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The Dow Jones Industrial Average rose, but the other major stock indexes were lower on Monday after Wednesday’s Federal Reserve interest rate decision loomed over Wall Street. An early loser in the stock market was today Apple (AAPL), which fell following a bearish report on demand for the new iPhone 16.
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After the opening bell, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 fell one degree. The tech-heavy Nasdaq composite fell 0.5% in early trading.
Early Monday, the yield on ten-year government bonds remained stable at 3.64%. Oil prices continued their recovery from their recent lows, rising 1%, taking West Texas Intermediate futures to around $69.40 per barrel.
Among exchange-traded funds, Invesco QQQ Trust (QQQ) fell 0.5%, while the SPDR S&P 500 ETF (SPY) fell less than 0.1% after the open.
Apple shares fell more than 3% after reports said so early demand for the new iPhone 16 is lagging last year’s level for the iPhone 15. The stock forms a V-shaped cup with handle with a buy point of 232.92.
Apple is looking for support as Netflix tries to stop buffering and break out
Trade show today: Fed Meeting
The Fed’s two-day policy meeting starts on Tuesday, culminating in an interest rate decision on Wednesday afternoon. The central bank is about to announce its first rate cut since cutting its key rate to near zero in March 2020 as the Covid pandemic began to spread.
Ahead of that meeting, the August US retail sales report drops on Tuesday.
Furthermore, earnings reports will trickle in this week FedEx (FDX), Darden Restaurants (DRI) and home builder Lennar (LEN) at the top of the calendar. Darden tries to escape from a cup with a handle.
Nvidia, Apple and Tesla emphasize how to handle this market
The Nasdaq composite had another solid session on Friday, rising nearly 0.7%. It ended last week back above the 50-day moving average, a bullish sign. The S&P 500 rose 0.5%, moving further above the 50-day limit. The Dow Jones Industrial Average rose 0.7% on Friday to close near an all-time high.
During Friday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.
Amazon overtakes Google. Tesla’s Mag 7 card is under threat again.
Stock market today: the best stocks to watch
Some of the best companies to watch in the stock market today include Costco Wholesale (COSTS), DoorDash (DASH) And Taiwanese semiconductor manufacturing (TSM).
Notable Dow Jones components are Amazon.com (AMZN), Apple, Home Depot (HD) And Microsoft (RCL) topped a buy point of 169.47. And there are more and more names on the site List ‘Near pivot point’. For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.
Keep trying, Nvidia, but these 21 stocks are already ‘perfect’
Dow Jones: Home Depot surpasses buy point
Among Dow Jones components, Home Depot breaks out at 378.58 according to a deal-buy point. MarketSurge Pattern Recognition. Shares rose 0.3% early Monday.
Outside of the Dow Jones Industrial Average, retail giant Costco is in buy territory above a cup base of 896.67. The stock rose Monday morning.
DoorDash ended Friday just above the 131.21 buy point for a cup with handle. Shares added 1% early Monday.
Taiwan Semiconductor is nearing 175.45 of a cup-with-handle after regaining the 50-day line last week, but fell 2.4% on Monday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
Stock market today: companies to watch
These are four stocks in or near buy zones in today’s stock market.
| Company name | Symbol | Correct purchase point | Purchase point type |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Taiwanese semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 75.40 | Double bottom |
Source: IBD data as of September 10
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Beautiful seven stocks: Alphabet, Nvidia, Tesla
Among the Magnificent Seven shares, Alphabet (GOOGL), Nvidia (NVDA) And Tesla (TSLA) traded mixed in early trading.
Google parent company Alphabet closed slightly above the 200-day mark on Friday as it recovers. After extending their gains Friday, shares rose 0.5% in early trading Monday.
Nvidia remained just above the 50-day limit on Friday. The stock fell 1.6% early Monday, testing that key level.
And Tesla fell 1.4% on Monday morning, threatening to snap a five-day profit streak. Shares of the electric vehicle leader are nearing an early entry of 235, the high price on September 5.
Dow Jones Leaders: Amazon, Microsoft Rebound
Among the Dow Jones components in the Magnificent Seven, Amazon shares regained their 50-day line during last week’s rally. The stock fell 0.5% Monday morning.
Microsoft shares are also back above their 50-day line and building a new base. And on Monday morning, the stock rose 0.4%.
Make sure you follow Scott Lehtonen on X at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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