A winning streak for Dow Jones futures and other major indexes threatened to end on Tuesday as the market rallied ahead of speeches from Federal Reserve officials. Among the decliners was Uber stock, which fell sharply after Wall Street’s views fell.
On Tuesday, Kansas City Fed President Jeffrey Schmidt and Dallas Fed President Lori Logan are scheduled to speak, as investors await clues to the Federal Reserve’s strategy on interest rates. Next, Fed Chairman Jerome Powell is scheduled to speak on Wednesday.
Uber Technologies (UBERThe ride-sharing company fell 2.5% on Tuesday after falling short of top-line expectations. But the company is said to have delivered booking numbers, giving signs of optimism and an improved outlook.
CELH shares rose more than 3%, while DR Horton shares rose nearly 1% in morning action. GFS stock rose 6% as NXP shares fell nearly 2%. Shares of Planet Fitness rose 17%. Finally, Vertex stock was down more than 1.5% in morning trading.
Dow Jones today: Oil prices, Treasury yields
After the opening hours on Tuesday, the Dow Jones industrial average fell 0.15%, while the S&P 500 was down a fraction. The tech-heavy Nasdaq composite rose 0.3% in morning action.
The yield on the 10-year U.S. Treasury note fell to 4.6% on Tuesday. On Monday, the benchmark settled at 4.66%, recovering from its lowest level since late September.
Oil prices extended their recent losses as West Texas Intermediate futures fell 1.5% to trade below $80 a barrel. WTI is at its lowest level since late August.
Stock market rally
On Monday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq composite rose 0.3%.
Commenting on Monday’s Big Picture column, “While the new confirmed rally in the stock market is fresh, it makes sense to look at how the emerging leaders are handling last week’s big rallies. Are they immediately surrendering those gains, forcing new shareholders? Or are they? Absorbing the selling produced by profit-seekers, Hold tight and grind more at the end?”
It’s an important time to read IBD’s The Big Picture column after last week’s powerful hits. Be sure to read how to invest in the early stages of the new stock market boom.
Learn how to time the stock market with IBD’s ETF Market Strategy
Stock Market Today: Top Stocks to Watch
Share the IBD Leaderboard Watchlist Amazon (AMZN), with Draft Kings (D.K.N.G), Free market (Meli) and Uber — as well as Dow Jones stocks Intel (INTC), Walmart (WMT) and United Health (UNH) — is one of the best stocks to watch in the current market uptrend.
Both DraftKings and Intel were featured in the A Buy Zone column next to these stocks. DKNG stock is on the IBD Leaderboard.
Dow Jones Stocks to Watch
According to IBD MarketSmith chart analysis, chip giant Intel has a 37.22 buy point in the buy range at a double-bottom base. Intel shares fell 0.5% on Monday, still above the most recent entry. INTC rose 0.2% in early Tuesday trading.
According to IBD MarketSmith, Dow Jones retail titan Walmart is in buy range after breaking through the 165.85 buy point. Shares rose slightly above the entry on Monday. WMT stock was up 0.4% Tuesday morning.
Health care company UnitedHealth added a handle to a major consolidation, showing a new buy point at 546.78. UNH stock rose 0.7% on Tuesday.
4 Best Growth Stocks to Watch Stock market rally
Stocks to buy and watch: DraftKings rises above two buy points
Amazon made a nice move above its 50-day line last week, as shares topped out at 134.48 in early entry. AMZN stock rose 1.3% on Tuesday.
DraftKings broke above the 50-day line last week, and crossed two entries – a trendline drawn from the August 4 peak at 31.10 and a 32.65 entry. On Monday, DKNG stock added 4%, topping the consolidation’s 34.49 buy point. Shares lost 0.3% in early trading Tuesday.
MercadoLibre rallied strongly last week, moving to the right of a cup base with a buy point of 1,451.56, according to IBD MarketSmith model recognition. MELI stock rose a fraction on Tuesday morning.
Before falling on Tuesday, Uber rose nearly 3% on Friday, taking an early buy trigger at 47.27. Uber stock is forming a double-bottom base with a buy point of 49.19.
Best stocks in today’s stock market action
These are four of the best stocks to watch in today’s stock market, including the Dow Jones leader.
|Name of the company||Symbol||Perfect buying point||Type of point of purchase|
|United Health||(UNH)||546.78||Handle the entry|
|Draft Kings||(D.K.N.G)||31.10||trend line|
|Uber Technologies||(UBER)||49.19||Double bottom|
Source: IBD data as of November 6, 2023
Seven amazing stocks: Meta, Nvidia, Tesla
In the so-called “Magnificent Seven” stock, Tesla traded a fraction early on Tuesday. Meta platforms (Meta) and Nvidia (NVDA) rose by 0.2% and 0.3% respectively. Meanwhile, the Dow Jones technical icons Apple (APL) and Microsoft (MSFT) mixed trading after today’s stock market open.
Last week the meta stock recovered its 50-day line, looking to make a new entry after the recent setback.
Graphics-chip giant Nvidia rose another 1.7% on Monday, extending its winning streak to three sessions. NVDA stock is making a double bottom with a 476.09 entry.
Tesla shares fell 0.3% on Monday, still struggling to decisively regain the long-term 200-day moving average. Shares are 27% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple rallied 1.5% on Monday, recovering from Friday’s losses. AAPL stock retook its 50-day line, a key level to watch. Apple shares fell on Tuesday.
Microsoft shares rose another 1.1% on Monday, rallying for a seventh-straight session. Shares are above an initial buy trigger at 346.20 and are moving close to a cup floor’s official buy point at 366.78. MSFT shares were up 0.7% on Tuesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
You may also like:
Best 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 training all in one place
How to Research Growth Stocks: Why This IBD Tool Makes the Search for the Best Stocks Easy