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Investors Business Daily

Dow Jones Slides 200 Points As Bitcoin Hits Record High; Nvidia Stock Reverses Higher

The Dow Jones Industrial Average and the other major indexes threatened to extend Friday's losses, as Nvidia reversed from sharp losses on the stock market today. Meanwhile, bitcoin rallied to record highs, sparking big rallies in Coinbase and MicroStrategy.

The Dow Jones Industrial Average fell 0.5% in morning action Monday, as did the S&P 500. The tech-heavy Nasdaq composite moved down 0.3% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was down 0.5%, while the SPDR S&P 500 ETF lost 0.4%.

The 10-year Treasury yield ticked higher to 4.09%. Further, oil prices added to Friday's losses, as West Texas Intermediate futures fell 1%, trading around $77 a barrel. (For the latest coverage of the market, visit our Stock Market Today page.)

Artificial intelligence leaders Nvidia reversed from sharp losses to move up 0.9%, while Super Micro dived 7% Monday morning. Nvidia stock remains more than 80% above a flat base's 505.48 entry and is an IBD Leaderboard stock.

The price of bitcoin rallied 3.5% Monday morning, hitting a fresh record high and trading near $72,000. Cryptocurrency stock Coinbase pared gains to 3% in early action, sharply above a 193.64 buy point. And MicroStrategy surged more than 8%. Both hit new highs.

Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.

Stock Market Today

Tuesday's release of the consumer price index from the U.S. Labor Department takes the spotlight this week. The CPI is expected to rise 0.4% on the month with an increase of 3.1%. Wall Street expects core prices in February to climb 0.3%, with a year-over-year rise of 3.7%.

In addition, U.S. retail sales are set to be released on Thursday, a key reading on the consumer mindset.

Key earnings reports this week include Adobe, Oracle and Jabil.

Dow Jones Falls

On Friday, the Dow Jones Industrial Average dropped 0.2%, while the S&P 500 moved down 0.7%. The tech-heavy Nasdaq composite sold off 1.2%.

Friday's Big Picture column commented, "A majority of the S&P 500 sectors ended Friday in the red. The defensive utilities and real estate sectors as well as the energy sector rose on the day. In contrast, technology and consumer discretionary had tough sessions."

Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.

Learn How To Time The Stock Market With IBD's ETF Market Strategy

Best Stocks To Buy And Watch In Stock Market Today

Duolingo, Fifth Third Bancorp, Fortinet and Block — plus Dow Jones components Disney, IBM and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.

IBM and Duolingo were featured in this Stocks Near A Buy Zone column.

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 new buy points. There were three breakouts Friday, including Samsara. Samsara shares surged past a 36.91 buy point Friday. The stock slipped 0.8% Monday.

Meanwhile, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases, like D.R. Horton, which is approaching an 157.93 cup entry. Shares were off 0.5% Monday.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: Disney Attempts Breakout

Disney is trying to break out past a big cup-with-handle base's 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock edged lower on the stock market today.

IBM stock is also attempting a breakout above a flat base's 196.90 buy point, but dropped 0.3% Friday. IBM shares fell 0.4% Monday.

Consumer products giant Procter & Gamble fell 0.2% Friday, holding above a 158.38 buy point in a cup base. P&G stock was up 0.7% Monday.

3 Top Growth Stocks To Watch In The Stock Market Rally

Square Eyes Buy Point

IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 2.3% Monday.

Fifth Third Bancorp inched lower Friday, still above a 35.73 buy point. Shares gained 0.5% Monday.

Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock was down 0.7% Monday.

Square parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed last week when the stock fell 7% from the buy trigger. Square stock rose 1.1% Monday.

IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Best Bets On Stock Market Today

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
Novo Nordisk 105.69 Flat base
Merck 119.65 Cup base
DraftKings 39.35 Cup base
Spotify 202.88 Flat base
Source: IBD Data As Of Feb. 28, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla rose 2.4% in morning trading.

Tesla stock skidded 1.9% Friday, holding near its recent lows. Shares remain sharply below their 50-day and 200-day moving averages.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Monday's stock market open.

Apple stock climbed 1% Friday, snapping a seven-day losing streak. Shares remain sharply below their long-term 200-day line. The stock was up 1.8% Monday morning.

Microsoft shares are trying to find support at the 50-day line in recent sessions, a key area to watch. The software giant fell 1% on the stock market today.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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