Consumer sentiment, durable goods orders, early jobless claims, Purchasing Managers Index readings and new home sales are expected to come out tomorrow morning. The Fed minutes are due at 2 p.m. ET. The stock market will be closed on Thursday for the Thanksgiving holiday, followed by a shortened trading session on Friday.
Dell (OF THE), Urban fitters (URBN) e Enlarge videos (ZM) reported late Monday, while Baidu (BIDU), Best buy (BBY), Sporting Goods by Dick (DKS) and Dollar tree (DLTR) delivered earnings on Tuesday morning.
DELL shares are up nearly 2% in morning trade, while Urban shares are up 6%. Zoom Video stock fell 7% in morning trade on weak indications. Baidu fell nearly 2% in morning trade, while Best Buy was up more than 9% on better-than-expected results. DKS shares rose 0.8%. And shares of Dollar Tree tumbled 7%.
Additional revenue reports this week include Autodesk (ADSK), Deere (DE), hp (HP) and Nordstrom (JWN).
The electric vehicle giant Tesla (TSLA) rose 0.5% on Tuesday morning. Dow Jones technology leaders Apple (AAPL) e Microsoft (MSFT) was up slightly after today’s stock market open.
IBD leaderboard stock Arista Networks (A NETWORK), Global Foundries (GFS), KLA extension (KLAC), Shoals technologies (SHLS) – as well as the Dow Jones name caterpillar (CAT) – are among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock of the Day. GlobalFoundries was featured in last week’s Stocks Near A Buy Zone column. Shoals was Thursday’s IBD 50 Stocks To Watch pick.
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Dow Jones today: oil prices, treasury yields
After the opening bell on Tuesday, the Dow Jones Industrial Average was up 0.6%, while the S&P 500 was up 0.5%. The tech-heavy Nasdaq composite fell 0.3% in the morning action.
Among exchange-traded funds, Invesco Nasdaq 100 tracker QQQ Trust (QQQ) fell 0.2% early Tuesday and SPDR S&P 500 ETF (SPY) gained 0.5%.
The 10-year Treasury yield fell to 3.78% on Tuesday morning. Meanwhile, US oil prices rebounded modestly, trying to break a four-day losing streak that saw West Texas Intermediate futures fall to their lowest level since early January. WTI futures traded above $81 a barrel on Tuesday morning.
Stock market rebound
The stock market posted modest losses on Monday. The Dow Jones Industrial Average fell just 0.1%, while the S&P 500 lost 0.4%. The Nasdaq Composite led the downside, shedding 1.1%. The small-cap Russell 2000 index split the difference, down nearly 0.6%.
The Big Picture on Monday commented: “Even amid all of the aforementioned volatility, stock market indexes are holding relatively close to their November highs and are up for the quarter, despite the flurry of Fed governors deciding to adopt interest rate policy.The majority now expect a 50 basis point hike at its December meeting, according to CME data on federal funds futures action.However, confusion reigns when it comes to three specific points”.
Now is an important time to read IBD’s The Big Picture column amid continued stock market volatility.
Five Dow Jones stocks to buy and watch now
Dow Jones Stocks to Buy and Watch: Caterpillar
Dow Jones member Caterpillar snapped a losing streak on Monday but remains about 3% short of a cup base’s 238 buy points, according to IBD MarketSmith model recognition. CAT gained 0.9% on Tuesday.
CAT stock boasts an impressive 95 out of a perfect 99 IBD Composite Rating, according to IBD Stock Control.
4 growing stocks to watch in the current stock market rally
Top Stocks to Buy and Watch: Arista, GlobalFoundries, KLA, Shoals
IBD-ranked stock Arista Networks remains above the 132.97 buy point of a choppy base despite dropping 0.6% on Monday. ANET stock fell 1.2% on Tuesday.
Chip foundry GlobalFoundries is still in the upper buy range at a buy point of 66.06 in a cup basis after Monday’s 2.05% loss, according to IBD MarketSmith model acknowledgement. GFS shares rose 0.1% on Tuesday morning.
KLA is building a cup with a handle that has a buy point of 392.60 after Monday’s 1.1% drop. Bullishly, the stock’s relative strength line made a new high last week, a sign of large outperformance against the S&P 500. KLAC stock was up 0.2% on Tuesday.
Shoals Technologies remains outside the buy range beyond a 28.57 buy point despite a second straight decline on Monday. The 5% buy zone has been breached at 30. Wait for an orderly pullback in the buy range before considering a stock buy. SHLS shares fell 2.3% early Tuesday.
Join IBD experts as they analyze the major stocks in the current stock market rally on IBD Live
Tesla stock fell another 6.8% on Monday, falling sharply for a fourth straight session and hitting its lowest level since Nov. 23, 2020. The stock hit a new 52-week low price on Monday at 167.54. Tesla shares are about 58% off its 52-week high and sharply below the 50-day and 200-day moving average lines.
Shares of the EV giant rose 0.5% on Tuesday morning, trying to break its four-day losing streak.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 2.2% on Monday but are still above their recently recaptured 50-day line. The stock is about 20% below its 52-week high. The stock rose 0.3% on Tuesday.
Microsoft rose 0.3% on Monday, ending a three-day losing streak. The shares continue to hold above the 50 day line. The software giant remains more than 30% off its 52-week high. Microsoft shares rose 0.4% Tuesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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