Futures mixed ahead of busy week

Dow Jones futures fell Monday morning as Wall Street braced for this week’s Federal Reserve policy meeting and earnings reports from several companies Seven major stocks. at the same time, Sophie Technology (Sophie) surged after reporting first-quarter profit that beat Wall Street expectations.


Ahead of the opening bell, Dow futures were down 0.1%, while S&P 500 futures were higher. Futures for the tech-heavy Nasdaq 100 index were up 0.1% in pre-market trading.

between us exchange traded fundsNasdaq 100 index tracker Invesco QQQ Trust (QQ) rose 0.2%, while the SPDR S&P 500 ETF (spy) rose slightly.

The 10-year Treasury yield fell to 4.1% on Monday. Elsewhere, oil prices were expected to extend last week’s strong gains, but West Texas Intermediate futures edged lower. WTI futures are trading at about $78 a barrel.

Economic data, large profit reports

superior Economic calendar for this weekWednesday’s Fed meeting and Fed Chairman Powell’s press conference will be in focus. Wall Street expects Powell to begin charting a path toward gradually easing the balance sheet tightening, and even as he plans a lengthy process, his tone will be key.

Meanwhile, Friday’s January jobs report is expected to show employers added 165,000 jobs.

SoFi Technologies shares are up more than 11% in pre-market trading, poised to retake its key 50-day moving average. Earlier Monday, the company reported earnings of 2 cents per share on sales of $594.2 million, beating Wall Street forecasts.

Five of the top seven stocks reported earnings this week: letter (Google), Amazon (Amazon), apple (AAPL), meta platform (Mehta) and Microsoft (Mehta).

Aerospace giants also on calendar boeing company (Bachelor). Earlier this month, a fuselage panel on one of the company’s 737-Max 9 jets broke mid-flight, sending the company’s shares plummeting.

Dow hits new high

The Nasdaq fell 0.4% on Friday, but remains more than 5% above its 50-day moving average and far from its short-term moving average.

The S&P 500 fell 0.1% but remained close to its all-time high, while the Dow Jones Industrial Average edged up 0.2% to hit a new high, outperforming the stock market’s other major indexes.

Friday’s Big Picture Column Review“The second difficulty in cutting interest rates is the labor market, which remains strong despite the Fed’s rate hikes. There will be a lot of employment data in the coming week, including the 2019 ADP employment report. The important U.S. non-farm payrolls will be released on Wednesday and Friday data. “

Now is an important time to read IBD’s Big Picture Column As the stock market continues to rise. Be sure to read How to Adapt to Changing Market Conditions, New exposure levels for IBD.

Learn how to time the stock market with IBD’s ETF market strategy

The best stocks to buy

Draft king (East Ken NG), KKR (KKR), Novo Nordisk (NVOCC), snowflake (Snow) and Spotify (point) — plus Dow Jones constituents Amgen (AMGN) and Merck (MRK) – is one of the stocks worth buying and paying attention to during the current market rebound.

MercadoLibre and Spotify are both present at the event Stock bar near buy zone.

Get real-time buy and sell alerts from stock market leaders with the IBD Rankings

Dow Jones: Merck breaks out

Biotechnology leader Amgen rose 0.5% on Friday, further exceeding the 5% buying range and exceeding the official buying point of 288.46, showing a flat bottom. The 5% buy zone rises to 302.88. Amgen shares fell 1.9% in early trading on Monday.

Drugmaker Merck is reportedly pushing past a cup bottom buy point of 119.65 IBD MarketSmith Pattern RecognitionShares rose 0.6% on Friday and closed back above their entry point. Merck shares edged higher on Monday.

4 Growth Stocks to Watch Stock market rebounds

KKR breaks out

IBD Ranking Watch List Stocks DraftKings ended its eight-game winning streak on Friday and fell 0.5%. Stock price briefly exploded Last week, the stock broke above its official double bottom buy point of 38.97, but closed below that point. The stock rose 0.1% on Monday.

IBD SwingTrader Stock KKR broke above a flat entry point of 85.66 on Friday. Shares were up 1.4% in early trading Monday.

Diet pill maker Novo Nordisk closed up 2.3% on a bullish note on Friday, regaining a flat bottom buy point of $105.69. Shares were up 0.1% on Monday morning.

Software leader Snowflake is trying to break through According to data, the index broke through the flat bottom buying point of 202.83 points, but closed below the buying point on Friday, with a decrease of 1.7%. IBD Market SmithSnowflake shares were flat Monday.

Spotify closed outside the buy range on Friday, breaking through the 202.88 buy trigger point, basically flat, and rising slightly. Shares were up 0.3% on Monday morning.

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Best picks in action today

Here are four of the most interesting stocks to watch in the stock market today, including the leader of the Dow Jones.

Company Name symbol The right buying point Point of purchase type
Novo Nordisk (NVOCC) 105.69 flat base
Merck (MRK) 119.65 cup holder
Draft king (East Ken NG) 39.35 cup holder
Spotify (point) 202.88 flat base
Source: IBD data as of January 29, 2024

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Seven major stocks: Nvidia, Tesla

Seven major stocks Nvidia (NVDA) and Tesla (Tesla) rose 0.7% and 1.1% respectively before the market opened on Monday.

Nvidia fell nearly 1% on Friday, with shares trading roughly 20% flat above a 505.48 buy point following a breakout on Jan. 8.

Tesla shares fell 13% last week, closing at their lowest level since May 2023. Shares are down about 40% from their 52-week high.

Dow Jones Index leaders: Apple, Microsoft

among Dow Jones Stocks Among the Big Seven, Apple and Microsoft trade more expensively Before the stock market opens on Monday.

Apple shares fell 0.9% on Friday, falling for three consecutive sessions, but remained above the 50-day moving average. The stock is just 3% away from its flat bottom of 199.62. It fell 0.1% in early trading on Monday.

Microsoft shares fell 0.2% on Friday, but still broke through the flat bottom of 384.30 buy point. The software giant’s shares were up 0.7% on Monday morning.

Be sure to follow Scott Lehtonen on X (formerly Twitter): @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.

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