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Dow Jones rally ahead of Fed minutes; Tesla shares rise on upgrade

The Dow Jones Industrial Average rose on Wednesday ahead of the minutes from the Federal Reserve’s latest policy meeting. Tesla shares soared higher after Citigroup upgraded the EV giant.


Before the Fed’s protocol release at 2:00 PM ET, consumer sentiment, durable goods orders, initial jobless claims, PMI readings and new home sales are all due out tomorrow. The stock market will be closed Thursday for the Thanksgiving holiday, followed by a shortened trading session on Friday.

Initial jobless claims, out at 8:30 a.m. ET, jumped to 240,000 from 222,000 last week. Meanwhile, durable goods rose 1% in October, beating the Econoday estimate of 0.4%. The services PMI measured 46.1, below the 48.0 estimate, and the manufacturing PMI came in at 47.6, below the 50.0 estimate. Finally, sales of new homes rose to 632,000 against 603,000 in the month of September. New home sales beat estimates.

Autodesk (ADSK), HP (HPQ) and Nordstrom (JWN) reported earnings late Tuesday, while Deere (DE) earnings came out Wednesday morning.

Autodesk shares plunged 9%, while HPQ shares fell 3.5% in early morning trading. The Nordstrom share fell 9.5 percent. And Deere shares rose 3% in morning trading.

Electric vehicle giant Tesla ( TSLA ) traded up 5% Wednesday morning. Dow Jones Technology Leaders apple (AAPL) and Microsoft (MSFT) was higher after today’s market opening.

IBD Leaderboard stock Arista Networks (A WEB), CLOTHES (KLAC), Shoals Technologies (SHLS) and Ulta beauty (ULTA) – 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 a recent IBD Stock Of The Day. Ulta Beauty was featured in this week’s Stocks Near A Buy Zone column. Shoals was Thursday’s IBD 50 Stocks To Watch pick.

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 was up 0.3%, while the S&P 500 was up 0.4%. The technology-heavy Nasdaq composite traded up 0.7% in morning action.

China-related stocks showed early strength, after news reports said the State Council had announced pending stimulus measures, including a cut in the reserve requirement ratio for China’s banks.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) was up 0.7% early Wednesday, and the SPDR S&P 500 ETF ( SPY ) was up 0.5%.

The 10-year government yield ticked down to 3.7% on Wednesday morning.

Oil shares were under some pressure as oil prices pulled back after a rise on Tuesday. West Texas Intermediate futures fell more 3% to below $79 a barrel even after industry data showed US crude inventories fell more than expected last week. Official weekly oil inventory data comes from the EIA at 10:30 a.m. ET.

Natural gas stocks got a boost as gas prices continued to rise. U.S. natural gas futures rose nearly 7% after Russia warned after Russia accused Ukraine of stealing gas from a pipeline, and threatened to limit supplies on Russia’s last remaining supply line to Europe.

Stock market rally

On Tuesday, the stock market showed solid gains. The S&P 500 and Nasdaq composite rose 1.4 percent each. The Dow Jones Industrial Average rose 1.2 percent.

Tuesday’s The Big Picture commented: “While it’s good to put money to work in the current stock market, keep your exposure on the conservative side with small positions to start. Just because the stock market is in a confirmed uptrend doesn’t mean you have to be 100% invested. And don’t be afraid to take a 10% profit if you have it, given the choppy nature of the market.”

Now is an important time to read IBD’s The Big Picture column amid ongoing stock market volatility.

Five Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to buy and watch: Caterpillar

Dow Jones member Caterpillar is close to reclaiming the cup base’s 238 buy points, according to IBD MarketSmith pattern recognition, and is less than 1% below the entry. CAT rose 0.1% on Wednesday, trading higher alongside Deere. The shares are still below the buy point.

CAT stock boasts an impressive 95 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, KLA, Shoals, Ulta

IBD Leaderboard stock Arista Networks moved further above a choppy base’s 132.97 buy point after Tuesday’s 1.1% gain. The ANET share rose 0.1 percent on Wednesday.

KLA is nearing a cup-with-handle buy point at 392.60 amid Tuesday’s 2.7% rise. Bullishly, the stock’s relative strength line hit a new high last week, a sign of big outperformance compared to the S&P 500. KLAC stock fell 0.5% on Wednesday.

Shoals Technologies remains out of buy territory past a 28.57 buy point after a third straight decline on Tuesday. The 5% buy zone tops out at 30. Wait for an orderly pullback into the buy zone before considering a stock purchase. SHLS shares rose 1% early Wednesday.

Ulta Beauty moved out of buy territory on Tuesday, rising nearly 2%. The 5% buy zone past a 426.99 buy point in a cup with handle goes up to 448.34. Ulta reports results for the third quarter on December 1. The stock was down 0.3% on Wednesday.

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

Tesla shares

Tesla shares climbed 1.2% on Tuesday, snapping a four-day losing streak that sent the stock to its lowest level since Nov. 23, 2020. The stock hit a new 52-week low on Monday at 167.54. Tesla shares are about 57% off their 52-week high and sharply below the 50- and 200-day moving average lines.

Shares in the EV giant traded up 5% on Wednesday morning after Citigroup upgraded the stock from sell to neutral, raising its price target to 176 from 141.33.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple shares rose 1.5% on Tuesday and remain above their recently recaptured 50-day line. The stock is about 20% off its 52-week high. The stock rose 0.8% on Wednesday, as Foxconn workers clashed with police. Foxconn is the largest iPhone assembly plant in China.

Microsoft rose 1.2% on Tuesday, adding to Monday’s gains. Shares continue to hold above the 50-day mark. The software giant is still more than 30% off its 52-week high. Microsoft shares rose 0.6 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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