Cloudflare (NET) and MongoDB — as well as Dow Jones stocks Boeing (BA), UnitedHealth (UNH) and Visa (V) — are among the best stocks to watch in the current market rally.
Boeing and Cloudflare featured in this Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and 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 higher to 4.28%. Meanwhile, oil prices dropped, as West Texas Intermediate futures settled below $74 a barrel.
Get 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 IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend.
Amid continued bullish action in recent weeks, investors can raise their market exposure. IBD recommends a level of 80% to 100%, as the trend continues to strengthen.
A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists, like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.
Dow Jones Stocks To Watch
Aerospace stock Boeing is rapidly approaching a cup base’s 243.10 buy point. The stock added 0.4% Monday, extending a win streak to five sessions.
Health care giant UnitedHealth remains above a handle entry at 546.78 after Monday’s 0.2% gain.
Payments leader Visa is in buy range above a 250.06 buy point in a cup base, according to IBD MarketSmith pattern recognition. V stock fell 0.8% Monday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Amazon Tests Buy Point
IBD Leaderboard stock Amazon gave up its cup base’s 145.86 buy point during Monday’s 1.5% drop. Shares remain sharply above an early entry at 134.48.
Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, but moved further below that entry Monday.
IBD SwingTrader stock Cloudflare remains above a 76.07 cup-base buy point after last week’s breakout move. NET stock added 1.3% Monday.
Lastly, MongoDB gave up a part of its breakout gains Monday, with a 2.8% drop. Earnings are due out late Tuesday, so the latest breakout move carries more risk.
Learn How To Time The Market With IBD’s ETF Market Strategy
Best Stocks In Today’s Stock Market Action
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | (AMZN) | 145.86 | Cup base |
| UnitedHealth | (UNH) | 546.78 | Handle entry |
| Toll Brothers | (TOL) | 82.39 | Cup with handle |
| Advanced Micro Devices | (AMD) | 122.11 | Cup with handle |
Source: IBD Data As Of Dec. 4, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock moved down 1.4% Monday, as shares continue to struggle after sharp gains in recent weeks. Shares of the EV giant are fighting to stave above their 50-day line, as they extended a losing streak to four sessions.
TSLA is more than 20% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Apple dropped 0.95% Monday, as it continues to trace a cup with handle that has a 192.93 buy point.
Microsoft stock moved down 1.4% Monday, holding just above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20.
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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