Thu. Dec 7th, 2023
    New Tech Stocks Soar as Market Awaits Fed Guidance

    In anticipation of the Federal Reserve’s upcoming release of minutes from its latest policy meeting, Dow Jones futures saw a slight dip on Monday morning. Investors on Wall Street are eagerly awaiting further guidance from the Federal Reserve regarding its plans on future interest rates. This week, the stock market will observe a quieter period due to the Thanksgiving holiday, with the market closed on Thursday and a half-day on Black Friday. However, Tuesday afternoon’s release of the Fed’s meeting minutes is expected to provide key insights into the central bank’s thinking on future interest rates.

    As earnings season winds down, several noteworthy companies are set to report this week, including Baidu, Best Buy, Deere, Keysight Technologies, Kohl’s, Lowe’s, and Zoom Video Communications. Among these, tech titan Nvidia will report its earnings after the closing bell on Tuesday.

    Meanwhile, in the stock market today, tech stocks continue to dominate as Nvidia takes the lead in the list of best stocks to buy and watch. The strong performance of tech stocks, including Nvidia, has been a driving force behind the stock market’s November rally. According to Dow Jones Market Data, the Nasdaq composite just experienced its largest three-week advance since April 2020, and the S&P 500 had its best three-week stretch since May-June 2020.

    As the stock market rally continues, investors are focused on key stocks like Amazon, MercadoLibre, Shopify, and Toll Brothers. These companies are among the top stocks to watch during the current market rally, according to IBD Leaderboard. Amazon and MercadoLibre are also members of IBD Leaderboard, illustrating their strong market positions.

    With tech stocks soaring, Nvidia and Tesla stand out among the so-called “Magnificent Seven” stocks. Nvidia’s share price is in buy range, surpassing the entry point in a double-bottom base, while Tesla faces resistance at its 50-day line after recently retaking the 200-day line.

    In the Dow Jones Industrial Average, Apple and Microsoft take the spotlight. Apple is at its highest level since August, and shares continue to trade above an early entry point as the company traces a consolidation. Microsoft, on the other hand, experienced a slight decline from its all-time highs but still remains in buy range.

    As investors await further guidance from the Federal Reserve and closely monitor the performance of tech stocks, the stock market continues to provide opportunities for growth and investment.