Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures were down ahead of Tuesday’s stock market opening. While stock market leader Arm rocketed as much as 42% to new highs, artificial intelligence stock Arista Networks plunged on earnings results following the close. Arm stock closed with a 29% advance on Monday and beat analyst expectations for its fiscal third quarter while providing a bullish outlook for the current period. On the other hand, Arista shares dived around 7% even though the provider of cloud networking solutions topped earnings and sales estimates.
Cadence Design Systems tumbled around 6% in extended trade, and it was still above a 279.33 flat-base entry. On Monday, the Dow Jones rose 0.3%, the S&P 500 slipped 0.1%, and the Nasdaq composite dropped 0.3%. Tesla was the biggest loser among the Magnificent Seven stocks, dropping by 2.8%, while Nvidia rallied to fresh record highs before cutting gains to 0.2%. In addition to this, Dow Jones tech icons Apple and Microsoft traded lower in that day’s stock market session. Lennar, MongoDB, Samsara, and UiPath, alongside Dow Jones members Procter & Gamble and Walmart, are among the best stocks to buy and watch in the current market rally.
Looking at futures on Tuesday’s opening bell, Dow Jones futures lost 0.1% vs. fair value, S&P 500 futures were down 0.2%, and Nasdaq 100 futures traded down 0.2% vs. fair value. The 10-year U.S. Treasury yield dipped to 4.17%, while oil prices extended last week’s gains, settling at $77 a barrel. Now is a crucial time to read IBD’s The Big Picture column, with the stock market outlook in a confirmed uptrend. Additionally, IBD MarketSmith’s “Breaking Out Today” list and “Near Pivot” list offer a great daily resource for finding stock ideas. Meanwhile, Lennar is breaking out past a flat base’s buy point, while UiPath rallied 2% Monday, breaking out past a cup-base entry. Lastly, there are four best stocks to watch in that day’s stock market, including a Dow Jones leader, such as Novo Nordisk, Merck, DraftKings, and Spotify.