Dow Jones Futures: Tesla Dives to New Lows; AI stock rises on multiple returns

Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed before the stock market opened on Tuesday. The role of artificial intelligence Palantir Technologies (PLTR) rose on a positive earnings report, while Magnificent Seven stock Tesla (D.S.L.A) new recent lows.




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Late Monday, Palantir rose more than 18% after the company reported adjusted EPS of 8 cents on revenue of $608.4 million, in line with estimates. Sales were expected to rise to $602.9 million.

Meanwhile, shares of the Apple supplier NXP Semiconductor (NXPI) rallied 3% in extended trading after reporting strong earnings and sales results.

Stock market today: Tesla dives

On Monday, the Dow Jones Industrial Average moved down 0.7% and the S&P 500 fell 0.3%. The tech-heavy Nasdaq composite fell 0.2%.

Among the seven wonderful stocks, Tesla (D.S.L.A) was the biggest loser, down 3.65%. And Nvidia (NVDAA record 4.8% rise.

Finally, the Dow Jones technical symbols Apple (APL) and Microsoft (MSFT) was mixed in the stock market today, with Apple shares down 1% and Microsoft down 1.35%.

Expedia (EXPE), KKR (KKR), Lenor (Len) and MongoDB (MTP) – plus Dow Jones members Caterpillar and Walmart (WMT) — is one of the best stocks to buy and watch in the current market upturn.

Disney and Lennar are featured in this Stocks Near a Buy Zone column.


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Dow Jones today: Oil prices, Treasury yields

Before the opening bell on Tuesday, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed against fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

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On Monday, the 10-year US Treasury yield rose to 4.16%. Meanwhile, oil prices rebounded as West Texas Intermediate futures fell below $73 a barrel.


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Stock Market Rally: What to Do Now

Now is an important time to read IBD's The Big Picture column, as the stock market outlook remains bullish.

Check today's The Big Picture for updated exposure levels following Monday's losses.

A great resource for daily breakouts is IBD MarketSmith's “Breaking Out Today” list. It shows new buy points past Market Smith Growth 250 shares. Three breakouts took place today, including J Frog (the frog), which crossed the 35.35 flat-base entry.

Meanwhile, the MarketSmith “Near Pivot” list shows stocks near buy points in fundamentals Global Payments (GPN) Global Payments nears 138.07 flat-base entry.

Check out the IBD Stock Lists to find more stock ideas IBD 50, Big cap 20 and stocks near a buy zone. These features identify bullish patterns and buy points and should be checked every day.

Dow Jones: Disney, Walmart

Despite Monday's 0.5% loss, media giant Disney remains in buy range above a flat base's 96.51 buy point, according to the IBD MarketSmith model consensus. Earnings will be out on Wednesday after the market closes.

While shares fell 0.5% on Monday, discount retail leader Walmart broke through an entry level of 163.57 in a cup with a handle.


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Lennar eyes are the buying point

Travel stock Expedia is finding a flat base showing a 155.84 buy point. Shares are finding support at their 50-day line as they rose 0.4% on Monday.

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IBD Leaderboard shares KKR are above a flat-base entry of 85.66 amid a 1.2% drop on Monday.

With Monday's 1% drop, homebuilder Lennar is a striking distance from a flat base at 156.01 buy point.

Software leader MongoDB surged 6.6% on Friday to cross a buy point of 426.51. IBD MarketSmith. MongoDB shares were up 0.2% on Monday.


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The best challenge in action on Monday

These are four of the best stocks to watch in today's stock market, including the Dow Jones leader.

Name of the company Symbol Perfect buying point Type of point of purchase
Lenor (Len) 156.01 Flat base
Merck (MRK) 119.65 cup base
KKR (KKR) 85.66 Flat base
MongoDB (MTP) 426.51 Handle the entry
Source: Feb. 5, 2024 IBD data

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


Tesla stock

Tesla sank as much as 6.9% on Monday, ending its lowest level since May 2023 with a loss of 3.65%. Shares are 40% off their 52-week high.

Tesla earnings estimates for 2024 are now below 2023 levels, signaling another year of negative growth for this growth story stock. Meanwhile, the EV giant on Sunday raised the US price of its Model 3 long-range variant.

Analysts expect Tesla to post earnings of just $3.08 per share in 2024, according to FactSet. That would be a 1% decline versus $3.12 last year. This is a 23% decline versus 2022.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed during Monday's stock market action.

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Apple rose 1% on Monday, below its 50-day line after heavy losses in recent weeks. The stock continues a flat base with a buy point of 199.62.

Microsoft shares fell 1.35% on Monday, ending a two-day rally. Shares extended beyond the 366.78 cup-base buy point.

Don't forget to follow Scott Lehtonen on X/Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.

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