The stock market started the week with a downward trend as investors awaited crucial inflation reports. One notable early earnings performer was Monday.com, an artificial intelligence stock.
The Dow Jones Industrial Average and the S&P 500 declined after the opening bell, while the Nasdaq composite also saw a slight decrease. The 10-year Treasury yield inched up, and oil prices continued to rise.
This week’s key economic data includes the producer price index on Tuesday, the consumer price index on Wednesday, and U.S. retail sales data for July on Thursday. Signs of weakening consumer purchases have already been observed, which makes the retail report even more significant.
Monday.com saw significant growth in its shares after reporting strong second-quarter results and raising its 2024 revenue outlook. Other noteworthy earnings reports are expected from Walmart, Deere, and On Holding later in the week.
In the stock market on Friday, the Dow Jones Industrial Average made slight gains, while the S&P 500 and Nasdaq composite both saw a 0.5% increase. The rally attempt is still in play, but investors must remain cautious as market conditions can change quickly.
Companies to watch in the current market include Cava, Ferrari, ServiceNow, and Shake Shack. UnitedHealth and IBM are also stocks to keep an eye on as they approach buy points. Additionally, there are several stocks in or near buy zones that investors may want to consider.
Among the Magnificent Seven stocks, Nvidia rose while Tesla saw a slight decline in morning trading. Amazon, Apple, and Microsoft, among Dow Jones components, had mixed performance after the market opened. Apple stock, in particular, may be worth monitoring as it attempts to regain its position above the 200-day line.
Investors can stay informed about the market trend by following experts and utilizing tools like IBD’s new exposure levels and market analysis to make informed decisions when buying and selling stocks.
