The Dow Jones Industrial Average and other major stock indexes traded sharply higher Tuesday as President Donald Trump delayed the implementation of the latest tariffs on the European Union. Among the early movers was Nvidia, which is approaching a new buy point on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.9%, or around 400 points. The S&P 500 gained 1.2%. And the tech-heavy Nasdaq composite moved up 1.4%.
The 10-year Treasury yield ticked lower to 4.47% early Tuesday. And oil prices eased, as West Texas Intermediate futures traded around $61.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust climbed 1.6%, while the SPDR S&P 500 ETF moved up 1.2% after the open.
During last week's pause, Nvidia stock added a handle to a cup base, resulting in a buy trigger at 137.40. And Nvidia stock rallied 2.2% Tuesday. The artificial intelligence giant will report earnings late Wednesday.
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Stock Market Today: Trump Tariff News
On Sunday, President Trump in a Truth Social post said he agreed to delay new EU tariffs until July 9, following a call with European Commission President Ursula von der Leyen. On Friday, Trump said he would hike EU tariffs to 50% on June 1, citing a lack of progress in trade talks.
The U.S. currently imposes a 10% baseline tariffs on EU goods, but 25% tariffs on steel, aluminum and autos. The EU has agreed to "fast track" trade negotiations, a spokeswoman said Monday.
Elsewhere, the Federal Reserve's key inflation rate for April highlights the coming week's economic data. The core Personal Consumption Expenditures price index — out Friday with the Commerce Department's monthly personal income and outlays report — is expected to show a tame 0.13% April increase, according to FactSet. That would keep core inflation at 2.6%.
That won't soothe the Fed, however, since tariff-fueled price hikes from retailers and automakers will start to show up in May inflation data. Personal income and spending are forecast to have turned sluggish in April, amid government job cuts and an end to tariff front-running.
Fed minutes from the May 7 meeting are out Wednesday. Pending home sales, out Thursday, are seen falling amid higher mortgage rates.
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Dow Jones Extends Losing Streak
On Friday, blue chips on the Dow Jones Industrial Average declined 0.6%, or 256 points, extending a losing streak to four sessions. The S&P 500 dropped 0.7%, and the Nasdaq composite sold off 1%.
Ongoing stock market action makes now an important time to read IBD's The Big Picture column for how to handle current conditions and to track the updated exposure level.
Among the best companies to watch in the current stock market are Broadcom, Meta Platforms, Robinhood and Axon Enterprise
Along with Apple and Nvidia, Dow Jones components also making notable moves this week were Amazon.com and Microsoft.
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.
Microsoft Rules As Nvidia Looks To Take A Bite Out Of Apple
Dow Jones Stocks: Microsoft Above Buy Point
Shares of Dow Jones component Microsoft have shot up over the last few weeks, bullishly retaking their 200-day moving average for the first time since Jan. 29 and clearing a 448.38 buy point in a cup base, according to MarketSurge chart analysis. Microsoft stock rose nearly 2% Tuesday.
Outside the Dow, artificial intelligence leader and IBD Leaderboard name Broadcom has formed a consolidation with a buy point of 251.88. And a recent handle offers a better entry at 235.28. Broadcom stock advanced 1.5% Tuesday.
Magnificent Seven stock and recent IBD Stock Of The Day Meta Platforms has traced a handle onto a cup base, taking the entry to 662.67. Meta stock 1.6% Tuesday.
IBD Leaderboard watch list stock Robinhood has cleared an aggressive alternate entry of 51.07 in recent weeks and is approaching a 66.91 buy point in an abnormally deep cup base, according to IBD MarketSurge chart analysis. Robinhood shares gained 2% Tuesday.
Finally, Taser-maker Axon is breaking out past a 715.99 buy point amid recent gains. Axon stock rose more than 1% 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 |
|---|---|---|---|
| Microsoft | 448.38 | Cup base | |
| Broadcom | 235.28 | Handle | |
| Meta Platforms | 662.67 | Cup with handle | |
| Axon Enterprise | 715.99 | Cup base |
Source: IBD Data as of May 27
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Dow Jones Leaders: Amazon, Apple
Magnificent Seven stocks continue to rebound from their recent lows and are now approaching buy points. One of them, Dow Jones component Amazon, is building a cup-with-handle with a 214.84 buy point. Amazon stock moved up 1.1% in morning action on Tuesday.
Shares of iPhone maker Apple bounced 1.5% Tuesday morning. Apple stock tumbled 3% Friday, extending a losing streak to eight sessions, giving up its 50-day line in the process.
Finally, Tesla advanced 4% in early action Tuesday. Led by Chief Executive Elon Musk, the electric-vehicle maker remains around 30% off its record high of 488.54, reached on Dec. 18.
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.
