The Dow Jones Industrial Average fell sharply on Tuesday as Treasury yields fell on Monday’s gains. Retail giant Target (TGT) plunged more than 9% after warning that profits would fall and announced plans to quickly unload excess inventory. Target news spread retail stocks, taking the top hard hits of the S&P 500, the Nasdaq 100 and the Dow Jones Industrial Average.
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Major profit-making factors include Academy Sports & Outdoors (ASO), Dave & Buster’s (PLAY) and G-III Apparel (GIII). The Academy jumped 6%. Shares of Dave & Buster rose more than 7%, while shares of G-III fell more than 1% earlier.
Electric vehicle giant Tesla (TSLA) fell 3% on Tuesday. Elsewhere, Dow Jones (AAPL) and Microsoft (MSFT) technology leaders were both much lower on the current stock market. Walmart (WMT) and Home Depot (HD) led the first Dow falls.
Amid the ongoing stock market recovery, Dow Jones leaders Chevron (CVX) and Merck (MRK), along with Albemarle (ALB), Eli Lilly (LLY), Northrop Grumman (NOC), Vertex Pharmaceuticals (VRTX) and Zim Integrated Shipping (ZIM). ) – are among IBD’s most important actions to watch on Tuesday.
Albemarle is an IBD rating exchange. Vertex appeared in the Stocks column near a shopping area this week. Zim was a prominent OPI leader.
Dow Jones Today: Treasury yields, oil prices
Following Tuesday’s opening, the Dow Jones Industrial Average fell 0.8%, while the S&P 500 fell 1%. The high-tech Nasdaq compound sold 1.4% of fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily translate into actual trading at the next normal trading session.
Among publicly traded funds, the Nasdaq 100 Invesco QQQ Trust (QQQ) tracker fell 1.4%, while the SPDR S&P 500 ETF (SPY) lost 1% in early trading.
The 10-year Treasury yield threatened to return a share of Monday’s gains, dropping to 3.03% on Tuesday morning. Meanwhile, US oil prices were slightly lower, but remained well within their recent range, with West Texas Intermediate just above $ 118 a barrel.
Treasury Secretary Janet Yellen will appear before the Senate Finance Committee on Tuesday and the House Media and Media Committee on Wednesday.
Stock market meeting
The main stock market indices registered a slightly positive action on Monday, as the stock market continued to rise.
Monday’s column The Big Picture commented: “Friday’s fall cost the Nasdaq 2.5% in gains and the S&P 500 1.6%. Then came Monday’s missing gains. A tentative conclusion is that “Fast rebound needed a break. With only one day of distribution so far, at major indices, investors can still afford some exposure to the stock.”
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Five Dow Jones stocks to watch now
Dow Jones stocks to see: Chevron, Merck
Dow Jones leader and energy giant Chevron is trading just above 174.86 points on a flat base, according to IBD MarketSmith chart analysis, after losing 0.4% on Monday. The 5% purchase area reaches 183.60. CLC shares traded slightly higher on Tuesday.
CLC shares have a 98 out of a 99 perfect IBD composite rating, 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 stock of Dow Jones and IBD Big Cap 20, is still in the buying range beyond 89.58 points of purchase of a glass with a handle despite a five-day loss streak as stocks go fall 0.1% on Monday. The 5% purchase area rises to 94.06. Shares of MRK were up 0.5% on Tuesday morning.
The stock’s relative strength reached a new high in mid-May, but is now falling sharply.
Five most important growth stocks to see in the current stock market rebound
Stocks to buy and watch: Albemarle, Eli Lilly, Northrop, Vertex, Zim
The existence of the IBD Albemarle rating is around 8% of a cup with the point of purchase of the handle at 273.78, according to the analysis of the IBD MarketSmith chart. In recent weeks, Albemarle has surpassed an early buying point close to 248. ALB shares fell 1% on Tuesday morning.
Pharmaceutical giant Eli Lilly rose 0.6% on Monday after the company offered a promising update for its experimental treatment for obesity. Lilly’s shares are trading just below 314.10 points of buying a flat base after a May 27 break. Shares of LLY fell on Tuesday.
Northrop Grumman exploded last week after 477.36 points of purchase of a glass with a handle and moved further above the entrance on Monday. The defense contractor is also moving above a trend line within its handling that had an early entry around 464. NOC shares were slightly lower on Tuesday morning.
Vertex Pharmaceuticals is tracing a cup with a handle with a point of purchase of 276.10. For now, stocks are seeing some support around their 50-day line. A strong rebound from this area would probably lead to a rupture. Conversely, a sudden 50-day line break would mean that the baseline process takes longer. Shares of Vertex fell 0.6% on Tuesday.
IPO leader Zim Integrated is tracing a cup with a handle that has a point of purchase of 68.80. Shares are up 1% from the correct point of purchase after falling 0.7% on Monday. Shares of ZIM lost more than 1% early 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 1.6% on Monday, recovering a small part from the 9.2% drop on Friday. Shares threatened to erase early gains this week, falling 3% on Tuesday morning.
Stocks are falling even further below their 50- and 200-day moving averages. Shares of Tesla traded up 1,243.49 on November 4. Shares are around 43% of this all-time high.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones equities, Apple shares rose 0.5% on Monday. Shares remain well below their 200-day long-term line. Shares of AAPL fell 1.1% on Tuesday.
The company’s WWDC event began Monday. Apple has promoted the features of its upcoming smartphone operating system that will power the upcoming iPhone 14 and previous compatible mobile phones. It also featured a second-generation Mac processor for two new laptops.
Microsoft’s software leader fell 0.5% on Monday and remains well below its 50- and 200-day lines. Shares closed more than 20% of their 52-week high. Shares of MSFT were down 0.9% 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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