Dow Jones Futures Fall: Arm Rockets 42%; AI stock falls on Arista earnings

Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were lower ahead of the stock market open on Tuesday. Head of stock market hand (ARM) hit a new high of up to 42% on Monday, while the artificial intelligence stock Arista Networks (Aneta) plunged into earnings results after the close.




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The arm stock closed Monday with a 29% advance, adding to last week's 62% rally. On Wednesday, Arm beat analyst expectations for its fiscal third quarter and provided a positive outlook for the current period.

Arista shares fell about 7% late Monday, even as the cloud networking solutions provider topped earnings and sales estimates. Arista stock ended well off a double-bottom entry at 198.46.

Cadence design settings (CDNS) is another major revenue driver. Cadence shares fell about 6% in extended trading. The stock is still above the 279.33 flat-base entry.

Stock Market Today: Tesla Slides

On Monday, the Dow Jones Industrial Average rose 0.3% and the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite fell 0.3%.

Among the seven wonderful stocks, Tesla (D.S.L.A) was the biggest loser, down 2.8%. And Nvidia (NVDA) rallied to a new record high before paring gains of 0.2%.

Finally, the Dow Jones technical symbols Apple (APL) and Microsoft (MSFT) Apple shares fell 0.9% and Microsoft fell 1.3% in today's stock market.

Lenor (Len), MongoDB (MTP), Samsara (IOT) and UiPath (path) – and members of Dow Jones Procter & Gamble (PG) and Walmart (WMT) — is one of the best stocks to buy and watch in the current market upturn.

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Samcharam and UiPath are featured in the A Buy Zone column next to these stocks.


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Dow Jones today: Oil prices, Treasury yields

Before the opening bell on Tuesday, Dow Jones futures lost 0.1% versus fair value, and S&P 500 futures fell 0.2%. Nasdaq 100 futures fell 0.2% 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.

On Monday, the 10-year US Treasury yield fell to 4.17%. Meanwhile, oil prices extended last week's gains as West Texas Intermediate futures settled at $77 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 out today's The Big Picture for updated exposure levels following Monday's action.

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 NXP Semiconductors (NXPI), which crossed the 238.27 flat-base entry.

Meanwhile, the MarketSmith “Near Pivot” list shows stocks near buy points in fundamentals Dole Brothers (TOL) Dole Brothers is nearing a 105.91 flat-base entry. Dole Brothers is Monday's IBD Stock of the Day.

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.

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Dow Jones: Disney, Walmart

Consumer products company Procter & Gamble fell 0.3% on Monday, falling further below a buy point of 158.38 on a per-cup basis, according to IBD MarketSmith model approval.

While shares rose 0.6% on Monday, discount retail leader Walmart remained in buy range, above a 163.57 entry in the cup-with-handle.


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Lenor, UIpath Breakout

With a 3.2% rally on Monday, homebuilder Lennar broke through the 156.01 buy point of a flat base.

Despite Monday's 2.6% decline, software leader MongoDB is not in buy range beyond the 442.84 buy point. IBD MarketSmith.

Samsara rebounded from its 50-day streak last week. But shares were lower on Monday, falling 2.8%. The stock is close to an official entry at 36.91 after giving up an early buy trigger at 35.18 during Monday's reversal.

UiPath rallied 2% on Monday, passing a 26.53 cup-base entry. The stock closed in the buy range.


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Best bet on the stock market today

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

Company Symbol Perfect purchase point Type of point of purchase
Novo Nordisk (Non-Government Organizations) 105.69 Flat base
Merck (MRK) 119.65 cup base
Draft Kings (D.K.N.G) 39.35 cup base
Spotify (Spot) 202.88 Flat base
Source: Feb. 12, 2024 IBD data

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Fantastic Seven Stocks: Nvidia, Tesla

Among the seven wonderful stocks, Nvidia (NVDA) rose 0.2% and Tesla (D.S.L.AIt was down 2.8% on Monday.

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Nvidia shares hit new record highs and closed more than 40% above a 505.48 buy point in a flat base after Jan. 8 breakout action.

Tesla snapped a four-day winning streak on Monday, but is still recovering from its lowest level since May 2023.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (APL) and Microsoft (MSFT) traded lower on Monday.

Apple is forming a new double-bottom base with a new buy point at 196.38. But Apple stock must first retrace its 50-day moving average, a potential resistance level.

Microsoft shares are out of buy range in a flat floor above the 384.30 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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