New York – Dow Jones futures and other major indexes showed positive movement on Tuesday, aiming to recover from the losses experienced on Monday. Tech company Nvidia surged near its all-time highs, while renowned investor Cathie Wood made a significant purchase of Tesla stock worth over $28 million. Additionally, former President Donald Trump’s social media platform, Truth Social, is set to make its debut on the stock market today.
In early morning trading, Dow Jones futures rose 0.1% compared to fair value, with S&P 500 futures gaining 0.2% and Nasdaq 100 futures climbing 0.3% before the opening bell. The 10-year Treasury yield increased to 4.27%, with oil prices also edging up as West Texas Intermediate futures added 0.4% to trade above $82 a barrel.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.3%, while the SPDR S&P 500 ETF rose 0.3%. Nvidia, a leading stock, climbed nearly 1% in premarket action, extending its winning streak to seven sessions and nearing new highs. Cathie Wood’s Ark Invest funds purchased over 163,000 shares of Tesla stock on Monday, amounting to approximately $28.2 million based on the closing price.
Tesla shares saw a more than 3% increase on Tuesday after Chief Executive Elon Musk announced on Twitter that Full Self Driving, the company’s autonomous-driving software, would be offered to customers as a one-month free trial. Furthermore, Digital World Acquisition has been rebranded as Trump Media & Technology Group after a successful merger with Trump’s tech and social media platform. Their common stock and public warrants began trading on the Nasdaq under the ticker symbols DJT and DJTWW, respectively.
In Monday’s trading, the Dow Jones Industrial Average decreased by 0.4%, the S&P 500 dipped 0.3%, and the Nasdaq composite lost 0.3%. Despite these fluctuations, the S&P is up 9.4% year-to-date, positioning it for its best first-quarter performance since 2019. This trend suggests a positive outlook for the rest of the year as historical data indicates a high probability of finishing the year on a positive note.
Top growth stocks to watch in the current market include Alphabet, Arista Networks, Duolingo, and DraftKings, along with Dow Jones components Disney, IBM, and Verizon Communications. Disney recently broke out past a significant buy point, while IBM remains below a key buy point and Verizon is building a flat base with a notable entry point.
Alphabet, parent company of Google, is on the cusp of breaking out past a critical buy point, while Arista Networks and Duolingo are also in focus for potential growth. Additionally, DraftKings continues to hold near the top of its buy range, signaling positive momentum in the sports-betting industry.
In summary, the stock market continues to show resilience and potential for growth, with key players like Apple and Microsoft in the spotlight alongside other promising stocks across various sectors. This dynamic market environment presents opportunities for investors to capitalize on emerging trends and market movements.