Monday, July 22, 2024

Dow Jones rising with 10-year yield up 4%; Tesla is down 8% on a disappointing investor day

Date:

The Dow Jones Industrial Average rose Thursday after a surprise drop in unemployment claims for the first time in the Labor Department, as of 10It looks like the general Treasury yield will close above 4%. For the first time since November. Dow Jones leader sales force (CRM) was up 15% thanks to strong earnings results. And Tesla (TSLAThe stock briefly fell more than 8% after the company’s disappointing investor day delayed the unveiling of the next-generation car until a “later date.”




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Initial weekly jobless claims fell to 190,000 vs. 192,000 in the previous week. Their number was expected to rise to 200,000, Econoday estimated.

on the earnings front, best buy (BBY), Celsius (CELH), Double check (DV), Messi (M), Octa (OKTA), snowflake (snow), splink (SPLK) And Veeva systems (VEEV) were on the move.

Best Buy shares were down nearly 2%, while Celsius sold down 3% in morning trading. DoubleVerify shares jumped 5%. Macy’s stock advanced 6% and Okta stock rose 11%.

Snowflake fell 9% after its earnings report included revenue forecasts that were well below expectations. Finally, Splunk fell 7%, while Veeva Systems jumped 7.7%.

stock market today

Focus on cryptocurrency Silvergate Capital (SI) fell 43% Thursday morning after it disclosed more losses and postponed its annual report. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were trading lower after the stock market opened.

IBD Leaderboard Stock Watchlist Palo Alto Networks (Banu), monastery (DE), Toll Brothers (TOL) And wing stop (wing) – as well as Dow Jones shares American Express (AXP), Cisco systems (CSCO) And c. B. Morgan Chase (JPM) – among the top stocks to watch, amid recent stock market weakness.

Palo Alto is IBD Leaderboard Stock watch list. Deere was recently selected from IBD Stock Of The Day. American Express appeared in the stocks column near the overbought zone for the week.


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Dow jones today: oil prices and treasury yields

After the market opened Thursday, the Dow Jones Industrial Average rose 0.3%, roughly supported by Salesforce.com’s 15% lead. The S&P 500 fell 0.2% and the heavy Nasdaq Composite lost 0.4%. The 10-year Treasury yield held steady at more than 4% in morning trade, after briefly surpassing that level on Wednesday.

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Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.9% and the SPDR S&P 500 ETF)spy) fell 0.6% early Thursday.

On Wednesday, the 10-year US Treasury yield settled at 3.99%, closing at its highest level since November 9. Early Thursday, the 10-year yield jumped to 4.07%.

Oil prices rose in the US after rising in four out of the last five sessions. WTI futures were up 0.5%, up nearly 2% for the week and back to trading above $78 a barrel.

Stock market struggles

On Wednesday, the Dow Jones Industrial Average rose slightly, while the S&P 500 lost 0.5%. The tech-heavy Nasdaq Composite fell 0.7%, down for the second day in a row.

The Big Picture column commented on Wednesday, “As you can see in the accompanying Market Pulse table, more SLIM-quality stocks rose in large turnover than those that fell significantly in above-average trading. Market capitalization.”

Now is an important time to read IBD’s The Big Picture column amid the now-faltering stock market rally.


Five Dow Jones stocks to buy and watch now


Dow Jones Stock Buying and Watching: American Express, Cisco, JPMorgan

Featured in the Stocks Near the Buy Zone column for this week, American Express is building a giant coaster with handle offering 182.25 Buy points. Shares are down just 3% from the point of purchase, rising 1.1% on Wednesday. To the upside, the stock’s relative strength line is at new highs, which is a particularly positive sign ahead of a potential breakout. AXP stock fell 1.4% Thursday morning.

Banking giant JPMorgan is in a buy range above 138.76 flat buy points despite losing 0.6% on Wednesday, according to IBD MarketSmith chart analysis. Stocks are rebounding from the main 50-day moving average last week. JPM shares fell 0.3% early Thursday.

