By The Dow Jones Industrial Average and other major indexes traded higher Tuesday, as investors digested a lighter-than-expected inflation report from the Labor Department. Two early winners on the stock market today were Nvidia (NVDA) and Tesla (TSLA).
After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite rallied 0.7% in morning trades.
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The 10-year Treasury yield ticked lower to 4.79% early Tuesday, holding at its highest level since November 2023. And oil prices eased but remain near recent highs, with West Texas Intermediate futures trading around $78.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.7%, as the SPDR S&P 500 ETF (SPY) moved up 0.4% after the open.
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In economic news, the Labor Department’s producer price index for December rose 0.2% on the month, with a year-over-year increase of 3.3%. The PPI was expected to rise 0.3% to 0.4% on the month, with a year-over-year increase of 3% to 3.4%, according to Econoday estimates.
Core wholesale inflation ended up unchanged for the month, with an annual increase of 3.5%. It was expected to rise 0.2% to 0.3% on the month, with an annual increase of 3.2 to 3.8%.
In stocks, Nvidia rebounded 1.2% Tuesday morning, looking to snap a four-day losing streak.
Shares decisively gave up their 50-day moving average Monday, with a 3% tumble. They also fell more than 7% below a double-bottom entry at 146.54, which is a sell signal. That means the latest breakout attempt in Nvidia stock has failed and investors will need to be patient and wait for another entry.
Tesla stock rallied 2.2% Monday, bouncing back from recent losses and holding above its Jan. 2 low. Shares are more than 17% off their all-time high, which was set on Dec. 18.
The electric-vehicle giant looked to extend those gains Tuesday, as it raced 3.3% higher in morning trading.
KB Home (KBH) was a key earnings mover Tuesday morning. KB Home jumped more than 11% in morning trading after the homebuilder reported better-than-expected results for the fourth quarter.
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Dow Jones Rebounds
On Monday, the Dow Jones Industrial Average rallied 0.9%, while the S&P 500 rose 0.2% and the Nasdaq dropped 0.4%. Following last week’s bearish action, now is a good time to check IBD’s The Big Picture for an update on exposure level.
Among the best companies to watch in the current stock market are Burlington Stores (BURL), Interactive Brokers (IBKR), Intuitive Surgical (ISRG) and Meta Platforms (META).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT) and Walmart (WMT).
Meta and Walmart are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge’s “Breaking Out Today” list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Walmart Eyes Buy Point
Dow Jones retail giant Walmart is building a flat base that offers a 96.18 buy point, according to MarketSurge pattern recognition. But it must first find support at the 50-day line. Shares rose 0.3% Tuesday.
Outside the Dow Jones index, Burlington Stores is close to a 298.88 buy point in a flat base. The retail stock climbed 0.2% Tuesday.
Interactive Brokers is just below a cup base’s 193.42 entry. The stock moved up 0.5% Tuesday.
Intuitive Surgical gained 0.6% Monday, and moved close to a 556.23 flat-base entry. Intuitive stock dipped 0.2% Tuesday.
Social media platform Meta is in a 5% buy zone above a 602.95 buy point as it bounced from its 50-day moving average Friday. Meta stock lost 0.8% in Tuesday’s trading.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Interactive Brokers | (IBKR) | 193.42 | Cup base |
| American Express | (AXP) | 307.82 | Flat base |
| Intuitive Surgical | (ISRG) | 556.23 | Flat base |
| Meta Platforms | (META) | 602.95 | Flat base |
Source: IBD Data as of Jan. 13
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which dropped 0.2% Monday. Amid its recent move into new highs in mid-December, the e-commerce giant is sharply extended above a 201.20 buy point, but is now pulling back to its 50-day line. It climbed 1.1% in morning action Tuesday.
Shares of Apple closed sharply below a flat base’s 237.49 entry, falling further below their 50-day moving average Monday. But they rebounded 0.2% early Tuesday.
Microsoft shares gained 0.1% Tuesday morning, as they continue to consolidate below their 50-day line.
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.
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