The Dow Jones Industrial Average and other major stock indexes were lower Tuesday after the release of two housing reports, with consumer confidence data due out later in the morning. An early loser on the stock market today was Cava Group (CAVA), which plunged after its chief executive and other top company officials disclosed a stock sale.
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Stocks Await Nvidia Earnings; GE Vernova, Ardent Health Flash Buy Signals
After the opening bell, the Dow Jones Industrial Average dropped 0.1%, while the S&P 500 fell 0.2%. The tech-focused Nasdaq composite slipped 0.4% in early trading.
Early Tuesday, the 10-year Treasury yield ticked higher to 3.86%. Oil prices paused after recent gains, as West Texas Intermediate futures fell near $76.75 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was down 0.4%, as the SPDR S&P 500 ETF (SPY) dropped 0.2% after of the open.
Cava stock plunged 7% Tuesday morning after CEO Brent Schulman sold 210,504 shares for $24.87 million, according to filings with the Securities and Exchange Commission released Monday night. Other key executives and directors also sold some stock.
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Stock Market Today
Early Tuesday, two housing indexes were released: the Case-Shiller home price index and the Federal Housing Finance Agency, or FHFA, house price index. Later in the morning, the Conference Board’s consumer confidence index is scheduled for 10 a.m. ET.
The Case-Shiller index rose 0.4% for the month of June, with a 6.5% year-over-year increase. It was expected to rise 0.2% on the month, slowing from May’s 0.3% increase, according to Econoday estimates. Meanwhile, the FHFA house price index fell 0.1% in June, with a 5.1% annual increase.
Finally, the consumer confidence index in August is expected to dip to 100.1 vs. a reading of 100.3 in July.
An earnings mover Tuesday morning was Trip.com (TCOM). Shares surged nearly 7% after the company’s strong results.
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Dow Jones Hits New High
On Monday, the Dow Jones Industrial Average moved up 0.2% to hit a record high, while the S&P 500 dropped 0.3%. The tech-heavy Nasdaq composite lost nearly 0.9%.
During Monday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Birkenstock (BIRK), Meta Platforms (META), Netflix (NFLX) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
Home Depot and Meta featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Monday. Notably, Shift4 Payments (FOUR) topped a 83.64 cup-with-handle buy point, but reversed lower. Shares slipped 1.6% in morning action Tuesday.
Further, there are a handful of stock ideas on the site’s “Near Pivot” list. These are top stocks nearing new buy points, like TransDigm (TDG). TransDigm stock is nearing a 1,369.58 cup-base entry, as it traded slightly lower Tuesday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Shares fell 0.3% Tuesday morning.
Meanwhile, IBM is further past its latest entry, a cup-with-handle buy point at 196.26. IBM stock lost 0.3% Tuesday.
Outside the Dow Jones index, Birkenstock is at a 61.83 flat-base buy point following last week’s breakout move. Shares edged lower early Tuesday.
Streaming giant Netflix is below late-stage cup base’s 697.49 buy point. Netflix stock was down 0.1% Tuesday.
And Shake Shack‘s recent breakout move past a cup-with-handle entry at 105.68 remains on track. Shares dropped 0.4% early Tuesday.
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 Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Meta Platforms, Nvidia (NVDA) and Tesla (TSLA) traded lower in morning trading.
Meta stock attempted a breakout above a 542.81 buy point last week, but is just below the entry. In morning action Tuesday, Meta fell further below that buy point with a 0.3% loss.
Nvidia stock declined 0.2% Tuesday, forming a cup base that has an official buy point at 140.76. An early entry looms at 136.15, the stock’s July 11 high. The company’s earnings report is scheduled for release late Wednesday. Wall Street expects the artificial intelligence giant to earn 65 cents per share on revenue of $28.7 billion, according to FactSet.
Tesla stock skidded 3.2% Monday, as shares of the electric-vehicle giant closed back below their 50-day moving average. Shares moved down 1.2% in early action Tuesday.
Nvidia Stock Faces Two Tests This Week. Investors Face A Third.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft declined after Tuesday’s stock market open.
Amazon shares decisively reclaimed their long-term 200-day line on Aug. 15, but remain below their 50-day line, a key level to watch. The stock fell 1.4% Tuesday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple dropped 0.3% Tuesday.
Microsoft shares continue to hold below their 50-day line as a new base takes shape. And on Tuesday morning, the stock was down 0.2%.
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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