JPM shares 95 constants from the 99 IBD rating show the perfect compound, per IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.

Cisco Systems fell 0.2% on Wednesday, dropping further below the 50.81 buy point of the flat base. Stocks are trying to stop their slide around the 50 day line which is about 4% below the entry level. CSCO shares fell slightly on Thursday.


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Top stocks to buy and watch: Palo Alto, Wingstop

Palo Alto Networks on the IBD Leaderboard watch list is building the right side of the base with 193.01 Buy on the heels of last week’s jump of more than 10%. PANW stock was trading down 0.2% Thursday morning.

Backstory: Last week, the cybersecurity giant reported healthy results for the quarter ending in January that saw earnings of $1.05 per share, up 81% year-over-year, with revenue jumping 26% to $1.7 billion.

Wingstop is still barely holding above the entry level with the handle of 169.04 after the recent losses. Investors should wait for signs of renewed strength before considering buying stocks, especially in light of the deteriorating general market conditions. WING stock fell 1% early Thursday.

Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the United States and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Colombia, Panama, Singapore and the United Kingdom. Wingstop added 61 new locations in the fourth quarter, bringing Wingstop’s total presence to 1,959 restaurants worldwide.

Deere, Toll Eye Latest Buy Points

Dear shares rose 0.1% on Wednesday, still closing below the 50-day line. The stock is down 6% below the 448.50 buy point in a flat base. DE stock fell 0.2% Thursday morning.

Backstory: Industry leader Deary shrugged off recession and inflation concerns to post solid earnings. Last year, high commodity prices allowed farmers to purchase new and upgraded machinery. In the first quarter of the fiscal year ending Jan. 29, the tractor manufacturer posted a 124% jump in earnings per share based on a 32.2% increase in overall revenue, both of which topped estimates. Earnings growth accelerated for the second consecutive quarter.

Homebuilder Toll Brothers builds a cup coaster with handle that displays 63.29 POIs. To the upside, the stock boasts a line of relative strength at new highs during this week’s market action. TOL Stock Shows a strong 95 IBD compound rating. Shares of Toll Brothers fell 1.1% early Thursday.

Backstory: Last week, luxury homebuilder Toll Brothers topped its earnings and revenue forecasts while maintaining guidance for the full year. The homebuilder’s financial report comes as a 12-month decline in existing home prices in the US showed signs of slowing in January.


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Stocks to buy and watch the stock market rise

These are the six best stocks to buy and watch in the stock market today, including two Dow leaders.

Company Name Code The right point of purchase Point of purchase type
monastery (DE) 448.50 Flat base
Toll Brothers (TOL) 63.29 mug with handle
Cisco systems (CSCO) 50.81 Flat base
Palo Alto Networks (Banu) 193.01 merge
JPMorgan (JPM) 138.76 Flat base
wing stop (wing) 169.04 mug with handle
Source: IBD data as of March 1, 2023

Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live


Tesla stock

Tesla stock fell 1.4% on Wednesday before the company’s investor day after market close. CEO Elon Musk announced his “Master Plan 3.” Musk’s ambitious plan calls for a full shift to electric vehicles and spending $10 trillion to create a “sustainable energy future.”

Despite its strong rebound since Jan. 6, stocks are still below the 200-day line. This key level looms as a potential resistance area. On Wednesday, the shares closed down about 46% from their 52-week high.

Tesla stock threatened to add to Wednesday’s losses, dropping more than 5% early Thursday morning after an investor day failed to reveal the next generation of the electric vehicle.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple shares fell 1.4% on Wednesday, closing just below the 200-day level. Shares are down nearly 19% from their 52-week high. Apple shares lost 0.5% on Thursday.

Shares of Microsoft remained below the 200-day mark after Wednesday’s loss of 1.3%. The stock is down more than 20% from its 52-week high after recent declines. MSFT shares fell 0.1% early Thursday.

Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.

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