The Dow Jones Industrial Average fell Wednesday morning after stronger-than-expected retail sales data from the Commerce Department. Investors also digested a number of early earnings reports from retailers. Target plunged more than 16% on weak earnings results, while Nvidia earnings are announced after the close.
Among the top stocks to buy and watch, IBD Leaderboard warehouse Arista Networks (pages), IBD Swing Trader warehouse General Motors (GM), GlobalFoundries (GFS), Mobileye (MBLY) and Philip 66 (PSX)— as well as the name Dow Jones Caterpillar (CAT) – are among the top stocks to buy and watch.
Arista Networks is a IBD Leaderboard Stocks and was Mondays IBD stocks of the day. GlobalFoundries was presented this week “Stocks near a buy zone” column. And Mobileye was introduced last week IPO Guide.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average fell 0.15%, while the S&P 500 lost 0.4%. The tech-heavy Nasdaq Composite traded down 0.8% in morning action.
The 10-year Treasury yield fell to 3.71%, threatening to extend Tuesday’s decline. Meanwhile, US oil prices recouped early losses as oil continues to fluctuate within its recent trading range. West Texas Intermediate futures traded just under $87 a barrel.
stock market rally
On Tuesday, the major stock indices closed well below their highs. The Nasdaq Composite led the way, up 1.45%, while the Dow Jones Industrials and the S&P 500 followed with gains of 0.1% and 0.9%, respectively.
Tuesdays The Big Picture commented“The stock market rally continued on Tuesday as Wall Street received more good news on the inflation front. Better yet, several top growth stocks ended with strong gains, although many closed well below highs following reports of Russian missiles landing in Poland. “
Now is an important time for reading IBD’s The Big Picture column.
Dow Jones Stocks To Buy And Watch: Caterpillar
Top stocks to buy and watch: Arista, GM, GlobalFoundries, Mobileye, PSX
IBD Leaderboard Stock Arista Networks attempted to break out of a choppy base of 132.97 purchase point amid Tuesday’s 1.1% gain. Shares again topped the entry before closing just below. ANET shares traded 1.4% lower on Wednesday.
car manufacturer IBD Swing Trader General Motors stock is back above the mug buy point of 40.20. The buy area tops out at 42.21. GM shares fell 1.5% on Wednesday.
Chip foundry GlobalFoundries is trading in a range buy above a buy point of 66.06 on a cup basis after rising 2.4% on Tuesday. GFS shares were down 3.6% on Wednesday morning.
IPO Guide Mobileye continues to attempt to decisively clear the buy point of a 29.96 IPO basis, corresponding IBD MarketSmith pattern recognition. The 5% pursuit zone peaks at 31.46. MBLY shares fell 0.3% early Wednesday.
Mondays IBD 50 Stocks To Watch PickPhillips 66, breaks past the 110.08 on a cup-with-handle base purchase point. The stock is in the 5% buy zone rising to 115.58. PSX shares fell 0.9% in morning trade.
Tesla stock up 1.8% on Tuesday, continuing to recover from last week’s 52-week low of 177.12. Still, the stock is more than 50% below its 52-week high and well below its 50-day and 200-day moving averages.
Shares of the EV giant are down 2% on Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Under Dow Jones Stocks, Apple shares rose 1.2% on Tuesday, continuing to trade above its 50-day moving average after last week’s gains. The stock was down 0.5% on Wednesday.
Microsoft edged higher on Tuesday and is still holding above its recently regained 50-day moving average. The software giant remains about 30% below its 52-week high. Microsoft shares rose 0.1% on Wednesday morning.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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