NEW YORK – Stocks took a dive on Tuesday as investors awaited job data from the Labor Department. GameStop, a popular stock, saw a decrease in value after a significant increase on Monday.
Before the market opened, Dow Jones futures dropped 0.3% compared to fair value, while S&P 500 futures fell 0.4%. The tech-heavy Nasdaq 100 futures also declined by 0.3% in premarket trading.
Early on Tuesday, the 10-year Treasury yield decreased to 4.37%, and oil prices also fell with West Texas Intermediate trading around $72.80 per barrel. Among U.S. exchange-traded funds, Invesco QQQ Trust and SPDR S&P 500 ETF faced losses.
GameStop’s stock showed volatility on Tuesday morning, potentially giving up some of the gains from Monday with a 4% loss.
On the previous day, GameStop surged by 21% after investor Keith Gill revealed a significant position in the company. However, E-Trade, owned by Morgan Stanley, is considering removing Gill from its platform due to concerns about stock manipulation, according to reports.
The Labor Department’s Job Openings and Labor Turnover Survey, expected to show a decrease in job openings for April, is set to be released at 10 a.m. ET. In other news, chip giant Intel experienced a 1.6% rally after introducing a new artificial intelligence chip.
Notable earnings movers on Tuesday include Core & Main, Donaldson, and GitLab. Core & Main and Donaldson saw increases, while GitLab’s stock dropped in early trading.
In the market, Birkenstock, Netflix, Robinhood Markets, and TJX, alongside companies like Apple, Merck, and Microsoft, are among the best stocks to watch today. Microsoft, for example, has been highlighted in the Stocks Near A Buy Zone column as it trades below a certain buy point.
Nvidia and Tesla also saw movements on Tuesday, with Nvidia bouncing back after two days of losses and Tesla holding above the 50-day line. Among Dow Jones leaders, Apple and Microsoft faced slight decreases ahead of the market open.
Investors are advised to stay informed about changing market conditions and consider IBD’s exposure levels to align with market trends. Additionally, utilizing IBD’s ETF Market Strategy can aid in timing the stock market effectively for investment success.