The Dow Jones Industrial Average fell Wednesday morning after stronger than expected retail sales data from the Commerce Department. Investors also digested a series of early earnings reports from retailers. Target plunged more than 16% on weak results, while Nvidia’s earnings are expected to be released after the close.
Among the best stocks to buy and watch, IBD classification Stock Arista Networks (A NET), IBD Swing Trader Stock General Engines (GM), GlobalFoundries (SFP), mobileye (MBLY) and Phillips 66 (PSX)—as well as the Dow Jones name caterpillar (CAT) – are among the best stocks to buy and watch.
Arista Networks is a IBD classification stock and was Monday’s IBD Stock of the day. GlobalFoundries was in the spotlight this week Stocks column near a buy zone. And Mobileye was featured last week IPO leader.
Dow Jones Today: Oil Price, 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 slide. Meanwhile, US oil prices have erased early losses, as oil continues to hover in its recent trading range. West Texas Intermediate futures were holding just below $87 a barrel.
Stock market rally
On Tuesday, the main stock indexes ended well off their peaks. The Nasdaq composite led the way, up 1.45%, while the Dow Jones industrials and S&P 500 followed with gains of 0.1% and 0.9%, respectively.
Tuesday’s The Big Picture commented“The stock market rally continued on Tuesday as Wall Street received more good news on the inflation front. peaks after reports of Russian missiles landing in Poland.”
This is an important time to read 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 classification Arista Networks stock tried to top 132.97 from a choppy base point of purchase amid Tuesday’s 1.1% rise. Stocks again moved above the entry before closing just below. ANET stock traded down 1.4% on Wednesday.
car manufacturer and IBD Swing Trader General Motors stock is back above the 40.20 buy point of its mug with handle. The buy zone peaks at 42.21. GM stock fell 1.5% on Wednesday.
Chip foundry GlobalFoundries is trading in a buy range above a buy point of 66.06 in a cut basis after Tuesday’s 2.4% rise. GFS shares lost 3.6% on Wednesday morning.
IPO leader Mobileye continues to try to decisively break above the 29.96 buy point of an IPO basis, according IBD MarketSmith Pattern Recognition. The 5% pursuit zone peaks at 31.46. MBLY shares were down 0.3% on Wednesday morning.
Monday’s IBD 50 Stocks To Watch PickPhillips 66, exceeds 110.08 of a cup base with handle point of purchase. The stock is in the 5% buy zone, which rises to 115.58. PSX stock was down 0.9% in morning trading.
Tesla Stock advanced 1.8% on Tuesday, continuing to rebound from last week’s 52-week low at 177.12. Still, the stock is more than 50% off its 52-week high and significantly below its 50- and 200-day moving averages.
Shares of the electric vehicle giant traded down 2% on Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones Stocks, Apple shares rose 1.2% on Tuesday, topping their 50-day line again after last week’s gains. The stock traded down 0.5% on Wednesday.
Microsoft rose slightly on Tuesday, still holding above its recently recovered 50-day line. The software giant remains around 30% off its 52-week high. Microsoft shares rose 0.1% on Wednesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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