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Election results, inflation data on deck; Tesla hits new low

Dow Jones futures were higher ahead of Tuesday’s open and the US election results. Key inflation data, including the consumer price index, will arrive later in the week.


Republicans will almost certainly take back the House of Representatives in Tuesday’s midterm elections. They appear to have the advantage of winning the Senate, although it is less clear. Democrats currently hold a slim majority in the House, with Vice President Kamala Harris holding the tie-breaking 50-50 Senate vote.

Due on Thursday, the consumer price index is expected to rise 0.7% in October compared to the previous month. Consumer inflation is expected to increase by 8% year-on-year.

Diamondback energy (LAP), Lyft (LIFT), Mosaic (MOS) and Shockwave Medical (SWAV) were key earnings reporters late Monday.

FANG stock traded a fraction lower in extended trading, while Lyft shares plunged more than 16%. Mosaic shares rose higher. And Shockwave shares lost more than 5%.

The stock market today

On Monday, the Dow Jones Industrial Average rose 1.3%, or more than 400 points, and the S&P 500 gained 1%. The tech-heavy Nasdaq composite climbed 0.85%.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.1% and the SPDR S&P 500 (SPY) rose 0.9%.

EV giant Tesla ( TSLA ) slid 5% Monday. Among Dow Jones stocks, apple (AAPL) traded up 0.4% and Microsoft (MSFT) jumped 2.9% in today’s stock market.

Among the best stocks to buy and watch, Albemarle (ALB), IBD Leaderboard watchlist Arista Networks (A WEB), CF Industries (CF) and New fortress energy (NFE) – as well as Dow Jones names Merck (MRK) and UnitedHealth Group (UNH) — is among the best stocks to buy and watch.

Arista Networks is an IBD Leaderboard Watchlist. Albemarle was featured in this week’s Stocks Near A Buy Zone column, along with three other top stock ideas.

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, along with S&P 500 futures and Nasdaq 100 futures, were little changed 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 trading session.

The 10-year Treasury yield ticked higher to 4.21% on Monday, extending a winning streak to four sessions and closing at its highest level since Oct. 24. Meanwhile, US oil prices fell nearly 1% as West Texas Intermediate futures traded near $92 a barrel. Last week, WTI futures hit their highest point since mid-October.

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

Q3 Earnings Season

Third quarter earnings season continues this week, with several key reports from Disney (HAZE), DoubleVerify (DV), DR Horton (DHI), Western (OXY) and Roblox (RBLX).

Earnings reports cause many of the biggest moves in stocks, and they require special focus. Strong earnings can propel top stocks above new buy points and into buy zones, while a less-than-impressive announcement can cause stocks to fall below key support levels.

The stock market’s reaction to an earnings announcement can often tell you more than the earnings themselves. If results appear strong but the stock still falls, investors may be concerned about the sustainability of growth, rising costs or other potential downsides.

With the market in rally mode, investors should track companies that easily beat earnings results and have strong upside reactions. These stocks could be among the new leaders if the market is able to recover from the losses of the past few years.

What to do in the struggling stock market rally

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

At this point, investors should play defense; don’t let profitable trades turn negative. As The Big Picture reiterated last week, it makes sense to keep exposure at or below 20% until the uptrend resumes.

But it is not time to walk away completely. The rally is still intact, so investors can still buy breakouts, but should focus on stocks with top-notch fundamentals and technical metrics.

(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: Merck, UnitedHealth

Dow Jones member and IBD 50 stock Merck is out of buy territory past a double-bottom buy point at 93.12. The 5% buy range went up to 97.78.

Healthcare giant UnitedHealth continues to look at a cup with the handle’s 553.23 buy point, according to IBD MarketSmith, after last week’s breakout attempt. Shares rose 1.3% on Monday, closing about 1% below the stock’s last trade.

Top stocks to buy and watch: Albemarle, Arista, CF, New Fortress

Lithium producer Albemarle is building the right side of a cup base that has a buy point of 308.34. Shares rose 0.5% on Monday, extending a winning streak to three sessions.

IBD Leaderboard Watchlist stock Arista Networks is trying to break out past a choppy base buy point at 132.97. The stock fell 0.4 percent on Monday.

CF Industries is trying to find support around its 50-day moving average amid Monday’s 1% loss. Shares are building a cup base that has a buy point of 119.70, according to IBD MarketSmith pattern recognition.

New Fortress Energy is quickly approaching a cup base buy point at 63.16. With the stock around 6% away from new highs, keep an eye out for a handle to offer an earlier entry. The energy leader reported results late Monday, which led to a 1.5% gain on the day.

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

Tesla shares

Tesla shares slid 5% on Monday, hitting a new 52-week low and touching their lowest level since June 2021.

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 rose 0.4% on Monday despite the company warning that it has reduced production of the iPhone 14 due to Covid-19 restrictions in China. Apple stock ended a five-day losing streak, but remains about 24% lower than its 52-week high.

Microsoft jumped 2.9% on Monday, continuing its retreat from Friday’s 52-week low. The software giant is still about 35% 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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