The Dow Jones Industrial Average rose Tuesday morning as investors digested a number of earnings reports, including results from retailer Best Buy. The short holiday week receives a strong dose of economic data during Wednesday's session, including minutes from the Federal Reserve's latest policy meeting.
Consumer sentiment, durable goods orders, first-time jobless claims, purchasing managers index readings and new home sales are all due out in the morning. Fed Minutes are due at 2 p.m. ET. The stock market will be closed Thursday for the Thanksgiving holiday, followed by a shortened trading session on Friday.
Dell, Urban Outfitters and Zoom Video reported late Monday, while Baidu, Best Buy, Dick's Sporting Goods and Dollar Tree delivered earnings Tuesday morning.
DELL stock moved up nearly 2% in early morning trade, while Urban shares rallied 6%. Zoom Video stock dived 7% in morning trade on weak guidance. Baidu declined nearly 2% in morning trade, while Best Buy surged more than 9% on better-than-expected results. DKS stock rose 0.8%. And Dollar Tree shares tumbled 7%.
Additional earnings reports this week include Autodesk, Deere, HP and Nordstrom.
Stock Market Today
Electric-vehicle giant Tesla traded up 0.5% Tuesday morning. Dow Jones tech leaders Apple and Microsoft moved modestly higher after today's stock market open.
IBD Leaderboard stock Arista Networks, GlobalFoundries, KLA, 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 Tuesday's opening bell, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite traded down 0.3% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust lost 0.2% early Tuesday, and the SPDR S&P 500 ETF gained 0.5%.
The 10-year Treasury yield ticked lower to 3.78% Tuesday morning. Meanwhile, U.S. oil prices rebounded modestly, looking to snap four-day losing streak that saw West Texas Intermediate futures fall to their lowest level since early January. WTI futures traded above $81 a barrel Tuesday morning.
Stock Market Rally
On Monday, the stock market posted modest losses. The Dow Jones Industrial Average fell just 0.1% while the S&P 500 lost 0.4%. The Nasdaq composite led the downside, dropping 1.1%. The Russell 2000 small-cap index split the difference, down almost 0.6%.
Monday's The Big Picture commented, "Even amid all of the above-mentioned volatility, stock market indexes are holding relatively close to November highs, and are up for the quarter, despite the barrage of Fed governors spinning their take on interest rate policy. The majority now expect a 50-basis-point hike at the December meeting, according to CME data on fed funds futures action. However, confusion reigns when it comes three specific points."
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 Monday, but remains about 3% below a cup base's 238 buy point, according to IBD MarketSmith pattern recognition. CAT gained 0.9% Tuesday.
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, KLA, Shoals
IBD Leaderboard stock Arista Networks remains above a choppy base's 132.97 buy point despite Monday's 0.6% drop. ANET stock was down 1.2% Tuesday.
Chip foundry GlobalFoundries is still in buy range above a 66.06 buy point in a cup base following Monday's 2.05% loss, according to IBD MarketSmith pattern recognition. GFS shares rose 0.1% Tuesday morning.
KLA is building a cup with handle that has a 392.60 buy point amid Monday's 1.1% drop. Bullishly, the stock's relative strength line hit a new high last week, a sign of big outperformance vs. the S&P 500. KLAC stock moved up 0.2% Tuesday.
Shoals Technologies remains out of buy range past a 28.57 buy point despite a second straight decline Monday. 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 dropped 2.3% early Tuesday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded another 6.8% Monday, falling sharply for a fourth consecutive session and hitting its lowest level since Nov. 23, 2020. The stock hit a new 52-week low price Monday at 167.54. Tesla shares are around 58% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded up 0.5% Tuesday morning, looking to snap its four-day losing streak.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 2.2% Monday but are still holding above their recently recaptured 50-day line. The stock is about 20% off its 52-week high. The stock traded up 0.3% Tuesday.
Microsoft rose 0.3% Monday, ending a three-day losing streak. Shares continue to hold above the 50-day line. The software giant remains more than 30% off its 52-week high. Microsoft shares rose 0.4% Tuesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
