Dow Futures Dip as Nvidia and Tesla Shares Slide, Investors Brace for Earnings Week

Futures on the Dow Jones Industrial Average fell from record highs on Monday, as all the major stock indexes declined in premarket trades. Two early movers were Nvidia (NVDA) and Tesla (TSLA), both of which lost ground on the stock market today. Ahead of the opening bell, Dow Jones futures fell 0.1% versus fair value, as S&P 500 futures lost 0.2%. Tech-heavy Nasdaq 100 futures moved down 0.4% in early trading.

Navigating the Shifting Tides: Investors Prepare for a Pivotal Earnings Week

Premarket Jitters: Yields and Oil Prices Fluctuate

Early Monday, the 10-year Treasury yield ticked higher to 4.13%, while oil prices rebounded, with West Texas Intermediate futures trading around $70.85 per barrel. Among exchange-traded funds, the Invesco QQQ Trust (QQQ) was down 0.5%, and the SPDR S&P 500 ETF (SPY) fell 0.3% ahead of the open.

Nvidia and Tesla Shares Slide Ahead of Earnings

Nvidia shares, which had notched record highs last week, fell 0.2% Monday morning, while Tesla shares, which remain below their 50-day line following sharp losses in recent weeks, declined 0.7%. The electric-vehicle giant will report earnings this week, adding to the anticipation and uncertainty surrounding the market.

Economic Data and Jobless Claims in Focus

The coming week will be light on economic data, with the highlight likely being Thursday morning's release of initial jobless claims for the week through October 19. Investors will be closely watching to see if a jump in claims from Hurricane Milton will offset the drop in new claims from Helene.

Stocks to Watch: Navigating the Current Market Landscape

On Friday, the Dow Jones Industrial Average inched higher, reaching another record high, while the S&P 500 gained 0.4% and the Nasdaq composite climbed 0.6%. Notable stocks to watch on the market today include Ryan Specialty (RYAN), Texas Roadhouse (TXRH), Uber Technologies (UBER), and United Therapeutics (UTHR), as well as Dow Jones components like Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM), and Microsoft (MSFT).

Magnificent Seven Stocks: Alphabet and Meta in Focus

Among the Magnificent Seven stocks, Alphabet (GOOGL) and Meta Platforms (META) dropped 0.3% and 0.2%, respectively, on Monday. Alphabet is finding support around the 50-day moving average, while Meta stock hit a new high in recent weeks, rising further above a 544.23 alternate entry.

Dow Jones Leaders: Amazon, Apple, and Microsoft

Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. Apple stock broke out last week above a 233.09 cup-with-handle entry and is above that buy trigger. Microsoft shares are trying to regain their 50-day line and are near a handle buy point at 441.85.