Dow Jones Rises As Best Buy Surges On Earnings; Zoom Dives On … – Investor's Business Daily

BREAKING: Stock Market 2023: What To Do Now
IBD Digital New Years OfferIBD Digital New Years Offer
The Dow Jones Industrial Average rose Tuesday morning as investors digested a number of earnings reports, including results from retailer Best Buy (BBY). The short holiday week receives a strong dose of economic data during Wednesday’s session, including minutes from the Federal Reserve’s latest policy meeting.
Consumer sentiment, durable goods orders, first-time jobless claims, purchasing managers index readings and new home sales are all due out in the morning. Fed Minutes are due at 2 p.m. ET.  The stock market will be closed Thursday for the Thanksgiving holiday, followed by a shortened trading session on Friday.
Dell (DELL), Urban Outfitters (URBN) and Zoom Video (ZM) reported late Monday, while Baidu (BIDU), Best Buy (BBY), Dick’s Sporting Goods (DKS) and Dollar Tree (DLTR) delivered earnings Tuesday morning.
DELL stock moved up nearly 2% in early morning trade, while Urban shares rallied 6%. Zoom Video stock dived 7% in morning trade on weak guidance. Baidu declined nearly 2% in morning trade, while Best Buy surged more than 9% on better-than-expected results. DKS stock rose 0.8%. And Dollar Tree shares tumbled 7%.
Additional earnings reports this week include Autodesk (ADSK), Deere (DE), HP (HP) and Nordstrom (JWN).
Electric-vehicle giant Tesla (TSLA) traded up 0.5% Tuesday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) moved modestly higher after today’s stock market open.
IBD Leaderboard stock Arista Networks (ANET), GlobalFoundries (GFS), KLA (KLAC), Shoals Technologies (SHLS) — as well as Dow Jones name Caterpillar (CAT) — are among the top 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.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox.
After Tuesday’s opening bell, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite traded down 0.3% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.2% early Tuesday, and the SPDR S&P 500 ETF (SPY) gained 0.5%.
The 10-year Treasury yield ticked lower to 3.78% Tuesday morning. Meanwhile, U.S. oil prices rebounded modestly, looking to snap 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 Tuesday morning.
On Monday, the stock market posted modest losses. The Dow Jones Industrial Average fell just 0.1% while the S&P 500 lost 0.4%. The Nasdaq composite led the downside, dropping 1.1%. The Russell 2000 small-cap index split the difference, down almost 0.6%.
Monday’s The Big Picture commented, “Even amid all of the above-mentioned volatility, stock market indexes are holding relatively close to November highs, and are up for the quarter, despite the barrage of Fed governors spinning their take on interest rate policy. The majority now expect a 50-basis-point hike at the December meeting, according to CME data on fed funds futures action. However, confusion reigns when it comes three specific points.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones member Caterpillar snapped a losing streak Monday, but remains about 3% below a cup base’s 238 buy point, according to IBD MarketSmith pattern recognition. CAT gained 0.9% Tuesday.
CAT stock boasts an impressive 95 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
IBD Leaderboard stock Arista Networks remains above a choppy base’s 132.97 buy point despite Monday’s 0.6% drop. ANET stock was down 1.2% Tuesday.
Chip foundry GlobalFoundries is still in buy range above a 66.06 buy point in a cup base following Monday’s 2.05% loss, according to IBD MarketSmith pattern recognition. GFS shares rose 0.1% Tuesday morning.
KLA is building a cup with handle that has a 392.60 buy point amid Monday’s 1.1% drop. Bullishly, the stock’s relative strength line hit a new high last week, a sign of big outperformance vs. the S&P 500. KLAC stock moved up 0.2% Tuesday.
Shoals Technologies remains out of buy range past a 28.57 buy point despite a second straight decline Monday. The 5% buy zone topped out at 30. Wait for an orderly pullback into the buy range before considering a purchase of shares. SHLS stock dropped 2.3% early Tuesday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock skidded another 6.8% Monday, falling sharply for a fourth consecutive session and hitting its lowest level since Nov. 23, 2020. The stock hit a new 52-week low price Monday at 167.54. Tesla shares are around 58% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded up 0.5% Tuesday morning, looking to snap its four-day losing streak.
Among Dow Jones stocks, Apple shares sold off 2.2% Monday but are still holding above their recently recaptured 50-day line. The stock is about 20% off its 52-week high. The stock traded up 0.3% Tuesday.
Microsoft rose 0.3% Monday, ending a three-day losing streak. 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 on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
12/31/2022 Cathie Wood makes big bets on potential huge winners. But Ark Invest’s top 10 holdings, including Tesla and Roku, tumbled…
12/31/2022 Cathie Wood makes big bets on potential huge winners. But…
After enduring a painful bear market in stocks in 2022, investors are searching for signs of what’s to come in 2023. (© Gary Neill)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2023 Investor’s Business Daily, LLC. All rights reserved

source

Leave a Comment