On Monday, the stock market experienced a drop in major stock indexes as investors awaited a speech from Federal Reserve Chairman Jerome Powell. Early movers included Nvidia (NVDA) and Tesla (TSLA), with the Dow Jones Industrial Average falling by 0.3%, the S&P 500 losing 0.1%, and the Nasdaq composite slightly moving down in early trading.
Amidst this, the 10-year Treasury yield ticked higher to 3.77%, while oil prices rose to around $68.20 per barrel. Stocks like Nvidia and Tesla experienced fluctuations, with Nvidia’s stock declining by 1.2% and Tesla reversing up 1.3% in morning trading.
Fed Chair Powell’s speech was scheduled for the afternoon, offering insights into future policy decisions. The U.S. employment report was set to take the economic spotlight for the week, with other noteworthy earnings reports expected from companies like Carnival (CCL), Nike (NKE), Paychex (PAYX), and Levi Strauss (LEVI) in the upcoming days.
In the stock market today, companies like Arista Networks (ANET), Spotify (SPOT), Texas Roadhouse (TXRH), and Wingstop (WING) were notable to watch. Additionally, there were stocks like Ferrari (RACE), Taiwan Semiconductor (TSM), ServiceNow (NOW), and Uber Technologies (UBER) in or near buy zones.
Overall, the market was influenced by various factors, including economic reports, earnings announcements, and stock movements of key companies like Amazon, Apple, Microsoft, Alphabet (Google), and Meta Platforms (formerly Facebook). Amidst all the fluctuations, investors needed to stay updated with market trends and potential investment opportunities to make informed decisions.
