Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher ahead of Tuesday's open in overnight trade. Magnificent Seven stocks Alphabet, Amazon, Meta Platforms and Nvidia raced higher Monday.
This week the Federal Reserve's primary inflation gauge, the personal consumption expenditures (PCE) price index, takes the spotlight Friday. The PCE price data is a part of the Commerce Department's personal income and outlays report.
Finally, key earnings reports this week are coming from FedEx, General Mills, Nike and Toro.
Late Monday, Heico rallied more than 3% in extended trade after the company's earnings results. Heico shares closed just above a cup base's 182.18 buy point.
Stock Market Today
On Monday, the Dow Jones Industrial Average inched higher, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite advanced 0.6% in today's stock market.
The Magnificent Seven stocks were mostly higher Monday, with Meta the biggest winner, up 2.9%. Shares hit a new high.
Meanwhile, Alphabet, Amazon and Nvidia rallied 2.4%, 2.7% and 2.4%, respectively. GOOGL is approaching a 139.42 buy point in a cup with handle. Amazon shares hit a new high, extended past a 145.86 entry. And Nvidia moved out of buy range beyond a 476.09 entry.
On the downside, Dow Jones tech icon Apple and electric-vehicle icon Tesla were the Magnificent Seven losers, down 0.85% and 0.6% respectively.
IBD Leaderboard stock Datadog, ELF Beauty, IBD SwingTrader issue Netflix and Snowflake — along with Dow Jones stocks American Express, JPMorgan Chase and Visa — are among the best stocks to buy and watch in the current market rally.
Snowflake was 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, along with S&P 500 futures and Nasdaq 100 futures, were all up about 0.1% 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 3.95%. Meanwhile, oil prices extended their recent rebound, as West Texas intermediate futures settled at $73 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. The MarketSmith Growth 250 list features three breakouts in today's stock market, including Netflix.
Meanwhile, the MarketSmith "Near Pivot" list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like the 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: AMEX Breaks Out
Financial leader American Express is breaking out past a 175.31 buy point in a cup with handle, as it posted sharp gains last week. AXP stock added 1.25% Monday.
Banking giant JPMorgan is at the top of the buy range past a 159.38 buy point in a cup base, rising 0.6% Monday.
Payments leader Visa ended a two-day skid Monday with a slight rise. Shares are in the buy range above a 250.06 buy point in a cup base, according to IBD MarketSmith pattern recognition.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: NFLX Breaks Out
IBD Leaderboard stock Datadog is breaking out past an alternate-handle buy trigger at 120.26 after big gains in recent weeks. And DDOG stock climbed 0.55% Monday, further above the recent entry.
ELF Beauty is moving out of buy range past a 139.85 cup-base buy point following Wednesday's powerful breakout move, according to IBD MarketSmith. The 5% buy area goes up to 146.84. ELF stock advanced 2.4% Monday.
IBD SwingTrader stock Netflix broke out Monday past a 482.70 buy point in a cup with handle. Shares rallied 3%.
Artificial intelligence leader Snowflake is in buy range past a cup with handle's 192.66 buy point. SNOW stock lost less than 0.1% Monday, about 3% above the buy trigger.
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 | Symbol | Correct buy point | Type of buy point |
|---|---|---|---|
| Applied Materials | 145.86 | Alternate entry | |
| JPMorgan | 159.38 | Cup base | |
| Netflix | 482.70 | Cup with handle | |
| Snowflake | 192.66 | Cup with handle |
Source: IBD Data As Of Dec. 18, 2023
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Tesla Stock
Tesla stock moved down 0.6% Monday, snapping a three-day win streak. TSLA is back below an early entry at 252.75. The stock's big double-bottom pattern has a 278.98 buy point.
TSLA remains about 15% off its 52-week high despite last week's sharp gains.
Dow Jones Leaders: Apple, Microsoft
Apple stock dropped 0.85% Monday, adding to Friday's losses. Shares remain about 2% above a cup-with-handle entry at 192.93.
Microsoft stock moved up 0.5% Monday, extending Friday's rebound. MSFT is above a cup base's 366.78 buy point and in buy range.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
