Dow Jones futures had been increased forward of Tuesday’s open and the U.S. election outcomes. Key inflation knowledge, together with the Consumer Price Index, is due out later within the week.
X
Republicans virtually definitely will retake the House of Representatives in Tuesday’s midterm elections. They seem to have the sting in successful the Senate, although that’s much less clear. Democrats presently have a slim majority within the House, with Vice President Kamala Harris holding the tiebreaking vote within the 50-50 Senate.
Due out Thursday, the Consumer Price Index is anticipated to rise 0.7% in October vs. the earlier month. Consumer inflation is anticipated to surge 8% yr over yr.
Diamondback Energy (FANG), Lyft (LYFT), Mosaic (MOS) and Shockwave Medical (SWAV) had been key earnings reporters late Monday.
FANG inventory traded a fraction decrease in prolonged commerce, whereas Lyft shares dived greater than 16%. Mosaic shares inched increased. And Shockwave shares misplaced greater than 5%.
Stock Market Today
On Monday, the Dow Jones Industrial Average superior 1.3%, or greater than 400 factors, and the S&P 500 gained 1%. The tech-heavy Nasdaq composite climbed 0.85%.
Among change traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up 1.1% and SPDR S&P 500 (SPY) rose 0.9%.
EV big Tesla (TSLA) skidded 5% Monday. Among Dow Jones shares, Apple (AAPL) traded up 0.4% and Microsoft (MSFT) jumped 2.9% in immediately’s inventory market.
Among the highest shares to purchase and watch, Albemarle (ALB), IBD Leaderboard watchlist inventory Arista Networks (ANET), CF Industries (CF) and New Fortress Energy (NFE) — in addition to Dow Jones names Merck (MRK) and UnitedHealth Group (UNH) — are among the many prime shares to purchase and watch.
Arista Networks is an IBD Leaderboard watchlist inventory. Albemarle was featured on this week’s Stocks Near A Buy Zone column, together with three different prime inventory concepts.
4 Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Dow Jones Futures Today: Treasury Yields, Oil Prices
Ahead of Tuesday’s opening bell, Dow Jones futures, together with S&P 500 futures and Nasdaq 100 futures, had been up about 0.1% vs. truthful worth. Remember that in a single day motion in Dow Jones futures and elsewhere does not essentially translate into precise buying and selling within the subsequent common inventory market session.
The 10-year Treasury yield ticked increased to 4.21% Monday, extending a win streak to 4 classes and shutting at its highest stage since Oct. 24. Meanwhile, U.S. oil costs fell virtually 1% as West Texas Intermediate futures traded close to $92 a barrel. Last week, WTI futures hit their highest level since mid-October.
IBD’s newest e-newsletter MarketDiem offers you actionable concepts for shares, choices and crypto proper in your inbox.
Q3 Earnings Season
Third-quarter earnings season continues this week, with extra key stories coming from Disney (DIS), DoubleVerify (DV), D.R. Horton (DHI), Occidental (OXY) and Roblox (RBLX).
Earnings stories trigger most of the greatest strikes in shares, and so they require particular focus. Strong earnings can gasoline prime shares above new purchase factors and into purchase zones, whereas a less-than-impressive announcement can ship shares tumbling under key help ranges.
The inventory market’s response to an earnings launch can typically let you know greater than the earnings themselves. If the outcomes appear robust however the inventory slides anyway, traders could also be involved concerning the sustainability of progress, rising prices or different potential negatives.
With the market in rally mode, traders must be monitoring firms that handily beat earnings outcomes and have robust upside reactions. These shares could possibly be among the many new leaders if the market is ready to rebound from its current losses.
What To Do In The Struggling Stock Market Rally
Now is a crucial time to learn IBD’s The Big Picture column after the inventory market development transition from a “confirmed uptrend” into an “uptrend beneath strain.”
At this level, traders must be taking part in protection; do not let worthwhile trades flip detrimental. As The Big Picture reiterated final week, it is smart to maintain publicity at or under 20% till the uptrend resumes.
But it isn’t time to step away utterly. The uptrend continues to be intact, so traders can nonetheless purchase breakouts however ought to concentrate on shares with top-notch basic and technical metrics.
(Check out IBD Stock Lists just like the IBD 50 and Stocks Near A Buy Zone, for added inventory concepts.)
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Watch: Merck, UnitedHealth
Dow Jones member and IBD 50 inventory Merck is out of purchase vary previous a double backside’s 93.12 purchase level. The 5% purchase vary went as much as 97.78.
Health care big UnitedHealth continues to eye a cup with deal with’s 553.23 purchase level, in line with IBD MarketSmith, following final week’s breakout try. Shares rallied 1.3% Monday, closing about 1% under the inventory’s newest entry.
Top Stocks To Buy And Watch: Albemarle, Arista, CF, New Fortress
Lithium producer Albemarle is constructing the fitting facet of a cup base that has a 308.34 purchase level. Shares rose 0.5% Monday, extending a win streak to 3 classes.
IBD Leaderboard watchlist inventory Arista Networks is attempting to interrupt out previous a uneven base’s 132.97 purchase level. Shares fell 0.4% Monday.
CF Industries is looking for help round its 50-day transferring common amid Monday’s 1% loss. Shares are constructing a cup base that has a 119.70 purchase level, in line with IBD MarketSmith sample recognition.
New Fortress Energy is quickly approaching a cup base’s 63.16 purchase level. With the inventory about 6% away from new highs, preserve an eye fixed out for a deal with to supply an earlier entry. The power chief reported outcomes late Monday, sparking a 1.5% achieve on the day.
Join IBD consultants as they analyze main shares within the present inventory market rally on IBD Live
Tesla Stock
Tesla inventory skidded 5% Monday, hitting a brand new 52-week low and reaching its lowest stage since June 2021.
Shares are greater than 50% off their 52-week excessive and sharply under their 50- and 200-day transferring common strains.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones shares, Apple shares rose 0.4% Monday regardless of the corporate warning it has lowered iPhone 14 manufacturing because of Covid-19 restrictions in China. Apple inventory ended a five-day dropping streak however continues to be about 24% off its 52-week excessive.
Microsoft jumped 2.9% Monday, persevering with its rebound from Friday’s 52-week low. The software program big stays about 35% off its 52-week excessive.
Be positive to comply with Scott Lehtonen on Twitter at @IBD_SLehtonen for extra on progress shares 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