The Dow Jones Industrial Average fell Wednesday morning after stronger-than-expected retail sales data from the Commerce Department. Investors also digested early retail earnings reports. Target is down more than 16% on weak earnings results, while Nvidia’s earnings will run out after the close.
IBD Leaderboard stocks among the best stocks to buy and watch Arista Networks (ANET), IBD SwingTrader stocks General Motors (GM), GlobalFoundries (GFS), Mobile (MBLY) and Phillips 66 (PSX)— also known as Dow Jones Caterpillar (CAT) — is among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard fund and was Monday’s IBD fund of the day. GlobalFoundries was featured in this week’s Stocks Near Buy Zone column. And Mobileye was the IPO leader last week.
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Dow Jones today: Oil prices, Treasury yields
The Dow Jones Industrial Average was down 0.1% and the S&P 500 was down 0.65% after the opening bell on Wednesday. The tech-heavy Nasdaq composite fell 1.3% in morning action.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) was down 1.3% early Wednesday, while the SPDR S&P 500 ETF ( SPY ) was down 0.6%.
The yield on the 10-year Treasury fell to 3.71%, threatening to extend the decline on Tuesday. Meanwhile, US oil prices erased early losses as oil continued to swing back and forth in its recent trading range. West Texas Intermediate futures were just below $87 a barrel.
Stock market rally
On Tuesday, the major stock indexes finished well off their highs. The Nasdaq composite led the way with gains of 1.45%, while the Dow Jones industrial average and S&P 500 followed with gains of 0.1% and 0.9%, respectively.
The Big Picture commented on Tuesday, “The stock market rally continued on Tuesday as Wall Street received better news on the inflation front. Even better, many top-rated growth stocks closed with strong gains, although many They closed the upper levels well after the Russia news. Missiles are 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 break the 238 buy point of its cup base. According to IBD MarketSmith model recognition. CAT shares fell 0.7% on Wednesday.
The CAT fund has an impressive 97 out of a perfect 99 IBD Composite Rating according to the IBD Fund Check.
4 Best Growth Stocks to Watch on Current Stock Market Rally
Best stocks to buy and watch: Arista, GM, GlobalFoundries, Mobileye, PSX
IBD Leaderboard stock Arista Networks tried to push past a sharp base’s 132.97 buy point during Tuesday’s 1.1% gain. Shares topped the entry again before closing just below the entry. ANET shares fell 1.4% on Wednesday.
Automaker and IBD SwingTrader fund General Motors is above the 40.20 buy point on the cup handle. The buying area is at 42.21. GM shares fell 1.5% on Wednesday.
Chip foundry GlobalFoundries is trading in a buy range above a 66.06 buy point on a cup base after a 2.4% gain on Tuesday. GFS shares were down 3.6% on Wednesday morning.
IPO Leader Mobileye continues to try hard to break the IPO base’s 29.96 buy point. According to IBD MarketSmith model recognition. The 5% retracement zone tops out at 31.46. MBLY shares fell 0.3% on Wednesday.
Monday’s IBD 50 Stocks To Watch pick, Phillips 66, trails a 110.08 buy point of a cup-with-handle base. The stock is in a 5% buy zone, rising to 115.58. PSX shares fell 0.9% in morning trading.
Join IBD’s experts as they analyze the leading stocks in the current stock rally on IBD Live
Tesla shares advanced 1.8% on Tuesday, continuing to climb from last week’s 52-week low of 177.12. Still, the stock is more than 50% below its 52-week high and sharply below its 50- and 200-day moving averages.
Shares of the home appliance giant were down 3% in early trading on Wednesday.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple rose 1.2% on Tuesday, pushing further above its 50-day mark after last week’s gains. Shares fell 0.5% on Wednesday.
Microsoft rose on Tuesday, still above its recently recovered 50-day line. The software giant remains about 30% below its 52-week high. Microsoft shares rose 0.1% on Wednesday morning.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.
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