Stock Market Today: Dow Jones Slides Amid Key Data; Apple pounces on bearish iPhone comments

The Dow Jones Industrial Average fell on Tuesday as Wall Street reacted to key economic data expected shortly after the market opened. Two pioneers on the stock market today were the members of Magnificent Seven alphabet (GOOGL) and Apple (AAPL).

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After the opening bell, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq Composite fell 1.2% in early trading.

Early Tuesday, the 10-year Treasury yield fell to 3.74%. Oil prices fell, with West Texas Intermediate futures trading at around $67.20 a barrel.

Among exchange-traded funds, Invesco QQQ Trust (QQQ) fell 1.2%, while the SPDR S&P 500 ETF (SPY) fell 0.8% after the open.

Google shares pared gains to 0.4% on Tuesday after Pivotal Research initiated coverage on the search giant with a buy rating and a 215 price target. That's a 30% premium to Monday's closing price. Alphabet shares are reclaiming their 50-day line this week.

Apple stands near a V-shaped cup with a handle that shows an entry of 232.92. Shares sold off 2.9% on Tuesday morning after Barclays made cautious comments on demand for the iPhone 16.

Nvidia, Apple and Tesla show how to deal with this market

Stock market today: economic data

On the economic front, the manufacturing purchasing managers' index fell less than expected to 47.3 in September from 47.9 in August. Estimates were for a decline to 47.0.

This is followed by figures from the Institute for Supply Management for manufacturing, construction spending from the Department of Commerce and the Job Openings and Labor Turnover Survey (JOLTS) from the Department of Labor. The final three reports are due at 10 a.m. ET.

Construction spending is expected to decline 0.3% in August, while job vacancies are expected to remain stable at 7.7 million in August.

Key profit drivers on Tuesday include: Acuity brands (AYI), McCormick (MKC) and Paychex (PAYX).

Acuity Brands rose 6.8% in morning trading, while McCormick rose 0.3%. Paychex shares were down 1% in the morning.

Broadcom passes Tesla while Amazon catches up with Google

The best stocks to watch

On Monday, the Dow Jones Industrial Average rose slightly, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq Composite also rose 0.4%.

During Monday's IBD Live show, the IBD Live team discussed current trading conditions and how investors should approach the stock market.

Some of the best companies to keep an eye on in the stock market today include: Arista Networks (ANET), Spotify (POINT), Texas Roadhouse (TXRH) and Wing stop (WING).

Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD) and Microsoft (MSFT).

Amazon and Tesla are featured in this “Stocks Near a Buy Zone” column.

There were no new stocks on IBD MarketSurge's Breaking Out Today list Monday. For more names, see the website's Near Pivot list. For more stock ideas, check out IBD stock lists like IBD 50, Big Cap 20, and Stocks Near a Buy Zone.

Close, but not a “perfect” cigar for Nvidia, Broadcom. But kudos to these 22 gems.

Dow Jones: Home Depot expands

Dow Jones retailer Home Depot is moving out of buy range, crossing a buy point at 378.58, according to MarketSurge pattern recognition. Shares fell 0.2% early Tuesday.

Outside the Dow Jones Index, Arista Networks is in a buy zone above a 376.50 buy point in a consolidation. Shares rose slightly on Tuesday morning.

Spotify shares fall back into buy range above the 359.38 consolidation entry. The music streaming platform gained 0.5% on Tuesday.

Texas Roadhouse attempts to break above the flat base entry at 177.72 but is below the buy trigger. Shares rose 0.8% on Tuesday.

Finally, Wingstop surpassed but is below a reading of 431.03 last week. The stock fell slightly in morning action on Tuesday.

Find the best stocks to buy and watch with the IBD Stock Screener and IBD Screen Of The Day

Stock market today: Companies to watch

These are four stocks in or near the buy zone of today's stock market.

Source: IBD data as of September 30th

Join IBD experts as they analyze the stock market's leading stocks today on IBD Live

The seven great stocks: Meta, Nvidia, Tesla

Among the “Magnificent Seven” stocks are Metaplatforms (META) rose 0.5% on Tuesday, hitting a new high and moving above an alternative entry of 544.23.

Nvidia shares fell 1.1% on Tuesday, still above the 50-day line. The stock has a buy point of 131.26 due to an irregular grip. Investors could also use the September 12 high of 120.79 as much smaller leverage and an early buying trigger.

Tesla fell 1.7% on Tuesday morning, still near the 274 per cup buy point.

Dow Jones Leaders: Amazon, Microsoft Eye Buy Points

Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 195.37 buy point in a cup with a handle. The stock fell 1.5% on Tuesday.

Microsoft stock is also back above its 50-day line and is approaching a buy point at 441.85 in a cup with a handle. And as of Tuesday morning, the stock fell 2.1%.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and the stock market today.

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