The winning streak for the Dow Jones Industrial Average and other major indexes threatened to come to an end Tuesday, as the market tripped up amid speeches from Federal Reserve officials. Among the fallen was Uber stock, which declined sharply after falling short of Wall Street views.
On Tuesday, Kansas City Fed President Jeffrey Schmid and Dallas Fed President Lorie Logan are set to speak, as investors look for hints to the Federal Reserve's strategy on interest rates. And up next, Fed Chair Jerome Powell plans to speak Wednesday.
Uber Technologies declined 1.7% Tuesday after the ride-sharing giant fell short of top-line expectations. But the company reportedly offered booking numbers that offered signs of hope and a boosted outlook.
Early Tuesday, key earnings movers included Celsius, D.R. Horton, GlobalFoundries, NXP Semiconductor, Planet Fitness and Vertex Pharmaceuticals.
CELH stock climbed more than 3%, while D.R. Horton shares rose nearly 1% in morning action. GFS stock moved up 6%, as NXP shares declined nearly 2%. Planet Fitness shares rallied 17%. Finally, Vertex stock sold off more than 1.5% in morning trade.
Dow Jones Today: Oil Prices, Treasury Yields
After Tuesday's opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 moved down a fraction. The tech-heavy Nasdaq composite rose 0.4% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust gained 0.4%, while the SPDR S&P 500 ETF moved down 0.1% early Tuesday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.6% Tuesday. On Monday, the benchmark settled at 4.66%, rebounding from its lowest close since late September.
Oil prices extended their recent losses, as West Texas Intermediate futures fell 1.5%, trading below $80 a barrel. WTI is at its lowest level since late August.
Stock Market Rally
On Monday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq composite climbed 0.3%.
Monday's Big Picture column commented, "While the new confirmed uptrend in the stock market is nascent, it makes sense to watch how emerging leaders handle last week's big rallies. Do they immediately surrender those gains, forcing new shareholders on their heels? Or do they absorb any sell-offs produced by those seeking profits, hold firm and eventually grind higher?"
Now is an important time to read IBD's The Big Picture column after last week's powerful gains. Be sure to read how to invest in the early stages of new stock market uptrend.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard watch list stock Amazon, along with DraftKings, MercadoLibre and Uber — as well as Dow Jones stocks Intel, Walmart and UnitedHealth — are among the best stocks to watch in the current market rally.
DraftKings and Intel both were featured in this Stocks Near A Buy Zone column. DKNG stock is on IBD Leaderboard.
Dow Jones Stocks To Watch
Chip giant Intel is in buy range past a 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock dipped 0.5% Monday, still above the latest entry. INTC rose 0.2% early Tuesday.
Dow Jones retail titan Walmart is in buy range past a 165.85 buy point, according to IBD MarketSmith. Shares inched higher Monday, just above the entry. WMT stock moved up 0.4% Tuesday morning.
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock gained 0.7% Tuesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: DraftKings Surges Above Two Buy Points
Amazon made a bullish move back above its 50-day line last week, as shares topped an early entry at 134.48. AMZN stock gained 1.3% Tuesday.
DraftKings surged above the 50-day line last week, and skated past two entries along the way — a trendline drawn from the Aug. 4 peak with an alternative entry at 31.10 and a 32.65 entry. On Monday, DKNG stock added 4%, topping a consolidation's 34.49 buy point. Shares lost 0.3% early Tuesday.
MercadoLibre rallied sharply last week, moving up the right side of a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. MELI stock rose a fraction Tuesday morning.
Before its drop Tuesday, Uber raced nearly 3% higher Friday, taking out an early buy trigger at 47.27. Uber stock is building a double-bottom base with a 49.19 buy point.
Best Stocks In Today's Stock Market Action
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 134.48 | Double bottom | |
| UnitedHealth | 546.78 | Handle entry | |
| DraftKings | 31.10 | Trend line | |
| Uber Technologies | 49.19 | Double bottom |
Source: IBD Data As Of Nov. 6, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla traded down 1.4% early Tuesday, while Meta Platforms rose 1.1% and Nvidia dropped 0.3%. Meanwhile, Dow Jones tech icons Apple and Microsoft traded higher after today's stock market open.
Meta stock regained its 50-day line last week, still looking to forge a new entry after a recent failed breakout.
Graphics-chip giant Nvidia bounced another 1.7% higher Monday, extending a win streak to three sessions. NVDA stock is forming a double bottom that has a 476.09 entry.
Tesla stock fell 0.3% Monday, still fighting to decisively retake the long-term 200-day moving average. Shares are around 27% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple rallied 1.5% Monday, rebounding from Friday's losses. AAPL stock regained its 50-day line, a key level to watch. Apple shares rose 0.3% Tuesday.
Microsoft stock moved up another 1.1% Monday, rallying for a seventh-straight session. Shares are above an early buy trigger at 346.20 and moving closer to a cup base's official buy point at 366.78. MSFT stock moved up 0.5% Tuesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
