The Dow Jones Industrial Average and other major stock indexes dropped Tuesday, as Wall Street braced for the Federal Reserve's two-day policy meeting. Nvidia, Tesla continued to fall, while Palantir Technologies plunged following the company's earnings report.
After the opening bell, the Dow Jones Industrial Average declined 1.1%, or more than 400 points. The S&P 500 lost 1.1% as the tech-heavy Nasdaq composite sold off 1.3%.
The 10-year Treasury yield edged lower to 4.33% early Tuesday. Meanwhile, oil prices bounced, as West Texas Intermediate futures traded near $58.60 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 1.5%, while the SPDR S&P 500 ETF moved down 1.1% after the open.
Palantir plunged more than 13% in morning trading Monday. The company raised its full-year revenue forecast and topped revenue estimates. But Palantir only met first-quarter earnings targets amid high expectations.
Tesla stock skidded 2.2% in early action Tuesday, and continues to see stout resistance at the long-term 200-day moving average. Led by Chief Executive Elon Musk, the electric-vehicle maker remains around 41% off its record high of 488.54, reached on Dec. 18.
Nvidia stock fell 2.2% in early market moves. Shares of the artificial intelligence giant are attempting to decisively surpass resistance around their 50-day line, an important area to watch.
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Stock Market Today: Fed Meeting To Start
The Federal Reserve's two-day meeting kicks off Tuesday with an interest rate decision on Wednesday. Markets see little chance of a rate cut, so the focus will be on Fed Chairman Jerome Powell's news conference, and on any shift in his thoughts on how tariffs will affect inflation.
In stocks, earnings movers Tuesday include Diamondback Energy, DoorDash, Ferrari, Ford Motor, TransDigm and Vertex Pharmaceuticals.
Shares of Diamondback edged higher, while DoorDash stock tumbled 7.5%. Ferrari climbed nearly 1%, as Ford Motor stock gained 0.8%. Finally, TransDigm lost 6.4%, as Vertex sold off more than 11%.
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Dow Jones Snaps Win Streak
On Monday, blue chips on the Dow Jones Industrial Average moved down 0.2%, or 98 points, while the S&P 500 lost 0.6% and the Nasdaq declined 0.7%.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are MercadoLibre, Booking and Commvault.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Boeing.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investors also can find potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: Boeing Hits Buy Point
Shares of Dow Jones component Boeing slipped 0.7% Tuesday, but remained above a double-bottom entry at 184.40, according to MarketSurge chart analysis.
Outside the Dow, e-commerce giant MercadoLibre is back in buy range above a 2,202 entry in a double-bottom base. MercadoLibre stock fell 1.5% Tuesday.
Meanwhile, IBD SwingTrader stock Booking is rapidly approaching a 5,282 buy point in a double bottom. Booking stock rose 0.2% in morning action.
Finally, IBD Stock Of The Day Commvault climbed 0.8% on Monday, closing just shy of a 174.58 double-bottom entry. Commvault shares lost 2.3% early Tuesday.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Tuesday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Boeing | 184.40 | Double bottom | |
| Spotify | 621.20 | Double bottom | |
| Penumbra | 288.57 | Double bottom | |
| MercadoLibre | 2,202.00 | Double bottom |
Source: IBD Data as of April 30
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from lows as Wall Street reacts to the fallout from President Trump's tariffs. One of them, Dow Jones component Amazon, is attempting to regain its 50-day line for the first time since Feb. 14. But Amazon stock lost 0.8% in morning action on Tuesday.
IPhone maker Apple extended Friday's heavy losses Monday following last week's earnings report. Apple shares fell another 0.6% early Tuesday.
And Microsoft stock shot up last week, retaking its 200-day line for the first time since Jan. 29. The software giant dropped 0.7% Tuesday morning.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
