Dow Jones futures rose along with S&P 500 futures and Nasdaq 100 futures ahead of Tuesday’s market opening, following gains in Monday’s stock market action.
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Trump Media & Technology (DJT) saw a surge of more than 21% as it approached President-elect Donald Trump’s inauguration next week, closing at its highest level since October 29.
Nvidia stock dropped 2% on Monday, falling further below the 50-day moving average and nearing mid-December lows. Shares rebounded 0.7% in extended trading. The stock triggered the 7% loss rule on Friday, falling below a 146.54 buy point in a double bottom pattern.
Other notable stocks also declined. Palantir Technologies (PLTR) fell 3.4%, closing below its 50-day line for the first time since August 5. Apple (AAPL) dropped 1%, moving back below a 237.49 flat-base entry following substantial losses since December 26.
In other news, KB Home (KBH) jumped nearly 8% in extended trading on Monday after reporting better-than-expected Q4 results.
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Upcoming economic data
The Labor Department’s producer price index (PPI) for December is scheduled for release on Tuesday at 8:30 a.m. ET. The PPI is anticipated to rise 0.3% month-over-month, with a year-over-year increase of 3.3%. Core wholesale inflation is expected to rise 0.2%, reflecting an annual increase of 3.4%, according to Econoday estimates.
On Monday, the Dow Jones Industrial Average climbed 0.9%, while the S&P 500 increased by 0.2%, and the Nasdaq fell 0.4%. As of Tuesday’s pre-market, Dow Jones futures gained 0.1% against fair value, S&P 500 futures rose 0.3%, and Nasdaq 100 futures advanced 0.4% against fair value. It is important to note that overnight movements in futures do not always predict actual trading outcomes in the following session.
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The 10-year U.S. Treasury yield rose to 4.8% on Monday, and oil prices extended their recent gains, with West Texas Intermediate futures settling at around $78.70 a barrel.
Six of the Magnificent Seven stocks experienced declines on Monday, leading to a 0.5% drop in the Roundhill Magnificent Seven (MAGS) ETF, which is nearing a critical support level at the 50-day line.
Alphabet (GOOGL) fell 0.5%, marking its fourth consecutive session of losses and moving back within the buy range above a 182.49 buy point in a cup with handle pattern. Meta Platforms (META) decreased by 1.2% on Monday but remains above its 50-day line after a bullish move on Friday; it is positioned just above a 602.95 flat-base entry. Tesla (TSLA), conversely, rose 2.2%, placing the stock above its 10-week line; a decisive rebound could place the company in a new buying area, although the shares remain approximately 18% off their 52-week high.
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Featured image credit: Kerem Gülen/Midjourney
