The Dow Jones Industrial Average rose Monday, as Wall Street prepared for a week of key economic data. Meanwhile, famed investor Warren Buffett's Berkshire Hathaway reversed lower after hitting record highs on the stock market today.
The Dow Jones Industrial Average rose 0.2% in morning action, as the S&P 500 was flat. The tech-heavy Nasdaq composite rose 0.15% in early trading.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up a fraction, as the SPDR S&P 500 ETF was unchanged.
The 10-year Treasury yield ticked lower to 4.25%. Further, oil prices threatened to extend Friday's losses, as West Texas Intermediate futures fell 0.2%, trading around $76.30 a barrel.
On Saturday, Warren Buffett's Berkshire Hathaway reported operating profit rose 28% in the fourth quarter vs. a year earlier, buoyed by insurance underwriting and investment income. Berkshire stock turned down 0.5% Monday.
Stock Market Today: New Homes Sales
On the economic front this week, the latest reading on consumer confidence comes Tuesday, while retail inventories data is due Wednesday and the purchasing managers' manufacturing index for February drops on Friday.
Perhaps most importantly, the latest Personal Consumption Expenditures Price Index data is due Thursday. Core PCE, the Fed's preferred inflation gauge, is seen rising 2.8% year over year. The report could indicate where the Federal Reserve will take interest rates this year.
Early Monday, new home sales from the U.S. Census Bureau rose to 661,000 in January, less than expected. Sales were expected to rise to 685,000, up from December's 664,000, per Econoday.
Further, the Dallas Fed Manufacturing Survey is out at 10:30 a.m. ET. The survey tracks factory activity in Texas on a monthly basis.
After Monday's open, earnings movers include Domino's Pizza and Li Auto. Domino's stock jumped more than 6%, while Li Auto shares surged almost 16% in morning action.
More key earnings reports this week include Dell, Hewlett Packard Enterprise, HP, eBay and Dow Jones software leader Salesforce.com.
Dow Jones Rises
On Friday, the Dow Jones Industrial Average rose 0.2%, and the S&P 500 inched higher. The tech-heavy Nasdaq composite fell 0.3%.
Friday's Big Picture column commented, "Travel stocks had the toughest session following a negative reaction to the latest quarterly report from Booking. The stock was given the chop from the Leaderboard Watchlist amid a decline of more than 10%."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Best Stocks To Buy And Watch In Stock Market Today
Birkenstock, Lennar, SharkNinja, Toll Brothers and Weatherford — plus Dow Jones components Dow and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Chemicals Giant Breaks Out
Consumer products giant Procter & Gamble gained 0.3% Friday, rising for a sixth straight day. Shares are above their 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares added 0.1% Monday.
Following last week's gains, chemicals giant Dow is in buy range past a 55.90 buy point in a flat base. Dow shares dropped 0.7% Monday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Birkenstock Breaks Out
Birkenstock is breaking out past a choppy cup-with-handle's 51.09 buy point, according to IBD MarketSmith, with a 1.4% gain Friday. Earnings are due out Feb. 29. Shares were down 0.2% Monday morning.
Homebuilder Lennar remains just below its flat base's 156.01 buy point despite Friday's 1% rise. Lennar shares lost a fraction early Monday.
Fellow homebuilder Toll Brothers is moving further above a flat base's 105.91 buy point, with a 1.3% rally Friday. Toll stock rose 0.3% Monday.
Wednesday's IBD Stock Of The Day, SharkNinja, is breaking out past a flat base's 53.40 buy point, as it rallied 1% Friday. The buy zone runs up to 56.07. SharkNinja shares fell 0.8% early Monday.
Oil stock Weatherford remains in buy range above a 102.65 buy point in a cup base, despite a 1.9% drop Friday. The 5% buy range tops out at 107.78. The stock fell 1.1% Monday morning.
Best Bets On Stock Market Today
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | 105.69 | Flat base | |
| Merck | 119.65 | Cup base | |
| DraftKings | 39.35 | Cup base | |
| Spotify | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
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Magnificent Seven Stock: Nvidia, Tesla
On Monday, Magnificent Seven stocks Nvidia and Tesla rose 1.1% and 2.9%, respectively, in the stock market today.
Nvidia stock hit a record high Friday, but slashed gains to just 0.4%. Shares remain more than 55% above a flat base's 505.48 buy point.
Tesla stock skidded 2.8% Friday, ending a two-day rally, but still holding above its early February lows.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower after Monday's stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares fell 0.4% Monday.
Microsoft shares remains out of buy range past a 384.30 buy point in a flat base, despite a slight fall Friday. The software giant fell 0.3% Monday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
