The Dow Jones Industrial Average and other major indexes fell on Tuesday ahead of jobs data from the Labor Department. Meanwhile, GameStop ( GME ) bounced back a bit in the stock market today after Monday’s big gains.
X
After the opening bell, the Dow Jones Industrial Average fell less than 0.1%, while the S&P 500 lost 0.3%. The technology-focused Nasdaq Composite was down 0.3% in morning action.
Early Tuesday, the 10-year Treasury yield was lower at 4.36%. Oil prices fell as West Texas Intermediate futures traded around $73 a barrel.
Among U.S. exchange-traded funds, the Invesco QQQ Trust ( QQQ ) fell 0.4% while the SPDR S&P 500 ETF ( SPY ) also lost 0.4%.
GameStop stock was volatile Tuesday morning and threatened to give up some of Monday’s gains with a 7% loss in late action.
On Monday, GameStop surged 21% after Keith Gill, a key investor during the 2021 meme stock rally, revealed a large position in the video game retailer. But Morgan Stanley (MS)-owned E-Trade is considering removing Gill from its platform over concerns of possible stock manipulation, the Wall Street Journal reported late Monday, citing unnamed sources.
Stock Market Today: Working Data
Next, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, is expected to show job openings slowed to 8.4 million in April vs. 8,488 million in March, from Econoday. The JOLTS report is due at 10 a.m. ET.
Elsewhere, the chip giant and Dow Jones stocks Intel ( INTC ) rallied 0.8% on Tuesday after it announced a new artificial intelligence chip. Shares ended Monday more than 40% off their 52-week high.
Big earnings movers on Tuesday included Core and main (CNM), Donaldson (DCI) and GitLab (GTLB).
Core & Main shares fell 6% in early trading, while Donaldson shares rose 8%. Shares of GitLab rose nearly 3% in morning trade.
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Dow Jones Slides
On Monday, the Dow Jones industrial average fell 0.3%, while the S&P 500 rose 0.1%. The Nasdaq composite rose 0.6%.
Investor’s Business Daily’s Big Picture column commented: “The stock market started the new month with mixed colors. A late afternoon rally lifted the Nasdaq to a nice gain and closed in the upper half of its range in day. But some sectors were shocked.
During Monday’s IBD Live show, the IBD Live team discussed current trading conditions and how investors should approach the stock market today.
Now is an important time to read The Big Picture column amid continued stock market action. Also, be sure to read about how to adapt to changing market conditions, with new levels of IBD exposure.
Learn How to Time the Stock Market with IBD’s ETF Market Strategy
Stock Market Today: The Best Stocks to Watch
Birkenstock (BIRK), Netflix (NFLX), Robinhood Markets (HOOD) and TJX (TJX) — plus Dow Jones components Apple (AAPL), Merck (MRK) and Microsoft (MSFT) – are among the best companies to watch on the stock market today.
Microsoft was featured in IBD’s Stocks Near A Buy Zone column as it trades below a 430.82 buy point.
In IBD MarketSurge’s “Breaking Out Today” list, The Ryan specialty (RYAN) broke out past a buy point of 56 in a cup handle on Monday. Check out MarketSurge’s “Near Pivot” list for stocks nearing buy points in the fundamentals. To find more stock ideas, check IBD’s Stock Lists like the IBD 50, Big Cap 20 and Stocks Near a Buy Zone.
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Dow Jones Merck Component
Drug giant Merck is building a flat base that has a 133.10 entry, as shares recovered 2.3% on Monday. Merck shares are right at the 50-day line and about 4% below the buy trigger. The Dow fell 0.9% in the stock market today.
Outside of the Dow Jones index, Birkenstock rallied outside the buy range by crossing the 55 buy point of the cup base on Monday. Shares of Birkenstock were down 0.8% in morning trading on Tuesday.
Streaming giant Netflix lost 1.4% on Monday, falling below an entry of 639 cups. Shares of Netflix fell 0.5% on Tuesday.
Trading platform Robinhood is back above the 21.21 handle entry amid Monday’s 1.7% gain. Shares were down 1.2% early Tuesday.
Finally, TJX rallied 2.3% on Monday, further surpassing a double entry at 102.04. The off-price retail giant was down 0.4% on Tuesday morning.
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The stock market today: Companies to watch
These are four stocks in or near buy zones in today’s stock market.
| Company name | symbol | The exact point of purchase | Point of purchase type |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | The base of the cup |
| Crocs | (CROX) | 146.79 | The base of the cup |
| Semiconductor Taiwan | (TSM) | 148.43 | Double bottom |
Source: IBD data as of May 28, 2024
Join IBD’s experts as they analyze the top stocks in the stock market today on IBD Live
The Seven Wonder Stocks: Nvidia, Tesla
Among the shares of the Magnificent Seven, Nvidia (NVDA) decreased by 0.5%, while Tesla ( TSLA ) fell 1% in the stock market today.
Nvidia rose 4.8% on Monday, rebounding from two days of losses. The company is an IBD Leaderboard stock. In recent weeks, Nvidia shares spearheaded a secondary buy point at 974, reaching new highs.
Tesla shares fell 1% on Monday, still hovering above the 50-day line. Shares remain more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower after the stock market opened Tuesday.
Apple shares rose 0.8% on Monday, still forming a cup base that has a 199.62 buy point. Shares closed at their highest level since January. 25. Apple fell 0.2% on Tuesday.
Microsoft shares fell 0.5% on Monday, finding resistance at the 50-day line after last week’s losses. Early Tuesday, Microsoft shares were down 0.5%.
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.
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