Dow Jones Falls on Strong Retail Sales; Target dives into earnings; Nvidia earnings expired

The Dow Jones Industrial Average fell Wednesday morning after stronger-than-expected retail sales data from the Commerce Department. Investors also digested a number of early earnings reports from retailers. Target fell more than 16% on weak earnings results, while Nvidia’s earnings are expected to exit after the close.


Among the best stocks to buy and keep an eye on is the IBD Leaderboard stock Arista Networks (ANET), IBD SwingTrader stock General Motors (GM), Global Foundries (GFS), Mobileye (MBLY) e Philip 66 (PSX)—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 the IBD Stock of the Day on Monday. GlobalFoundries was featured in this week’s Stocks Near A Buy Zone column. And Mobileye was the leader in last week’s IPO.

IBD MarketDiem’s ​​latest newsletter delivers actionable ideas for stocks, options and cryptocurrencies straight to your inbox.

Dow Jones today: oil prices, treasury yields

After Wednesday’s opening bell, the Dow Jones Industrial Average fell less than 0.1%, while the S&P 500 lost 0.5%. The tech-heavy Nasdaq composite fell 1.1% in the morning action.

Among exchange-traded funds, Invesco Nasdaq 100 tracker QQQ Trust (QQQ) fell 1.3% early Wednesday and SPDR S&P 500 ETF (SPY) fell 0.6%.

The yield on the 10-year Treasury fell to 3.71%, threatening to extend Tuesday’s decline. Meanwhile, US oil prices have erased earlier losses, as oil continues to swing back and forth within its recent trading range. West Texas Intermediate futures held just below $87 a barrel.

Stock market rebound

The major stock indexes closed well below their highs on Tuesday. The Nasdaq composite led the way, rising 1.45%, while the Dow Jones Industrials and S&P 500 followed with gains of 0.1% and 0.9%, respectively.

The Big Picture on Tuesday commented: “The stock market rally continued on Tuesday as Wall Street received more good news on the inflation front. Better yet, several top-notch growth stocks finished with strong gains, although many closed well below their highs after reports of Russia missiles landing in Poland”.

Now is an important time to read IBD’s The Big Picture column.

Five Dow Jones stocks to buy and watch now

Dow Jones Stocks to Buy and Watch: Caterpillar

Dow Jones member Caterpillar is trying to surpass the 238 buy points of a cup basis, according to IBD MarketSmith model recognition. CAT shares fell 0.7% on Wednesday.

CAT stock boasts an impressive 97 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 titles to buy and watch: Arista, GM, GlobalFoundries, Mobileye, PSX

IBD chart stock Arista Networks tried to clear a choppy base’s 132.97 buy point during Tuesday’s 1.1% climb. Shares again topped the entry before closing just below it. ANET stock fell 1.4% on Wednesday.

Automaker and IBD SwingTrader stock General Motors is back above its cup with a handle’s 40.20 buy point. The buy area reaches its maximum at 42.21. GM shares fell 1.5% Wednesday.

Chip foundry GlobalFoundries is trading in a one-point buy range above 66.06 on a cup basis after surging 2.4% on Tuesday. GFS shares lost 3.6% on Wednesday morning.

IPO leader Mobileye continues to try hard to clear an IPO basis’s 29.96 buy point, according to IBD MarketSmith model recognition. The 5% chasing zone tops out at 31.46. MBLY shares fell 0.3% early Wednesday.

Monday’s IBD 50 Stocks To Watch pick, Phillips 66, is surpassing the 110.08 buy point of the base of a cup with handle. The stock is in the 5% buy zone, rising to 115.58. PSX stock fell 0.9% in morning trade.

Join IBD experts as they analyze the major stocks in the current stock market rally on IBD Live

Tesla shares

Tesla stock advanced 1.8% on Tuesday, continuing to rebound from last week’s 52-week low price at 177.12. However, the stock is more than 50% below its 52-week high and sharply below the 50-day and 200-day moving average lines.

Shares of the electric vehicle giant fell 3% on Wednesday morning.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rose 1.2% on Tuesday, moving further above its 50-day line following last week’s gains. Shares fell 0.5% on Wednesday.

Microsoft moved higher on Tuesday, still holding above its recently recovered 50-day line. The software giant remains about 30% off its 52-week high. Microsoft shares rose 0.1% Wednesday 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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