Dow Jones Futures Fall Ahead Of CPI Data; AI Stock Monday Dives On Earnings

Dow Jones futures fell Monday morning, as Wall Street prepared for Tuesday’s consumer price index inflation report. Meanwhile, artificial intelligence leader Monday.com (MNDY) plunged after reporting fourth-quarter results on the stock market today.

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Before the opening bell, Dow Jones futures fell 0.1%, while S&P 500 futures were down marginally. Tech-heavy Nasdaq 100 futures also edged lower vs. fair value in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) held just above the break-even point, while the SPDR S&P 500 ETF (SPY) hovered around the break-even point.

The 10-year Treasury yield was down slightly to 4.16% Monday. Further, oil prices paused after last week’s gains, as West Texas Intermediate futures declined almost 1%. WTI futures traded just above $76 a barrel.

Stock Market Today: Economic Data, Earnings

The week’s economic highlight will be the January consumer price index, which is due Tuesday. Economists polled by FactSet see the CPI up 0.2% on the month, lowering the 12-month headline inflation rate to 2.9% from 3.4%.

Much of the CPI data feeds through to the Personal Consumption Expenditures price index, which is reported toward the end of the month. But lately, markets have taken their cue from the Producer Price Index, due out Friday morning.

Further retail sales for January are out Thursday. Economists expect a 0.1% decline amid lower auto sales.

Early Monday, AI stock Monday.com tumbled more than 12% despite stronger-than-expected earnings and sales results. Monday offered a first-quarter sales outlook that merely met analyst expectations.

Later this week, key earnings reports are expected from Applied Materials (AMAT), Deere (DE), Occidental Petroleum (OXY) and Roku (ROKU).

Dow Jones Falls

On Friday, the Dow Jones Industrial Average dropped 0.1%, and the S&P 500 moved up 0.6%. The tech-heavy Nasdaq composite rallied 1.25%.

Friday’s Big Picture column commented, “Breadth was pleasing on the stock market Friday, with advancers outnumbering decliners by more than 2-to-1 on both the New York Stock Exchange and the Nasdaq exchange. This week’s gains mean the number of distribution days has fallen to one on the Nasdaq composite and three on the S&P 500.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

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Best Stocks To Buy And Watch In Stock Market Today

Lennar (LEN), MongoDB (MDB) and Samsara (IOT) — plus Dow Jones members Procter & Gamble (PG) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.

Walmart was featured in this Stocks Near A Buy Zone column.

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Dow Jones Stocks: P&G At Buy Point

Consumer products giant Procter & Gamble declined 0.8% Friday, falling back below a 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares inched lower Monday.

Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, even as the stock dipped Friday. The stock added 0.1% early Monday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Samsara Eyes Buy Point

Homebuilder Lennar is within striking distance of a flat base’s 156.01 buy point, with a 0.2% fall Friday. Lennar shares were unchanged early Monday.

Software leader MongoDB is moving out of buy range past a 442.84 buy point, with a 5.4% jump Friday, according to IBD MarketSmith. MongoDB shares tacked on 0.4% Monday.

Samsara rebounded bullishly from its 50-day line last week, as it rallied another 3.4% Friday. Shares are rapidly nearing an official entry at 36.91 after taking an an early buy trigger at 35.18. Samsara shares rose 0.1% Monday morning.

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Best Bets On Stock Market Today

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Source: IBD Data As Of Feb. 12, 2024

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