The Dow Jones Industrial Average fell on Tuesday morning, halting after last week’s strong gains and before the final trading session in May. Bitcoin soared sharply above $ 32,000, and U.S. oil prices rose to a two-month high when European Union leaders imposed a partial oil embargo on Russia.
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Electric vehicle giant Tesla (TSLA) rose more than 2% on Tuesday morning. Specialty chemicals maker Linde (LIN) fell nearly 2%, withdrawing from a point of purchase, despite positive actions by analysts. Elsewhere, Dow Jones (AAPL) and Microsoft (MSFT) technology leaders changed little on the current stock market.
Amid a stock market rebound, Dow Jones leaders Chevron (CVX) and Merck (MRK), along with Livent (LTHM), Eli Lilly (LLY), Northrop Grumman (NOC), World Wrestling Entertainment (WWE) and ZIM Integrated Shipping (ZIM): These are among IBD’s main stocks to buy and watch on Tuesday.
WWE is a value of the IBD classification. Northrop is on IBD SwingTrader. And Livent appeared in last week’s Stocks Near A Buy Zone column. ZIM was the prominent IPO leader last week.
Dow Jones Today: Treasury yields, oil prices, Bitcoin
After Tuesday’s opening, the Dow Jones Industrial Average fell 1.15%, while the S&P 500 fell 0.8%. Nasdaq technology compound fell 0.4% as China-based problems escalated with news that China should start easing Covid blockade measures starting Wednesday. JD.com (JD) and Baidu (BIDU) were up more than 6% each.
Among traded funds, the Nasdaq 100 Invesco QQQ Trust (QQQ) tracker fell 0.4%. The SPDR S&P 500 ETF (SPY) was down 0.8%.
The 10-year Treasury yield recovered to 2.83% on Tuesday morning after closing at 2.74% on Friday. Last week, 10-year Treasury yields reached their lowest level since mid-April. Meanwhile, US oil prices rose by almost 4% when the European Union agreed to end oil trade with Russia. West Texas Intermediate crude was trading at about $ 119 a barrel.
The price of Bitcoin rose over the long weekend, trading around $ 31,800 on Tuesday morning, according to CoinDesk. Bitcoin traded up $ 32,157 on Monday before the gains appeared. ProShares Bitcoin Strategy ETF (BITO) shot up more than 10% on Tuesday morning.
Stock market meeting
The major stock indexes registered a more positive action on Friday, as the highly technological Nasdaq compound rose to a 6.8% increase during the week, reaching its first weekly advance since early April. .
Friday’s The Big Picture column commented: “Global market action was pleasing. The Nasdaq benefited disproportionately, closing the session with a 3.3% increase amid higher stock performance. “It has now risen above the 21-day exponential moving average, although it remains at 6% below the key 50-day moving average. It closed the week up 6.8%.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is a key to investment guidelines. IBD offers a wide range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find businesses near a point of purchase, or develop custom screens in IBD MarketSmith.
Five Dow Jones stocks to watch now
Dow Jones stocks to see: Chevron, Merck
Dow Jones leader and energy giant Chevron is trading in a buying range above 174.86 points of a flat base, according to the analysis of the IBD MarketSmith chart, after the 1% rise on Friday . The 5% purchase area reaches 183.60. CLC shares rose more than 1% on Tuesday as oil prices rose and Barclays raised its stock price target from 183 to 196.
CVX’s stock has a perfect composite score of 99 IBD, according to the IBD stock review. Investors can use the IBD compound rating to easily measure the quality of the fundamental and technical metrics of a stock.
Merck, a Dow Jones stock, is still in the buy range beyond 89.58 points of buying a glass with a handle, as shares rose 0.8% on Friday. The 5% purchase area rises to 94.06. Shares of MRK fell 1.5% on Tuesday morning.
The stock market’s relative strength reached a new high last week, a strong indicator of stock market improvement during the current stock market rebound.
Four major growth stocks to see in the current stock market rally
Stocks to buy and watch: Livent, Eli Lilly, Northrop, WWE, ZIM
Lithium producer and Tesla supplier Livet surpassed 33.14 points on the base of a one-cup increase by 14.2% on Friday. Shares of LTHM were down 2% on Tuesday morning.
Pharmaceutical giant Eli Lilly was up 3.2% on Friday, surpassing 314.10 points of purchase from a flat base. It also surpassed an advance purchase trigger to 309.54 last week. Shares of Eli Lilly fell 2.3% on Tuesday.
The stock of IBD SwingTrader Northrop Grumman has no cup with the purchase point of 477.36 handle. The defense contractor is also rising above a trend line within its handling. This early entry stands at around 464. NOC shares were down 1.6% on Tuesday morning.
The existence of IBD Leaderboard World Wrestling Entertainment is one of the most important actions to consider after closing on Friday just outside the buying range above the 63.81 points of purchase of a flat base. The 5% buying area rose to 67. WWE shares fell 0.2% on Tuesday.
The leader of IPO ZIM Integrated is tracing a cup base that has a point of purchase of 79.05. The stock is 10% off the correct point of purchase. Pay attention to a handle to provide a more optimal entry for the risk. Shares of ZIM traded down a fraction on Tuesday.
Join IBD Experts as they analyze the main stocks of the current stock market rebound on IBD Live
Tesla stock
Shares of Tesla rose 7.3% on Friday, adding to the 7.4% advance on Thursday. Shares rose just over 2% on Tuesday morning. Despite recent gains, stocks remain well below their 50- and 200-day moving averages.
Shares of Tesla traded up 1,243.49 on November 4. Shares are around 40% of this all-time high.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones equities, Apple shares gained 4.1% on Friday. Shares remain well below their 200-day long-term line. AAPL shares traded down 0.1% on Tuesday.
Microsoft’s software leader rose 2.8% on Friday, but remains well below its 50- and 200-day lines. Shares closed around 22% of their 52-week high. Shares of MSFT were down 0.75% on Tuesday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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