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Futures: CPI Inflation Data, Fed Meeting Loom



Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower ahead of the stock market open. GameStop (GME) plunged further Monday, extending Friday’s losses. And, later this week, the CPI report and the Federal Reserve’s policy meeting are key events to monitor.


The May consumer price index and the Federal Reserve meeting take the spotlight in this week’s economic data.

Wednesday’s CPI is expected to show another 0.3% increase in core prices. And the Fed policy update and new economic projections are also due Wednesday. The last set of Fed projections released in March showed policymakers led by Chair Jerome Powell narrowly backing three quarter-point rate cuts in 2024, with a hawkish minority favoring two cuts.

The same kind of division may be evident in the new projections, but with more dovish members now backing two rate cuts and the hawks bent on a single rate cut.

Elsewhere, big earnings reports this week include Adobe (ADBE), Broadcom (AVGO) and Oracle (ORCL).

GameStop stock plunged as much as 18% Monday, as the video game retailer crumbled as much as 50% over the last two trading sessions. Shares closed down 12%.

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Stock Market Today

On Monday, the Dow Jones Industrial Average moved up 0.2% and the S&P 500 rose 0.3%. The tech-heavy Nasdaq composite climbed nearly 0.4%.

ASML (ASML), Netflix (NFLX), Robinhood Markets (HOOD) and Spotify (SPOT) — plus Dow Jones components Apple (AAPL), Amgen (AMGN), Microsoft (MSFT) and Visa (V) — are among the best companies to watch on the stock market today.

Visa is featured in this Stocks Near A Buy Zone column.

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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, were slightly lower vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year U.S. Treasury yield ticked higher to 4.46%. And oil prices rose, as West Texas intermediate futures settled around $78 a barrel.

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Stock Market Today: What To Do Now

Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market rally. Following Monday’s action, be sure to check out today’s The Big Picture and today’s exposure level.

On Monday’s IBD Live show, the IBD Live team discussed current trading conditions.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. Notably, CrowdStrike (CRWD) is breaking out past a 358.84 buy point in a cup with handle on the stock market today. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

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

Dow Jones Stocks: Amgen, Visa

Biotech giant Amgen is building a cup-with-handle base that has a 133.10 entry, while Visa is approaching a 290.96 flat-base buy point, according to MarketSurge pattern recognition.

Outside the Dow Jones index, streaming giant Netflix rose 0.5% Monday, finding support at the 639 cup entry.

Trading platform Robinhood rebounded 5.6% Monday, further past a 21.21 handle buy trigger. Spotify shares remains below their 319.30 buy point in a flat base, despite a 0.3% rise Monday.

And ASML stock hit an early-entry buy point of 992.88 last week, based on an IBD analysis. With the move higher, it broke out above a handle. The 5% buy zone extends to 1,042.52.

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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
Microsoft (MSFT) 430.82 Flat base
Netflix (NFLX) 639 Cup base
Spotify (SPOT) 319.30 Flat base
ASML (ASML) 992.88 Handle entry
Source: IBD Data As Of June 10, 2024

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Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia (NVDA) climbed 0.8%, while Tesla (TSLA) skidded 2.1% Monday.

Nvidia stock snapped a two-day losing streak Monday, as the 10-for-1 stock split went into effect. Shares of the artificial intelligence giant are sharply above a handle buy point at 922.20. The AI leader is an IBD Leaderboard stock.

Tesla stock remains just above the 50-day line, still more than 40% off its 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple stock tumbled nearly 2% Monday following the company’s Worldwide Developers Conference. Shares remain near a cup base’s 199.62 buy point.

Microsoft shares climbed 1% Monday, moving closer to a flat base’s 430.82 buy point.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


Top Growth Stocks To Buy And Watch

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Find The Best Long-Term Investments With IBD Long-Term Leaders

Check Out IBD’s New Exposure Levels To Help You Stay In Step With The Market Trend

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition

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