Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded little changed ahead of Tuesday's open after the S&P 500 and Nasdaq composite rallied to more record highs. On deck, the Federal Reserve's two-day policy meeting kicks off Tuesday with an interest rate decision Wednesday.
Elsewhere, Nvidia, Shopify, Tesla and Uber Technologies were key movers on the stock market.
Nvidia slashed losses to less than 0.1% Monday, finding support at the recently reclaimed 50-day moving average. Shares of the AI giant are in buying range. A flat base with a 184.48 buy trigger is also in play.
Shopify stock made a bullish move past a trendline entry around 147 Monday, with a 3.2% advance. Shares are forming a flat base with a conventional entry of 156.85.
Tesla shares jumped 3.6% Monday after Chief Executive Elon Musk disclosed purchases of 2.6 million shares worth about $1 billion made on Friday. That's his first purchase on the open market since February 2020. Last week, shares hurdled past a 367.71 buy point, ending out of the buy zone.
Finally, Uber stock raced 3.1% higher Monday, breaking out past a 97.54 cup-with-handle entry, per IBD MarketSurge.
Find The Next Palantir, Nvidia Or Hot IPO. Here's How.
Stock Market Today: Fed Meeting
The Fed's policy meeting Wednesday takes the spotlight this week. A quarter-point rate cut is a lock, with negligible odds of a half-point cut.
However, stalling labor markets and benign inflation reports have nearly cemented odds for a 75-basis-point cut by year-end. That would lower the Fed's key rate to a range of 3.5% to 3.75%. The real Fed meeting suspense will be what new rate projections say for 2026. Markets are pricing in a year-end 2026 federal funds rate of 2.95%.
Fed Chairman Jerome Powell and many of his colleagues may be unsure if the neutral interest rate, one that neither boosts nor constricts growth, is that low. Yet President Donald Trump could soon get a majority on the Fed board of governors.
Elsewhere, key earnings reports this week include Darden Restaurants, FedEx and Lennar.
Here's How To Analyze Stocks Like Nvidia In Bull And Bear Markets
Dow Jones Futures Today: Oil Prices, Treasury Yields
On Monday, the Dow Jones Industrial Average rose 0.1%, or 45 points, while the S&P 500 moved up 0.5% and the Nasdaq composite climbed 0.9%.
Ahead of Tuesday's opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, traded modestly lower. 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 dropped to 4.03%, near its lowest level since early April. And oil prices rose, as West Texas intermediate futures settled near $63.30 a barrel.
Nvidia Polishes Its Crown As Google, Amazon Do Battle
What To Do Now As Market Rally Continues
Following the ongoing bullish stock market action, now is an important time to read IBD's The Big Picture column. With the stock market in rally mode, investors should be methodically putting their capital to work by buying strong stocks breaking out past correct entries. Check out the latest The Big Picture column for today's updated recommended exposure level.
On Monday's "IBD Live" show, the team discussed the current trading conditions of the stock market action.
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 buy points.
Meanwhile, the MarketSurge "Near Pivot" list shows more stocks nearing buy points in bases. For example, Howmet Aerospace is approaching a 193.26 entry.
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 are available to check every day.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
