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Investors Business Daily

Dow Jones Rises As Tesla Rallies On Musk Robotaxi Comment; Nvidia Reverses Lower

The Dow Jones Industrial Average rose Monday as aerospace giant Boeing briefly sank amid a federal probe into concerns over another crippled company jet. Meanwhile, Tesla rallied on the stock market today after Chief Executive Elon Musk said the company will be unveiling its "robotaxi" on Aug. 8.

In the wake of Friday's rally, the Dow Jones Industrial Average rose 0.2% in morning action, while the S&P 500 and tech-focused Nasdaq composite both inched higher after the opening bell.

The 10-year Treasury yield ticked higher to 4.43%. Further, oil prices paused after sharp gains in recent weeks, as West Texas Intermediate futures traded around $86.80 a barrel, just off their highest level in 2024.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up a fraction, as was the SPDR S&P 500 ETF.

Boeing shares reversed 0.6% higher Monday morning. The Federal Aviation Administration is investigating an incident in which an engine cover fell off a Southwest jet during takeoff on Sunday. The incident comes in the wake of a Jan. 5 incident in which a door panel blew off a new Alaska Airlines Boeing 737 Max 9.

Tesla stock rallied 4.3% Monday, looking to bounce back from last week's sharp losses. Late Friday, Musk posted on X that the Tesla Robotaxi will be unveiled on Aug. 8. Shares are 45% off their 52-week high.

Stock Market Today: CPI, Fed Minutes, Q1 Earnings

This week, Wall Street will turn its attention to Wednesday's consumer price index for March. Further, minutes from the Federal Reserve's March policy meeting are due out Wednesday.

Meanwhile, first quarter earnings season kicks off this week with reports from big banks JPMorgan Chase, Wells Fargo and Citigroup, along with Delta Air Lines.

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

Dow Jones Rallies

The Nasdaq composite fared best among the major indexes as it soared 1.2% Friday. The S&P 500 closed near session highs as it posted a 1.1% gain. And the Dow Jones Industrial Average added 0.8%.

Friday's Big Picture column commented, "Investors who had been hiding under the covers ahead of Friday's jobs report were able to breathe a sigh of relief. The stock market responded benevolently despite the fact the U.S. economy added 303,000 jobs in March, well above economist views for 200,000 and higher than February's 275,000 new jobs. Bulls seemed to take heart from moderating wage growth."

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 Watch On Stock Market Today

Google-parent Alphabet, Arista Networks, DraftKings and ServiceNow — plus Dow Jones components Salesforce, IBM and Verizon Communications — are among the best companies to watch on the stock market today.

ServiceNow is 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, like HubSpot. Also, 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.

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

Dow Jones: Salesforce, IBM, Verizon

Salesforce is trying to find support around its 50-day moving average, according to MarketSurge charts. A rebound would place the software leader in a new buy area. But investors need to wait for a decisive rebound. Shares also show a flat-base entry at 318.72. Salesforce stock dropped 0.2% in morning trades Monday.

IBM stock is looking for support at the 50-day line, with a 0.6% rise Friday. Shares remain below a flat base's 196.90 buy point. IBM stock was up 0.3% Monday.

Telecom giant Verizon is trying to break out past a cup base's 43.21 entry, despite two straight days of losses. Verizon shares inched lower Monday morning.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stock Market Today: DraftKings Retakes Buy Point

Alphabet is just below a 153.78 buy point in a consolidation, as the stock rallied 1.3% Friday. Google stock gained 1.4% Monday.

Arista shares closed Friday back above their 292.66 flat-base buy point, according to MarketSurge charts, as they climbed 3.1%. And on Monday, the stock lost 0.6% in morning action.

DraftKings reclaimed its 46.52 buy point Friday in a short consolidation amid three days of gains. And the sports-betting giant fell 1.8% Monday morning.

Finally, ServiceNow bullishly regained the 50-day line Friday. And shares are building a flat base with an 815.32 entry. The stock edged up Monday.

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

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
Disney 112.92 Cup with handle
Arista Networks 292.66 Flat base
DraftKings 45.62 Consolidation
ServiceNow 815.32 Flat base
Source: IBD Data As Of April 1, 2024

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

Magnificent Seven Stocks: Nvidia

Magnificent Seven stock Nvidia reversed 1% lower in Monday's early trading.

Nvidia rose 2.5% Friday, snapping a three-day losing streak. The artificial intelligence giant is an IBD Leaderboard stock.

Dow Jones Leaders: Apple, Microsoft

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

Apple stock moved up 0.5% Friday, still near its recent lows. Shares remain sharply below their long-term 200-day line. The stock dipped 0.5% Monday morning.

Microsoft shares gained 1.8% Friday, ending a three-day skid. And the stock moved down a fraction early Monday.

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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