Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded higher ahead of Tuesday's open after President Donald Trump's tariff comments sent the stock market surging.
Meanwhile, Broadcom, Nvidia, Oracle and Tesla were big winners on the stock market Monday.
Broadcom stock surged 9.9% Monday after the fabless chipmaker announced a deal to supply AI processors for artificial intelligence leader OpenAI.
Nvidia stock rallied 2.8% Monday, closing back above a flat base's 184.48 buy point, per IBD MarketSurge.
Oracle shares moved back above a trendline entry around 300 Monday, climbing 5.2%. Oracle is hosting its largest annual customer conference this week in Las Vegas.
Finally, Tesla raced up 5.4%, snapping a two-day skid. Shares also regained their 21-day moving average.
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Stock Market Today: Trump Tariff Comments
On Sunday, President Trump wrote on Truth Social: "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"
In a later post, Trump said the Nov. 1 deadline is an "eternity," but he could advance the date if China takes further actions.
Trump announced Friday evening on Truth Social that he would impose a 100% extra tariff on Chinese goods, above and beyond current tariffs, effective Nov. 1. He also said he will impose export controls on "any and all critical software."
Dow Jones Stocks JPMorgan, Goldman Kick Off Q3 Earnings Season
Big banks get the third-quarter reporting season rolling this week with JPMorgan Chase, Citigroup and Goldman Sachs set to report Tuesday. Bank of America, Morgan Stanley and PNC are prepared to deliver results Wednesday.
Meanwhile, artificial intelligence chipmaker Taiwan Semiconductor is on deck for Thursday, while Salesforce.com will host an AI conference.
As far as economic reports go, the government shutdown is expected to last at least until Tuesday, when the Senate heads back into session. As a result, the consumer price index won't be released on Wednesday as scheduled.
The Bureau of Labor Statistics has recalled some staff to prepare the CPI report before the Oct. 28-29 Federal Reserve policy meeting. The September CPI is also needed to determine the annual cost-of-living increase for Social Security.
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Dow Jones Futures Today: Oil Prices, Treasury Yields
On Monday, the Dow Jones Industrial Average rallied 1.3%, or 587 points, while the S&P 500 moved up 1.6% and the Nasdaq composite climbed 2.2%.
Ahead of Tuesday's opening bell, Dow Jones futures rose 0.3%, as S&P 500 futures moved up 0.2%. Tech-heavy Nasdaq 100 futures gained 0.4%. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
The bond market was closed Monday for Columbus Day, so the 10-year U.S. Treasury yield remained at 4.05%. And oil prices rose, as West Texas intermediate futures settled near $59.60 a barrel.
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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 snapping back Monday, 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, Apple is approaching a 259.25 entry in a giant cup with handle.
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.
