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Dow Jones falls 200 points ahead of key inflation data; 6 Top Stocks to Buy and Watch

Dow Jones futures were higher before Tuesday’s open after the Dow Jones Industrial Average snapped a two-day winning streak on Monday. Six top stocks to buy and watch include hot IPO stocks Mobileye (MBLY).


Early Tuesday, the producer price index (PPI) is due at 8:30 a.m. ET. PPI is expected to rise 0.5% in October compared to the previous month. And wholesale inflation is expected to jump 8.3% from a year ago.

Third quarter earnings season continues this week, with key reports from Dow Jones stocks Cisco Systems (CSCO), Home Depot (HD) and Walmart (WMT), along with Materials used (AMAT), Kohl’s (KSS), Lowes (LOW), Macy’s (M), Nvidia (NVDA), Palo Alto Networks (PANW) and Goal (TGT).

The stock market today

On Monday, the Dow Jones Industrial Average lost 0.6%, or 211 points, and the S&P 500 fell 0.9%. The technology-heavy Nasdaq composite sold 1.1 percent.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) fell 0.9% and SPDR S&P 500 ( SPY ) fell 0.8%.

Electric car giant Tesla ( TSLA ) fell 2.6% Monday. Among Dow Jones stocks, apple ( AAPL ) traded down 0.4% and Microsoft (MSFT) lost 2.25% in today’s stock market.

Among the best stocks to buy and watch are IBD Leaderboard stocks Arista Networks (ANET), IBD SwingTrader stock General Motors (GM), GlobalFoundries (GFS), Mobileye and Phillips 66 (PSX) – as well as the Dow Jones name larva (CAT) – is among the best stocks to buy and watch.

Arista Networks is an IBD Leaderboard watchlist and was also featured in last week’s Stocks Near a Buy Zone column, along with three other top stock ideas. General Motors is an IBD SwingTrader stock. And Mobileye was last week’s featured IPO leader.

4 top growth stocks to buy and watch nowra stock market rally

Dow Jones Futures Today: Treasury Yields, Oil Prices

Ahead of Tuesday’s opening bell, Dow Jones futures rose 0.2% versus the real value, while S&P 500 futures rose 0.25%. Technology Nasdaq 100 futures rose 0.35% relative to fair value. Keep in mind that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular session.

The 10-year Treasury yield ticked up to 3.86% on Monday, recovering a small portion of last week’s decline. Meanwhile, US oil prices fell more than 4% as West Texas Intermediate futures traded just above $85 a barrel.

IBD’s latest newsletter MarketDiem brings you actionable ideas for stocks, options and crypto straight to your inbox.

What to do in the stock market rally

Now is an important time to read IBD’s The Big Picture column after the stock market trend shifted from an “uptrend under pressure” to a “confirmed uptrend.”

At this point, it is important to be flexible. Despite recent gains, investors should maintain a cautious stance and limit exposure to no more than 40%. Wait for more confirmation of continued strength before adding more exposure. Immediate deployment will be a sign to stay more defensive.

If your recent stock purchases continue to make progress, you should feel more confident about the stock market rally. But sharp reversals and losing trades will of course be signs of keeping more of the powder dry.

(Check out IBD stock lists like the IBD 50 and Stocks Near a Buy Zone for more stock ideas.)

Five Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to watch: Caterpillar

Dow Jones member Caterpillar is trying to break out past a cup base’s 238 buy point, according to IBD MarketSmith pattern recognition. Caterpillar shares were flat on Monday.

CAT stock has an impressive 97 out of a perfect 99 IBD Composite Rating, according to IBD Stock Checkup.

Top stocks to buy and watch: Arista, GM, GlobalFoundries, Mobileye, Phillips 66

IBD Leaderboard stock Arista Networks tried to break out past a choppy base buy point at 132.97 amid Monday’s 2.1% gain. Shares briefly topped the entry before closing just below it.

Automaker and IBD SwingTrader stock General Motors gave up its cup-with-handles buy point of 40.20 during Monday’s 2.8% drop. If the stock retraces its entry, the buy range tops out at 42.21.

Recent IBD Stock Of The Day GlobalFoundries is trading about 1% away from a 66.06 buy point in a cup base after Monday’s 0.4% gain.

IPO leader Mobileye broke out above an IPO base buy point of 29.96, according to IBD MarketSmith pattern recognition, but shares turned lower Monday and are back below that. The 5% chase zone will peak at 31.46.

Monday’s IBD 50 Stocks To Watch pick, Phillips 66, breaks out past a cup-with-handle base buy point at 110.08. Shares broke out on Friday, but gave up some of those gains on Monday. The stock is in the 5% buy zone, which goes up to 115.58.

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Tesla shares

Tesla shares fell 2.6% on Monday, snapping a two-day winning streak and erasing Friday’s gains.

Shares are more than 50% off their 52-week highs and sharply below the 50- and 200-day moving average lines.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple shares fell 0.4% on Monday but are still holding above their recently recaptured 50-day line. The stock is about 20% off its 52-week high.

Microsoft fell 2% on Monday, giving back all of Friday’s gains. The stock stopped the session’s slide at the 50-day line. The software giant is still more than 30% off its 52-week high.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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