Dow Jones falls on strong retail sales; Target dive on revenue; Nvidia earnings due

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 retailer earnings reports. Target plunged more than 16% on weak earnings results, while Nvidia earnings come after the close.


Among the best stocks to buy and watch are IBD Leaderboard stocks Arista Networks (ANET), IBD SwingTrader stock General Motors (GM), GlobalFoundries (GFS), Mobileye (MBLY) 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 stock and was Monday’s IBD Stock Of The Day. GlobalFoundries was featured in this week’s Stocks Near a Buy Zone column. And Mobileye was last week’s featured IPO leader.

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

Dow Jones today: Oil prices, Treasury yields

After Wednesday’s opening bell, the Dow Jones Industrial Average fell less than 0.1%, while the S&P 500 lost 0.5%. The technology-heavy Nasdaq composite was down 1.1% in morning action.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) traded down 1.3% early Wednesday, and the SPDR S&P 500 ETF ( SPY ) fell 0.6%.

The 10-year Treasury yield ticked down to 3.71%, threatening to extend Tuesday’s decline. Meanwhile, US oil prices erased early losses as oil continues to wobble back and forth within its recent trading range. West Texas Intermediate futures held just below $87 a barrel.

Stock market rally

On Tuesday, the major stock indices ended well after their peaks. The Nasdaq Composite led the way, rising 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 Tuesday as Wall Street got more good news on the inflation front. Even better, several top-rated growth stocks closed with strong gains, although many closed off strong 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 out past a cup base’s 238 buy point, according to IBD MarketSmith pattern recognition. The CAT share fell 0.7 percent on Wednesday.

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

4 top growth stocks to watch right nowra stock market rally

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

IBD Leaderboard stock Arista Networks tried to break out past a choppy base’s 132.97 buy point amid Tuesday’s 1.1% gain. Shares again topped the session before closing just below it. The ANET share fell 1.4 percent on Wednesday.

Automaker and IBD SwingTrader stock General Motors is back above the cup-with-handle buy point at 40.20. The buying area tops out at 42.21. GM shares fell 1.5 percent on Wednesday.

Chip foundry GlobalFoundries is trading in buy territory above a 66.06 buy point in a cup base after Tuesday’s 2.4% gain. GFS shares lost 3.6% on Wednesday morning.

IPO leader Mobileye continues to try to push past an IPO base buy point of 29.96, according to IBD MarketSmith pattern recognition. The 5% hunting zone peaks at 31.46. MBLY stock fell 0.3% early Wednesday.

Monday’s IBD 50 Stocks To Watch pick, Phillips 66, breaks out past a cup-with-handle base buy point at 110.08. The stock is in the 5% buy zone, which goes up to 115.58. PSX shares fell 0.9% in morning trading.

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

Tesla shares

Tesla shares rose 1.8% on Tuesday, continuing to rally from last week’s 52-week low of 177.12. Still, the stock is more than 50% off its 52-week high and sharply below its 50- and 200-day moving average lines.

Shares in the electric car giant fell 3% on Wednesday morning.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple rose 1.2% on Tuesday, moving further above its 50-day line after last week’s gains. The stock fell 0.5 percent on Wednesday.

Microsoft moved higher on Tuesday, still holding above its recently regained 50-day line. The software giant is still about 30% off its 52-week high. Microsoft shares rose 0.1 percent on Wednesday morning.

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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