The Dow Jones Industrial Average fell on Wednesday ahead of minutes from the Federal Reserve’s latest policy meeting. Tesla stock soared after Citigroup upgraded the EV giant.
Before the Fed’s meeting minutes are released at 2pm ET, consumer confidence, durable goods orders, first-time jobless claims, PMI readings, and new home sales are all scheduled for the morning. The stock market will be closed on Thursday for the Thanksgiving holiday, followed by a short trading session on Friday.
Initial jobless claims, issued at 8:30 a.m. ET, jumped to 240,000 from 222,000 the week before. Meanwhile, durable goods rose 1% in October, above Econoday’s estimate of 0.4%.
Autodesk shares fell 9%, while HPQ stock fell 3.5% in early morning trade. Nordstrom shares plunged 9.5 percent. Dairy shares jumped 3% in morning trading.
IBD Leaderboard stock Arista Networks (Network), Kosovo Liberation Army (KLAC), Scholes Technologies (SHLS) And the Ulta Beauty (Ulta) – as well as the name Dow Jones Larva (cat) – among the top stocks to buy and watch.
Arista Networks is IBD Leaderboard It was fresh stock from IBD Stock today. Ulta Beauty This week the stock column appeared near the overbought zone. The water was shallow Pick stocks on Thursday from the IBD 50 to watch.
Dow jones today: oil prices and treasury yields
After the opening bell on Wednesday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 fell 0.1%. The Nasdaq Composite Heavy Index traded less than 0.1% in the morning move.
China-related stocks showed early strength, after news reports that the State Council announced pending stimulus measures, including cutting the required reserve ratio for Chinese banks.
The 10-year Treasury yield fell to 3.73% on Wednesday morning.
Oil inventories came under some pressure as oil prices eased after their rebound on Tuesday. West Texas Intermediate crude futures fell more than 3% to below $79 a barrel even after industry data showed US crude inventories fell more sharply than expected last week. Official weekly oil inventory data from the Energy Information Agency is due at 10:30 AM ET.
Natural gas inventories have received a boost as gas prices continue to rise. U.S. natural gas futures jumped nearly 7% after Russia warned after Russia accused Ukraine of stealing gas from a pipeline, and threatened to curtail deliveries on Russia’s last remaining supply line to Europe.
Stock market rise
On Tuesday, the stock market posted strong gains. The S&P 500 and Nasdaq Composite Indexes rose 1.4%. The Dow Jones Industrial Average rose 1.2%.
Tuesday the big picture He commented, “While it’s a good idea to invest money in the current stock market, keep your exposure on the conservative side with small trades to start. Just because the stock market is in a confirmed uptrend doesn’t mean you should invest 100%. And don’t be afraid to make 10% A gain if you own it, given the volatile nature of the market.”
Now is an important time to read IBD’s The Big Picture column Amidst the constant fluctuations in the stock market.
Dow Jones stock to buy and watch: Caterpillar
Dow Jones member Caterpillar Corp. is close to recovering 238 of its cup bases Point purchaseAnd the to me IBD MarketSmith Pattern Recognition, and less than 1% less than the input. CAT gained 0.1% on Wednesday, trading higher with Deere. The stock is still below its point of purchase.
Top stocks to buy and watch: Arista, KLA, Shoals, and Ulta
The KLA is approaching 392.60 long handle cup buy points amid Tuesday’s 2.7% rally. To the upside, the stock’s relative strength line reached a new high last week, signaling a significant outperformance against the S&P 500. KLAC stock fell 0.5% on Wednesday.
Shoals Technologies is still out of the buy range at 28.57 points after the third consecutive decline on Tuesday. The 5% buy zone peaks at 30. Wait for an orderly pullback into the buy range before considering buying stocks. Shares of SHLS rose 1% early Wednesday.
Ulta Beauty broke out of a buy range on Tuesday, up nearly 2%. 5% buy zone after 426.99 buy points in a mug with handle Works up to 448.34. Ulta reports third quarter results on December 1st. The stock traded 0.3% lower on Wednesday.
Tesla stock It rose 1.2% on Tuesday, snapping a four-day losing streak that saw the stock reach its lowest level since November 23, 2020. The stock hit a new 52-week low on Monday at 167.54. Tesla shares are down about 57% from their 52-week high and sharply below the 50- and 200-day moving average lines.
Shares of the electric vehicle giant were trading up 2.1% Wednesday morning after Citigroup lifted the stock from sell to neutral, raising its price target from 141.33 to 176.
Dow Jones leaders: Apple and Microsoft
within Dow Jones stockApple shares rebounded 1.5% on Tuesday and are still holding above the recently recovered 50-day line. The stock is down about 20% from its 52-week high. The stock was trading down 0.3% Wednesday, on a Foxconn workers clashed with police officers. Foxconn is the largest iPhone assembly plant in China.
Microsoft stock rose 1.2% on Tuesday, adding to Monday’s gains. Stocks continue to hold above the 50-day line. The software giant is still more than 30% off its 52-week high. Microsoft shares fell 0.1 percent on Wednesday morning.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
You may also like:
“Web aficionado. Travel guru. Zombie enthusiast. Proud music scholar. Social media buff. Internet fanatic. Writer. Pop culture expert.”