Nasdaq, Stocks Slide Further, Capping 2024's Year of Gains

As the final trading day of 2024 approached, the Nasdaq Composite and other major indexes traded lower, capping off a year marked by significant gains. The tech-heavy Nasdaq composite fell 0.1% in morning trades, while the Dow Jones Industrial Average rose 0.3% and the S&P 500 climbed 0.2%. The 10-year Treasury yield ticked lower to 4.52%, and oil prices held their recent gains, with West Texas Intermediate futures trading around $71.20 per barrel.

Among exchange-traded funds, the Invesco QQQ Trust (QQQ) rose 0.1%, as the SPDR S&P 500 ETF (SPY) moved up 0.2% after the open. Bond markets will close at 2 p.m. this afternoon, and the stock market will be closed Wednesday for the New Year's Day holiday.

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Stock Market Today: Nvidia, Tesla Mixed

Nvidia rose 0.4% Monday, ending a two-day skid and looking to regain its 50-day line, a key level to monitor. Shares of the artificial intelligence giant are building a double-bottom base that offers a 146.54 buy point. Meanwhile, a decisive retake of the 50-day line around 140 would mark an aggressive buy trigger.

Nvidia stock dropped 0.5% Tuesday morning.

Tesla skidded 3.3% Monday, falling sharply for a third straight day. In recent weeks, the Elon Musk-led company topped out at 488.54, about 84% above a 264.86 buy point in a cup with handle. But shares are nearly 15% off that high.

Tesla stock rose in morning action Tuesday, up 1.3% in morning trade.

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Dow Jones Extends Losses

On Monday, the Dow Jones Industrial Average declined 1%, while the S&P 500 lost 1.1% and the Nasdaq sold off 1.2%. Both the S&P 500 and the Nasdaq broke important levels of technical support, making this a good time to be tracking IBD's Market Pulse market status indicator.

Among the best companies to watch on the stock market today are BlackRock (BLK), Fortinet (FTNT), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).

Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Walt Disney (DIS) and Microsoft (MSFT).

Fortinet and Nvidia are featured in this Stocks Near A Buy Zone column.

Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, and.

Dow Jones: Disney Nears Entry

Dow Jones component Disney continues to build a cup with handle that has a 118.63 buy point, according to MarketSurge pattern recognition. Shares rose 0.1% Tuesday.

Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern as it again looks for support at its 50-day moving average. BlackRock stock advanced 0.3% in early trading Tuesday.

Cybersecurity leader Fortinet is approaching a flat base's 100.59 buy point. Shares moved up 0.3% Tuesday morning.

Interactive Brokers fell 1.2% Monday, still rebounding from support at the 50-day line, which offered an entry around 172.50. The stock gained 0.3% Tuesday.

AI chipmaker Taiwan Semiconductor, better known as TSMC, broke out last week, moving past a 205.63 cup-with-handle buy point. But shares closed further below their buy point following Monday's decline. TSMC was a recent IBD Stock Of The Day. Shares edged higher Tuesday.

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Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
BlackRock (BLK) 1,068.34 Tight area
Disney (DIS) 118.63 Cup with handle
TSMC (TSM) 205.63 Cup with handle
Burlington Stores (BURL) 279.51 Cup with handle

Source: IBD Data as of Dec. 24

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Dow Jones Leaders: Amazon, Apple, Microsoft

Besides Nvidia, another Dow Jones component in the is, which dropped 1.1% Monday. Amid its recent rally, the e-commerce giant is sharply extended above a 201.20 buy point after hitting new highs in mid-December. It rose 0.4% Tuesday.

Shares of Apple are out of buy range above a flat base's 237.49 entry after they hit a new high last week. They sold off 1.3% Monday and bounced 0.3% Tuesday morning.

Microsoft shares rose 0.1% Tuesday morning, as they failed to find support around their 50-day line Monday. The software giant is building a cup with handle that has a 456.16 buy point.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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Stocks fell sharply on Friday as the Santa Clause rally that kicked off earlier in the week came to a halt.
The Dow Jones Industrial Average closed 0.8% lower, snapping a five-session winning streak, while the S&P 500 and Nasdaq Composite shed 1.1% and 1.5%, respectively. The major indexes had closed near unchanged on Thursday after surging before the Christmas break.
Despite Friday's sell-off, the three major indexes managed to post slight weekly gains after losing ground last week. For the Dow, this was the first time in four weeks the index rose, while the S&P broke a two-week losing streak.
Mega-cap technology stocks were down across the board on Friday, led by a 5% decline for EV maker Tesla (TSLA). Shares of AI investor favorite Nvidia (NVDA) fell 2%, while Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also lost ground. Apple entered the session on the verge of becoming the first company to ever have a market capitalization of more than $4 trillion.
Shares of data analytics software provider Palantir Technologies (PLTR), which joined the Nasdaq 100 this week, fell 3.7% today, while Super Micro Computer (SMCI) dropped 5.2%, extending a volatile run for the server maker.
Crytpo stocks fell again Friday as the price of bitcoin tumbled. MicroStrategy (MSTR), one of the world's largest holders of the digital currency, and crypto exchange Coinbase Global (COIN) both declined more than 3%. Bitcoin was trading at around $94,000 late Friday afternoon, down from an overnight high of $97,300.
The yield on 10 year Treasurys, which is correlated with expectations about where interest rates are headed, was at 4.63% in recent trading, up from 4.58% yesterday and near its highest levels since May.
Gold futures were down 0.7% at $2,635 an ounce, while crude oil futures rose nearly 1%.
Biggest S&P 500 Movers on Friday
Decliners
Shares of server maker Super Micro Computer (SMCI) fell the most of any S&P 500 stock, tumbling 5.2%. The Nasdaq granted an extension earlier this month for Supermicro to file its delayed annual report, but questions persist about the company's accounting practices and capacity to meet the updated deadline.
Tesla (TSLA) shares sank 5%, extending losses posted Thursday. The electric vehicle giant is expected to release quarterly production and delivery figures next week. Based on current consensus estimates for fourth-quarter vehicle deliveries, Tesla's 2024 totals could fall short of last year's results.
Palantir Technologies (PLTR) stock fell 3.7%, reversing some of this week's push higher. Shares of the data analytics software provider debuted on the Nasdaq 100 Index on Monday, and later in the week, Wedbush analysts highlighted Palantir as a top pick among artificial intelligence software firms alongside Salesforce (CRM).
Advancers
Lamb Weston Holdings (LW) shares rose 2.