The Dow Jones Industrial Average fell on Wednesday as the major stock indexes threatened to fall again after consecutive stock market selloffs on Monday and Tuesday. Shares of Apple and Tesla fell sharply after the market opened.
X
Academy Sports + Outdoors (ASO), MongoDB (CIS), discount seller Ollie’s Bargain Points of sale (OLLY), Thor Industries (THO) and home builder Toll Brothers (TOL) reported all earnings before the market opened on Wednesday.
Academia shares rose almost 5% after the company’s results, while CIS shares jumped more than 22% after a big gain. Ollie’s shares fell 9%, while Thor Industries fell nearly 4%. Toll Brothers rose nearly 4% in early trading after reporting better-than-expected results on Tuesday.
Solar stock Enphase energy ( ENPH ) rose more than 1% after being named a top pick at Wells Fargo. Enphase shares fell below a 316.97 buy point on Tuesday. SolarEdge Technologies ( SEDG ) rose nearly 5% on BofA Securities’ upgrade from neutral to buy. MasterCard (MA) fell slightly on Wednesday morning after the company announced a $9 billion share buyback program.
The electric car giant Tesla ( TSLA ) fell more than 3% on Wednesday. Dow Jones technology leaders apple (AAPL) and Microsoft (MSFT) is down after today’s stock market open.
Celsius (CELH), Chubb (CB), an IBD Leaderboard stock Dexcom (DXCM) and QLA (KLAC) – also Dow Jones names Caterpillar (CAT) and Chevron (CVX) and Home Depot (HD)—among the best stocks to buy and watch.
Dexcom is an IBD Leaderboard fund. Caterpillar and Home Depot are featured in this week’s Stocks Near the Buy Zone column. Celsius was recently an IBD 50 Stocks to Watch pick and a New American stock. Caterpillar was the stock of the day on Thursday.
IBD’s latest MarketDiem newsletter delivers actionable ideas for stocks, options and cryptocurrencies straight to your inbox.
Dow Jones today: Oil prices, Treasury yields
The Dow Jones Industrial Average was down 0.2% and the S&P 500 was down 0.25% after the opening bell on Wednesday. The tech-heavy Nasdaq composite fell 0.7% in morning action.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) lost 0.3% and the SPDR S&P 500 ETF ( SPY ) lost 0.2% on Wednesday.
The 10-year Treasury yield rose to 3.55% on Wednesday morning and tried to recover from Tuesday’s losses. Meanwhile, U.S. oil prices edged higher after three consecutive heavy losses and retook almost all of the previous week’s highs. West Texas Intermediate crude futures rose 1% to over $74 a barrel on Tuesday after briefly dipping below $73 a barrel.
Stock market rally
On Tuesday, the stock market posted its second straight session of heavy losses as the tech-heavy Nasdaq composite fell another 2%. The Dow Jones Industrial Average fell 1%, while the S&P 500 fell 1.4%.
The Big Picture commented on Tuesday, “The blue-chip index fell 1.4% on Tuesday, erasing all gains from Wednesday’s 3.1% blowout after Fed Chair Jerome Powell’s speech. The index’s losses this week are back above the 4,000 level and the 200-day moving average down — two important guides to the stock market.”
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, Home Depot, Chevron
Dow Jones member Caterpillar continues to pull away from its cup base’s 238 buy point, After a 1.8% loss on Tuesday, according to IBD MarketSmith model recognition. CAT shares fell 0.8% on Wednesday.
The CAT stock shows a solid 94 out of a perfect 99 IBD Composite Rating according to the IBD Stock Check.
Energy giant Chevron fell 2.6% on Tuesday, ending further below a 182.50 buy point on the consolidation base. CVX shares were up 0.5% on Wednesday morning as oil prices stalled amid this week’s decline.
Home improvement retailer Home Depot ended Tuesday nearly 5% below a cup base’s 333.08 buy point. HD shares rose 0.3% on Wednesday.
4 Best Growth Stocks to Watch on Current Stock Market Rally
Best stocks to buy and watch: Celsius, Chubb, Dexcom, KLA
Energy drink maker Celsius was the only bright spot in the stock market trading on Tuesday, rising 0.5%. Shares are about 3% below the cup base’s 118.29 buy point. Shares rose 0.5% on Wednesday.
Chubb moved above a cup with a 216.10 buy point on Tuesday after a 1% session gain. The 5% buy area is at 226.91. The insurance giant traded flat on Wednesday morning.
IBD Leaderboard shares Dexcom is nearing an alternate entry at 123.46 and is about 5% away from that buy point, up 0.2% on Tuesday. Dexcom shares were up 0.9% Wednesday morning.
Chip leader KLA ended Tuesday just below a buy point of 392.60, according to IBD MarketSmith chart analysis. The main technical strength is the strong RS line of the stock. On Tuesday, the stock market hit another new high. KLA shares fell 0.1% on Wednesday.
Join IBD’s experts as they analyze the leading stocks in the current stock rally on IBD Live
Tesla shares
Tesla shares fell another 1.4% on Tuesday, adding to Monday’s decline. Despite recent losses, the stock is above its recent lows set in mid-November. Shares are about 55% off their 52-week high. Meanwhile, the stock is seeing some resistance around the 200 price level, which is a key area to watch as the stock may attempt another rally.
Shares fell another 3.1% Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple shares fell 2.5% on Tuesday, relinquishing support around its 50-day line. The stock is down more than 20% from its 52-week high. Apple shares fell 1.3% on Wednesday.
Microsoft shares fell 2% on Tuesday as they continued to break above their 50-day mark. The software giant remains about 29% below its 52-week high. Microsoft shares were down 0.7% in early trading on Wednesday.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
The best growth stocks to buy and track
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
How to Research Growth Stocks: Why This IBD Tool Makes Finding the Best Stocks Simple