Dow Jones futures were slightly higher following Monday’s stock market sell-off ahead of this week’s Fed meeting. Tesla stock broke down through a key support level, while Apple reversed sharply after hitting record highs. And stock market leaders Advanced Micro Devices and Nvidia fell sharply.
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On Monday, the Dow Jones Industrial Average dropped 0.9%. The S&P 500 also lost 0.9%, while the Nasdaq sold off 1.4%. The small-cap Russell 2000 declined 1.4%.
Among the Dow Jones leaders, Apple (AAPL) reversed 2.1% lower Monday after hitting all-time highs, while Microsoft (MSFT) declined 0.9% in today’s stock market. Home Depot (HD) and Nike (NKE) remain below new buy points.
Electric vehicle leader Tesla (TSLA) skidded 5% Monday. Its rival, Rivian (RIVN), climbed 3.7%. Lucid Group (LCID) bounced 4%. And Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) posted sharp losses.
Among Monday’s top stocks to watch, Arista Networks (ANET), Driven Brands (DRVN) and Louisiana-Pacific (LPX) are in or near new buy zones. Amid the recent stock market volatility, investors should still be developing watchlists, and avoid making new purchases until the market’s current rally attempt stages a follow-through day.
Microsoft and Tesla are IBD Leaderboard stocks. Arista featured in this week’s Stocks Near A Buy Zone column and was Monday’s IBD Stock Of The Day. , while Driven Brands was in last week’s IPO Leaders story.
Dow Jones Futures Today: Fed Meeting
After the stock market close Monday, Dow Jones futures, along with S&P 500 futures, rose 0.2% vs. fair value, while Nasdaq 100 futures gained 0.1%. Remember that premarket action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 1.4% Monday, while the SPDR S&P 500 ETF (SPY) descended 0.9%. The Innovator IBD 50 ETF (FFTY) slid 3.4%, nearing correction lows.
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