Dow Jones futures drifted lower Wednesday morning, pausing after Tuesday’s strong gains. Treasury yields eased lower, while U.S. oil prices jumped above $112 a barrel. And Apple and Tesla stock show new buy points following Tuesday’s advances.
X
Before Wednesday’s open, Adobe (ADBE) and General Mills (GIS) reported quarterly earnings results. Adobe shares slid more than 3% early Wednesday and General Mills rallied more than 2%.
Among other the Dow Jones stocks, Apple (AAPL) dropped 0.4% and Microsoft (MSFT) moved down 0.5% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, finished Tuesday in buy range after a recent breakout.
Electric-vehicle leader Tesla (TSLA) skidded more than 1% early Wednesday, threatening to give up a part of Tuesday’s gains.
Amid the stock market’s young uptrend, IBD Leaderboard stock Arista Networks (ANET), Broadcom (AVGO), Alpha & Omega Semiconductor (AOSL), GlobalFoundries (GFS) and CVS Health (CVS) are Wednesday’s top stocks to buy and watch.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. Arista was also Tuesday’s IBD 50 Stocks To Watch pick. And Broadcom was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Before Wednesday’s market open, Dow Jones futures slid 0.3% vs. fair value, while S&P 500 futures moved down 0.4%. Nasdaq 100 futures were down 0.7% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.8%, and the SPDR S&P 500 ETF (SPY) was down 0.5% before Wednesday’s open.
The 10-year U.S. Treasury yield paused Thursday, holding steady at 2.37%. Tuesday’s advance to 2.37% left the yield at its highest point since May 2019. U.S. oil prices jumped Wednesday morning, with West Texas Intermediate crude up more than 2% to trade briefly above $112 a barrel.
Stock Market Rally
The stock market posted more strong gains Tuesday, as the tech-heavy Nasdaq surged 2%. For more daily stock market commentary, check out IBD’s The Big Picture column.
Tuesday’s The Big Picture column commented, “four sessions after the S&P 500 staged its third follow-through day since mid-December, investors are perhaps telegraphing the possibility that the bear market of late 2021 to early 2022 might not approach the scale of some of the biggest convulsions in stock prices in our lifetimes.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Buy And Watch: UnitedHealth
Managed care giant UnitedHealth shows a 500.10 buy point with a handle entry on a double-bottom base. Shares held in a buy range above that entry after Tuesday’s 0.5% fall. UNH shares were flat early Wednesday.
Bullishly, the stock’s relative strength line is near new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Arista, Broadcom, GlobalFoundries, CVS
Tuesday’s IBD 50 Stocks To Watch pick, Arista Networks, broke out past a double bottom’s 133.97 buy point during Tuesday’s 3.1% rise. That extended the IBD Leaderboard stock’s win streak to six sessions. Per Leaderboard commentary, Arista Networks cleared an aggressive entry near 127 and joined the Leaders as a quarter-size position. The stock was down 0.4% early Wednesday.
Chip giant Broadcom rallied 1.7% Tuesday, as it continued to build the right side of a new cup base. The cup base’s proper buy point is 677.86, but a more aggressive entry at 614.74 is in play. AVGO shares dipped 0.5% Wednesday morning.
Chip leader Alpha & Omega Semiconductor broke out past a cup-with-handle’s 59.48 buy point with an 11.9% surge Tuesday, according to IBD MarketSmith chart analysis. Shares are out of the 5% buy range that topped out at 62.45. AOSL stock slipped 1.2% early Wednesday.
Last week’s IPO Stock Of The Week, GlobalFoundries, is back above a cup base’s 73.35 buy point following Tuesday’s 1.95% rise. GlobalFoundries shares shed 1.6% Wednesday morning.
Recent IBD Stock Of The Day CVS Health continues to build a flat base with a 111.35 buy point. CVS shares were unchanged Wednesday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded more than 1% early Wednesday, threatening to end a six-day win streak. Shares decisively reclaimed their 50-day line this week, as they move up the right side of a cup base that has a 1,208.10 buy point. Be on the lookout for a potential handle to offer a more risk-optimal buy point.
On Tuesday, Tesla officially opened its new factory near Berlin on Tuesday, kicking off deliveries as it establishes a manufacturing footprint in Europe.
The stock traded as high as 1,243.49 on Nov. 4, but ended Tuesday about 20% off that all-time high.
IBD Newsletters
Get exclusive IBD analysis and actionable news daily.
SIGN UP NOW!
IBD Newsletters
Get exclusive IBD analysis and actionable news daily.
- Financial Advisor Update
- How To Invest
- Market Prep
- Tech Report
Please enter a valid email address Please select a newsletter GO
Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use
x
Thank You!
You will now receive IBD Newsletters
ALL DONE!
Something Went Wrong!
Please contact customer service
CLOSE
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 2.1% Tuesday, extending a win streak to six sessions. The stock rallied back above the 50-day line and is approaching a double bottom’s 176.75 buy point. AAPL stock moved down 0.5% early Wednesday.
Software leader Microsoft rose 1.6% Tuesday, as shares try to convincingly retake their 200-day line. A new base is beginning to take shape. Microsoft shares fell 0.8% Wednesday 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%
The post Dow Jones Futures Fall As Oil Prices Jump; Apple, Tesla Show New Buy Points appeared first on Investor’s Business Daily.
