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 fell more than 16% on weak earnings results, while Nvidia’s earnings are due to be released after the close.
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Among the best stocks to buy and watch, IBD ranking availability Arista Networks (countries), IBD SwingTrader availability General Motors (GM), GlobalFoundries (GFS), 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 IBD ranking stock and was IBD on Monday Stock of the day. GlobalFoundries was included in this week’s “Stocks Near Buy Zone” column. And Mobileye was introduced last week IPO leader.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday’s open, the Dow Jones Industrial Average fell less than 0.1 percent, while the S&P 500 lost 0.5 percent. The tech-heavy Nasdaq composite traded down 1.1% in morning trade.
Between exchange traded fundsthe Nasdaq 100 tracker Invesco QQQ Trust (QQQ) were trading down 1.3% early Wednesday, and the SPDR S&P 500 ETF (A SPY) fell by 0.6%.
The yield on the 10-year Treasury note fell to 3.71%, threatening to extend Tuesday’s decline. Meanwhile, U.S. oil prices erased early losses as oil continued to swing back and forth within its recent trading range. West Texas Intermediate futures held just below $87 a barrel.
Stock market rallies
On Tuesday, the major stock indexes finished well above their highs. The Nasdaq Composite led the way, rising 1.45 percent, while the Dow Jones Industrial Average and the S&P 500 followed with gains of 0.1 percent and 0.9 percent, respectively.
Tuesday’s Big Picture comments“The stock market rally continued on Tuesday as Wall Street received more good news on inflation. Even better, several top-rated stocks closed with strong gains, although many closed well above highs following reports of Russian missiles 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 cup base point of purchase, According to IBD MarketSmith pattern recognition. CAT shares fell 0.7% on Wednesday.
CAT warehouse boasts an impressive 97 out of a perfect 99 IBD Composite Rating, according to IBD Stock Check.
4 Highest Growth Stocks to Watch in the Courserstock market rally
Top stocks to buy and watch: Arista, GM, GlobalFoundries, Mobileye, PSX
IBD ranking Arista Networks shares tried to break through a volatile base at 132.97 point of purchase on the back of a 1.1% rise on Tuesday. The stock once again topped the record before closing just below it. ANET shares traded down 1.4% on Wednesday.
Automaker and IBD SwingTrader shares of General Motors moved back above its cup-handle buy point of 40.20. The buy zone tops out 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 in the cup base after a 2.4% gain on Tuesday. Shares of GFS lost 3.6% Wednesday morning.
IPO leader Mobileye continues to try hard to beat the IPO base of 29.96 buy point, According to IBD MarketSmith pattern recognition. The 5% chase zone tops out at 31.46. Shares of MBLY were down 0.3% early Wednesday.
IBD’s Picks 50 Stocks to Watch on MondayPhillips 66, exceeds 110.08 on the base of a cup with a handle point of purchase. The stock is in a 5% buy zone that reaches 115.58. PSX shares were down 0.9% in morning trading.
Join IBD’s experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock
Tesla shares advanced 1.8% on Tuesday, continuing to recover from last week’s 52-week low of 177.12. However, the stock is more than 50% off its 52-week high and sharply below its 50- and 200-day moving averages.
Shares of the EV giant were trading down 3% on Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Between Dow Jones Stocks, Apple shares rose 1.2% on Tuesday, moving further above their 50-day line after last week’s gains. Shares traded down 0.5% on Wednesday.
Microsoft rose on Tuesday, still holding above its recently recovered 50-day line. The software giant remains about 30% off its 52-week high. Microsoft shares were up 0.1% on Wednesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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