Stock Market Today; Dow Jones rises on CPI data; Google is moving forward on a new AI chip

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By journalsofus.com


The Dow Jones Industrial Average and other major stock indexes rose Tuesday as investors tried to find some momentum in the market. Meanwhile, Google stock rose in the stock market today after the company announced a new artificial intelligence chip.




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The Dow Jones Industrial Average rose 0.1% in morning action, while the S&P 500 climbed 0.4%. The tech-focused Nasdaq Composite rose 0.5% after the opening bell.

The 10-year Treasury yield fell to 4.38%. Additionally, oil prices eased after sharp gains in recent weeks, as West Texas Intermediate futures traded near $86.50 a barrel.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.5%, while the SPDR S&P 500 ETF (SPY) rose 0.4%.

Early Tuesday, Google-Guardian Alphabet (GOOGL) unveiled a new AI chip called Axion. The chip should reduce Google’s reliance on outside vendors and bring it into competition with longtime partners such as intel (INTC) and NVIDIA (NVDA).

Google stock climbed 1.1% on Tuesday and is back above a 153.78 buy point in a consolidation.

Stock Market Today: CPI, Fed Minutes, Earnings

The economic calendar was quiet on Tuesday ahead of Wednesday’s busy session when Wall Street will turn its attention to the consumer price index for March. According to Econoday estimates, the CPI is expected to rise 0.3% this month, compared with a 3.5% annual increase. Core inflation is expected to rise 0.3%, up 3.7% year-on-year.

Apart from this, the minutes of the Federal Reserve’s March policy meeting are also due on Wednesday.

Meanwhile, first-quarter earnings season will begin later this week with reports from the big banks JPMorgan Chase (JPM), Wells Fargo (WFC) and city ​​group (c), together Delta Airlines (Lentils).


Be sure to read how to keep up with changing market conditions, including IBD’s new exposure levels.


Dow Jones decline

On Monday, both the Dow Jones Industrial Average and the S&P 500 fell, while the tech-heavy Nasdaq Composite rose less than 0.1%.

Monday’s Big Picture column commented, “Since the indices fell below their 21-day exponential moving average last week, the stock market’s bullish streak has been broken. However, the indices fell below their 21-day exponential moving average on Monday. On top of that, there are several signs that justify raising some cash now.”

Amidst the ongoing stock market rally, now is an important time to read IBD’s The Big Picture column. Be sure to read how to keep up with changing market conditions, including IBD’s new exposure levels.


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


Best Stocks to Watch in Stock Market Today

Along with the alphabet, Arista Networks (a net), broadcom (AVGO), draftkings (DKNG) and service now (right now) – plus Dow Jones components sales force (CRM), IBM (IBM) and Verizon Communications (VZ) – One of the best companies to watch in the stock market today.

ServiceNow is featured in this Stocks Near a Buy Zone column.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows the MarketSurge Growth 250 stocks that are breaking new buy points, like hubspot (Hubs). Additionally, the MarketSurge “Near Pivot” list shows stocks close to the buy point in the base.

To find more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near a Buy Zone. These features identify bullish patterns and buy points and are available to check every day.


Receive real-time buy and sell alerts on stock market leaders with IBD Leaderboard


Dow Jones: Salesforce, IBM, Verizon

According to MarketSurge charts, Salesforce is trying to find support around its 50-day moving average. A bounce would place the software leader in a new buy zone. But investors will have to wait for a decisive reversal. The shares also show a flat-base entry at 318.72. Salesforce stock was up 0.7% in morning trading Tuesday.

IBM stock is looking for support at the 50-day line, up 0.4% on Monday. Shares remain below the flat base’s 196.90 buy point. IBM shares rose 0.5% on Tuesday.

Telecom giant Verizon’s latest breakout attempt faltered further on Monday amid three straight days of losses. Verizon shares fell 1.5% Tuesday morning.


4 Top Growth Stocks Worth Watching stock market rally


Stock Market Today: DraftKings gives up buy point

Arista shares closed Monday in a buy range above their 292.66 flat-base buy point, even though they were trading lower, according to MarketSurge charts. And the stock was up 0.2% in morning action on Tuesday.

AI stock Broadcom is forming a short consolidation with a 1,438.17 buy point. The price action looks like a flat base, but it is a little too deep with a depth of over 16%. The maximum depth of a flat base is 15%. Shares slipped 0.3% on Monday, about 8% away from the entry. Broadcom stock rose 1.5% Tuesday.

DraftKings dropped below its 46.52 buy point in a brief consolidation following Monday’s 3.6% decline. And the sports-betting giant was up 0.3% Tuesday morning.

Finally, ServiceNow is approaching an 815.32 entry of a flat base, as shares climbed 0.3% on Monday. The stock rose 0.7% on Tuesday.


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stocks to watch

These are four stocks in or near buy territory in today’s stock market.

company’s name Sign correct purchase point type of purchase point
disney (DIS) 112.92 cup with handle
Arista Networks (a net) 292.66 flat base
draftkings (DKNG) 45.62 consolidation
service now (Now) 815.32 flat base
Source: IBD data as of April 1, 2024

Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live


Magnificent Seven Stocks: Nvidia

The great seven stocks are Nvidia and Tesla (TSLA) rose 0.1% and 0.2%, respectively, in early trading Tuesday.

Nvidia is close to finishing a flat base which will create a buying opportunity at 974. Shares are in the fifth week of flat base, which means entries will be valid after this week. The AI ​​giant is an IBD Leaderboard stock.

Tesla shares rose 4.9% on Monday, above their recent low. Shares are more than 40% away from their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) was trading higher before the stock market opened on Tuesday.

Apple’s stock fell 0.7% on Monday, its latest low. Shares remain well below their long-term 200-day line. The stock rose on Tuesday morning.

Microsoft shares fell 0.2% on Monday, yet they still remain above their 50-day range. And the stock rose 0.3% early Tuesday.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter @IBD_SLehtonen For more on growth stocks, the Dow Jones Industrial Average, and the stock market today.

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