Futures for the Dow Jones Industrial Average and the other major stock indexes traded little changed ahead of Tuesday's open. On Monday, the Dow Jones industrials declined 373 points after President Donald Trump threatened "a response" to Iran's recent retaliatory strikes on U.S. bases in Jordan, saying on Fox News, "We're going to hit them hard."
Micron Technology ( MU), Sandisk ( SNDK), Nvidia ( NVDA), Space Exploration Technologies ( SPCX) (known as SpaceX) and Tesla ( TSLA) were key movers during Monday's trading session.
Micron stock climbed nearly 3% Monday, retaking its 50-day moving average. Sandisk shares rallied 5.5%, still below their own 50-day line.
Nvidia shares rebounded 1.4%, bouncing back from Friday's 4.6% decline. Nvidia stock is about 3% below a cup-with-handle entry at a 227.92 buy point following Thursday's earnings-fueled breakout move.
Finally, Elon Musk-led SpaceX and Tesla rallied 1.6% and 5.5%, respectively, Monday. SPCX stock extended a winning streak to five sessions, modestly above its IPO price of 135. Tesla shares bullishly regained their 50-day line but remain below their 200-day line and more than 26% off their 52-week high.
Big earnings reports this week include AI chipmaker Broadcom ( AVGO), Snowflake ( SNOW), Ciena ( CIEN), Dell Technologies ( DELL), Five Below ( FIVE) and Hewlett Packard Enterprise ( HPE).
Meanwhile, cybersecurity leaders Palo Alto Networks ( PANW) and Zscaler ( ZS) are set to report as well.
Friday's August jobs report takes the economic spotlight in the coming week in the wake of Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole address, which raised expectations for a Sept. 16 rate hike.
Economists expect a net 65,000 gain in nonfarm payrolls, including 45,000 in the private sector, according to FactSet. The unemployment rate is seen ticking up to 4.2% from 4.1%.
Further, this week's economic calendar includes Tuesday's Job Openings and Labor Turnover Survey and Wednesday's monthly estimate of private-sector job gains from ADP. Finally, the Institute for Supply Management's manufacturing and service activity indexes are out Tuesday and Thursday.
On Monday, the Dow Jones Industrial Average declined 0.7%, as the S&P 500 fell 0.3%, and the Nasdaq composite moved down 0.1%. Oil prices advanced nearly 3%, to around $85.80 a barrel, per Dow Jones Market Data. And the 10-year U.S. Treasury yield moved up to 4.75%.
Ahead of Tuesday's opening bell, Dow Jones futures gained 0.1%, as did S&P 500 futures but Nasdaq-100 futures edged lower in overnight trade. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Following the recent mixed action on the major stock indexes, now is an important time to read IBD's The Big Picture column. And on Monday's "IBD Live" show, the team discussed current trading conditions and today's stock market action.
An essential resource for daily breakouts is the IBD MarketSurge "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. There were two new breakouts Monday, notably UBS ( UBS), which topped a 55.15 cup-base entry. And the MarketSurge "Near Pivot" list shows eight stocks nearing buy points in bases. For example, Dow Jones energy giant Chevron ( CVX) is approaching a 208.98 cup-with-handle entry.
To find more stock ideas, check IBD Stock Lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
