The Dow Jones Industrial Average and the other major stock indexes traded lower Monday, with the Federal Reserve's primary inflation gauge approaching. Meanwhile, Apple and Tesla were early winners on the stock market today after both tech titans received price-target hikes from Wall Street firms.
After the opening bell, the Dow traded down 0.5%, while the S&P 500 lost 0.2%. The tech-heavy Nasdaq composite edged lower in morning trade.
The 10-year Treasury yield ticked lower to 4.14%. Oil prices slipped, as West Texas Intermediate futures traded around $62.10 a barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped a fraction. Also, the SPDR S&P 500 ETF was down 0.2% after Monday's market open.
Nasdaq 100 Winners, Losers: ASML, Strategy
Among the Nasdaq 100 stocks, ASML and Applied Materials each rallied roughly 3% in early action. ASML stock moved further above a 826.56 buy point, while Applied Materials shares are at a 191.14 entry.
Meanwhile, Strategy and Fortinet tumbled nearly 4% and more than 2%, respectively, putting them among the worst performers.
8:59 a.m. ET
Dow Jones Movers: Apple, Nvidia
Apple was the top performer in the blue chip index premarket Monday. Apple shares rallied 1% after analyst firm Wedbush raised its price target from 270 to 310.
On the downside, Disney, JPMorgan Chase and Nvidia were the biggest losers in premarket trading.
Disney shares dropped 1.4%, threatening to extend a losing streak to three sessions. JPMorgan shares moved down 1.6%, on pace to snap a nine-day winning streak. And Nvidia stock lost 0.4%, attempting to find support at the 50-day moving average.
8:16 a.m. ET
Stock Market Today: Tesla Stock Rallies On Price Target Hike
Tesla stock climbed nearly 1% in premarket trading Monday after Piper Sandler upped its price target from 400 to 500, maintaining an overweight rating.
Shares are rallying back above last week's highs, and are at their highest level since January. They are extended above a 367.71 buy point.
Stock Market Today: Fed Inflation Data
The Fed's primary inflation gauge, the core personal consumption expenditures index, headlines the coming week's economic releases as Wall Street stays focused on the outlook for further rate cuts.
The core PCE price index comes out Friday. Economists expect a modest 0.22% increase, which would lift the 12-month core inflation rate to 3% from 2.9%, according to FactSet. Suspense is low since most inputs are released with the consumer price index and the producer price index. Meanwhile, economists expect personal consumption expenditures to rise 0.4% and personal income to grow 0.3%.
A slew of other economic news is also due, led by August existing home sales on Tuesday.
Elsewhere, key earnings reports this week include Micron Technology, Costco Wholesale and KB Home.
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.
