The Dow Jones Industrial Average rose Monday morning, as Disney stock surged almost 10% after the company announced Bob Iger will return as Chief Executive Officer. U.S. oil prices tumbled, as OPEC considered a production increase. Meanwhile, Tesla stock hit a new 52-week low in morning trade.
The short holiday week will receive a burst of economic data on Wednesday, including consumer sentiment, durable goods orders, first-time jobless claims, Fed minutes, PMI readings and new home sales. The stock market will be closed Thursday for Thanksgiving, along with a shortened trading session on Friday.
Earnings reports this week include Baidu, Best Buy, Deere, Li Auto, Nordstrom, Urban Outfitters, Zoom Video.
Stock Market Today
Cryptocurrency exchange Coinbase declined nearly 3%, and the price of Bitcoin slid 2.5% as concerns that the meltdown tied to the FTX bankruptcy could broaden. Electric-vehicle giant Tesla traded down more than 3% Monday morning as the company released a software update related to tail lights on more than 300,000 cars.
Dow Jones tech leaders Apple and Microsoft were mixed after today's stock market open.
IBD Leaderboard stock Arista Networks, GlobalFoundries, Phillips 66, Shoals Technologies — as well as Dow Jones name Caterpillar — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. GlobalFoundries was featured in last week's Stocks Near A Buy Zone column. Shoals was Thursday's IBD 50 Stocks To Watch pick.
Dow Jones Today: Oil Prices, Treasury Yields
After Monday's opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved down 0.25%. The tech-heavy Nasdaq composite traded down 0.4% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust lost 0.3% early Monday, and the SPDR S&P 500 ETF fell 0.25%.
The 10-year Treasury yield ticked lower to 3.78% Monday morning, threatening to snap a two-day win streak. Meanwhile, U.S. oil prices declined more than 4% Monday after the Wall Street Journal reported that OPEC is considering an output increase of up to 500,000 barrels a day. West Texas Intermediate futures traded below $77 a barrel Monday.
Stock Market Rally
On Friday, the Nasdaq ended virtually flat, while the Dow Jones Industrial Average and S&P 500 logged gains of 0.6% and 0.5%, respectively.
Friday's The Big Picture commented, "If the current stock market uptrend is going to lead to meaningful gains, it has to show resilience in a headline-driven environment. This time the market was able to shrug off negative Fed commentary after Boston Federal Reserve President Susan Collins declined to rule out a fifth consecutive 75-basis-point increase in rates at the next Fed meeting in December."
Now is an important time to read IBD's The Big Picture column amid the 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 snapped a losing streak Friday, but remains about 3% below a cup base's 238 buy point, according to IBD MarketSmith pattern recognition. CAT, which has heavy exposure to China's economy, lost 0.8% Monday.
CAT stock boasts an impressive 95 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Arista, GlobalFoundries, PSX, Shoals
IBD Leaderboard stock Arista Networks moved above a choppy base's 132.97 buy point during Friday's 2.6% gain. ANET stock traded down 0.4% Monday.
Chip foundry GlobalFoundries is in buy range above a 66.06 buy point in a cup base following Friday's 1.2% gain, according to IBD MarketSmith pattern recognition. GFS shares declined 0.8% Monday morning.
Recent IBD 50 Stocks To Watch pick, Phillips 66, remains below a cup-with-handle base's 110.08 buy point. PSX stock traded down 1.5% in morning trade.
Shoals Technologies remains out of buy range past a 28.57 buy point despite a 2% drop Friday. The 5% buy zone topped out at 30. Wait for an orderly pullback into the buy range before considering a purchase of shares. SHLS stock declined 1.9% early Monday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded another 2.6% Friday, falling sharply for a third consecutive session. The stock hit a new 52-week low price Friday at 176.55. Tesla shares are around 55% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded down 3.5% Monday morning, hitting a new 52-week low.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares climbed 0.4% Friday, adding to Thursday's gains and continuing their rebound from support around their 50-day line. The stock traded down 1.6% Monday.
Microsoft edged lower Friday, still holding above its recently reclaimed 50-day line. The software giant remains about 30% off its 52-week high. Microsoft shares rose 0.8% Monday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
