Dow Jones futures declined Wednesday morning after major stock markets suffered consecutive sell-offs Monday & Tuesday. Apple stock and Tesla stock were trading sharply lower in the hours before the market opens.
Academy Sports + Outdoors (ASO), MongoDB (MDBDiscount retailer Ollie’s Bargain Outlets (OLLI), Thor Industries (THO) and homebuilder Toll Brothers (TOL) all reported earnings ahead of Wednesday’s market open.
Academy shares dropped more than 2 percent after the company’s earnings, while MDB stock soared more than 25% after big earnings beats. Ollie’s sharesDropped by 8% Thor IndustriesNearly 4% of the gain came from Toll Brothers. After reporting better-than expected results late Tuesday, Toll Brothers saw a 1% increase in premarket trading.
Solar stock Enphase Energy (ENPH) dropped less than 1% despite being called a top pick at Wells Fargo. Enphase shares dropped below a Tuesday buy point of 316.97. SolarEdge Technologies (SEDG) jumped nearly 2% on a BofA Securities upgrade from neutral to buy. Mastercard (MAThe stock index fell slightly Wednesday morning following the announcement of a $9 billion share-buyback program.
Electric-vehicle giant Tesla (TSLA) traded down nearly 3% Wednesday. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT() were markedly lower before today’s stock market open.
Celsius (CELH), Chubb (CB), IBD LeaderboardStock Dexcom (DXCM() KLA (KLAC) — as well as Dow Jones names Caterpillar (CAT) and Chevron (CVX) and Home Depot (HD)— are among the top stocks to buy and watch.
Dexcom is an IBD Leaderboard stock. Caterpillar and Home Depot were featured This week’s Stocks Near A Buy Zone column. Celsius was a new IBD 50 Stocks To Watch pickYou can also find out more about a New America stock. Thursday’s Caterpillar Stock Of The Day.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Wednesday’s opening bell, Dow Jones futures fell 0.1% vs. fair value, while S&P 500 futures dropped 0.4%. In morning action, losses were reduced to 0.6% by the tech-heavy Nasdaq 100 options.
Among exchange-traded fundsInvesco QQQ Trust, the Nasdaq 100 tracker Invesco QQQ TrustQQQ) declined 0.6% and the SPDR S&P 500 ETF (SPY) lost 0.4% early Wednesday.
The 10-year Treasury yield ticked up to 3.55% Wednesday morning. This is a sign that it’s trying to rebound from Tuesday’s losses. The U.S. oil price rebounded after three consecutive heavy losses and nearly all of the week’s gains. After briefly falling below $73 per barrel on Wednesday, West Texas Intermediate futures rose 1% to $74 per barrel.
Stock Market Rally
The stock market saw a second consecutive session full of losses Tuesday. This was due to the Nasdaq Composite, which is tech-heavy, dropping another 2%. The Dow Jones Industrial Average sold off 1%, while the S&P 500 tumbled 1.4%.
Tuesday’s The Big PictureCommented, “The blue-chip index fell 1.4% Tuesday. This erases all gains from Wednesday’s 3.1% burst following Fed Chair Jerome Powell’s speech. This week’s losses have brought the index below the 4,000 level. 200-day moving average — two important guideposts for the stock market.”
This is the right time to begin reading IBD’s The Big Picture columnDespite the stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks to Buy and Watch: Caterpillar Home Depot, Chevron
Dow Jones member Caterpillar drifts further away form a cup base of 238 buy point, According to IBD MarketSmith pattern recognitionIn the wake Tuesday’s 1.8% drop, Wednesday saw a 0.8% drop in the CAT stock.
CAT stockShows a solid rating of 94 out a perfect 99 IBD Composite Rating. IBD Stock Checkup.
Chevron, the energy giant, fell 2.6% Tuesday. It also ended below a 182.50 purchase point in a consolidation base. CVX shares dropped 0.5% Wednesday morning as oil prices fell amid this week’s decline.
Home Depot ended Tuesday about 5 percent below a cup base of 333.08 buy points. HD stock traded 0.5% less Wednesday.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks to Watch and Buy: Celsius, Dexcom & Chubb
Celsius, a energy-drink manufacturer, was the one bright spot in Tuesday’s stock market sell-off. It climbed 0.5%. The share price is 3% below the cup base’s 118.29 purchase point. Wednesday’s stock decline was only a fraction.
After Tuesday’s 1% increase, Chubb moved higher than a cup with-handle’s 226.10 buy point. The 226.91 buy area is the maximum. Wednesday morning, the insurance giant traded unchanged
IBD LeaderboardStock Dexcom is close to an alternative entry at 123.46, and is only about 5% away buy pointDespite Tuesday’s 0.2% increase. Dexcom stock was flat on Wednesday morning.
According to Chip Leader KLA, Tuesday’s chip leader KLA was just below a 392.60 purchase point. IBD MarketSmith chart analysis. The stock’s strong RS lines are a key technical strength. It reached another record during Tuesday’s stock-market dive. KLA stock dropped more than 1 percent Wednesday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stockTuesday’s slide added 1.4% to Monday’s. Despite recent losses, the stock remains above its mid-November lows. Stocks are now 55% below their 52-week peak. The stock seems to be experiencing resistance at the 200 price level. This is an area that you should watch to see if there is another rally.
The shares fell another 2.7% Wednesday morning.
Dow Jones Leaders – Apple, Microsoft
Among Dow Jones stocksApple shares lost 2.5% Tuesday. This was a drop of support for their 50-day line. The stock is now more than 20% below its 52-week peak. Apple stock dropped 1.5% Wednesday
Microsoft shares fell 2% Tuesday as shares remain above the 50-day mark. The software giant is still at 29% below its 52-week peak. Microsoft shares fell 1.2% on Wednesday morning.
Follow Scott Lehtonen Twitter @ @IBD_SLehtonenFor more information on Dow Jones Industrial Average and growth stocks, click here
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