Dow Jones futures fell on Tuesday morning as major stock indices appeared to rebound from Monday’s stock market selloff. Dow Jones financial giant JPMorgan surged after being twice upgraded before the market opened.
Auto area (AZO) and GitLab (GTLB) were the main reporters for the results on Tuesday morning. AZO shares climbed after better-than-expected fiscal first quarter results, while GitLab shares soared more than 17% in early morning trading.
chip maker Semiconductor manufacturing in Taiwan (TSM) announced the opening of a second chip factory in Arizona, increasing its investment from $12 billion to $40 billion. TSM shares lost 0.2% in morning trading.
VE Giant You’re here (TSLA) rose 0.4% on Tuesday. Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were slightly higher ahead of today’s stock market open. Meanwhile, JPMorgan Chase (JPM) moved from underweight to overweight at Morgan Stanley, a so-called double upgrade, triggering a more than 1% lead in morning trading.
Celsius (CELH), Chubb (CB), IBD Ranking Action Dexcom (DXCM) and KLA (KLAC) – as well as the Dow Jones names Boeing (BA), caterpillar (CAT) and Chevron (CVX) – are among the best stocks to buy and watch.
Dexcom is an IBD ranking stock. Caterpillar and Home Depot were featured in this week’s Stocks Near A Buy Zone column. Celsius was a recent IBD 50 Stocks To Watch pick and a New America stock. Caterpillar was Thursday’s stock of the day.
IBD’s latest newsletter, MarketDiem, delivers practical insights for stocks, options and crypto straight to your inbox.
Dow Jones Today: Oil Price, Treasury Yields
Before Tuesday’s opening bell, Dow Jones futures fell 0.1% relative to fair value, while S&P 500 futures fell slightly. Tech-heavy Nasdaq 100 futures rose less than 0.1% from fair value in morning action, with the China-based company JD.com (JD), Baidu (BIDU) and Trip.com (TCOM) posting the largest early gains in the index.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were each a fraction higher.
The 10-year Treasury yield fell to 3.55% on Tuesday morning, threatening to give up Monday’s gains. Meanwhile, U.S. oil prices extended Monday’s losses, falling more than 1% on Tuesday. West Texas Intermediate futures traded below $76 a barrel.
Redrawing the world oil map; Russia cuts embargoed oil
Stock market rally
On Monday, the stock market posted heavy losses, with the tech-heavy Nasdaq composite falling 1.9%. The Dow Jones Industrial Average fell 1.4%, while the S&P 500 fell 1.8%.
Monday’s The Big Picture commented: “While defense is still better than offense at this point, the stock market is still in a confirmed uptrend. This means it’s okay to look for stocks to buy, but keep positions small to start, while keeping your overall exposure light. IBD Leaderboard, for example, is less than 60% invested at this point.”
Now is an important time to read IBD’s The Big Picture column amid current 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 finished just shy of its cut base’s 238 buy points, according to IBD MarketSmith model recognition, following Monday’s 1.5% loss. CAT stock fell 0.6% on Tuesday.
The CAT stock boasts a solid 94 out of a perfect IBD composite rating of 99, according to the IBD stock balance sheet.
Energy giant Chevron slid 2.5% on Monday, still ending below a buy point of 182.50 in a consolidation basis. Shares of CVX fell 1% on Tuesday morning as oil prices continued to slide this week.
Home improvement retailer The Home Depot finished below the buy point of 333.08 by a cup base on Monday. HD stock traded flat on Tuesday.
4 growth stocks to watch in the currentrStock market rally
Top stocks to buy and watch: Celsius, Chubb, Dexcom, KLA
Energy drink maker Celsius ended a three-day winning streak on Monday, slipping 3.5%. Shares are now about 4% below the 118.29 cup base buy point. The stock was up 0.6% on Tuesday.
Chubb moved above the 216.10 one-cup buy point with a handle on Monday after the session’s 0.4% rise. The 5% buy zone peaks at 226.91. The insurance giant traded unchanged on Tuesday morning.
IBD Leaderboard Dexcom stock is approaching an alternate entry at 123.46 amid a three-day winning streak. The shares are about 5% from their last buying point. Dexcom stock rose slightly early on Tuesday.
The KLA chip leader ended Monday just below a buy point of 392.60, according to chart analysis from IBD MarketSmith. A key technical strength is the stock’s strong RS line. It hit a new high during Monday’s stock market sell-off. UCK stock was flat on Tuesday.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla stock slipped 6.4% on Monday, ending a three-day winning streak and giving up all of last week’s gains. Despite recent gains, stocks remain around 55% off their 52-week high. Meanwhile, the stock appears to be experiencing some resistance around the 200 price level, which is a key area to watch.
Shares rose 0.2% on Tuesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares were down 0.8% on Monday, but still clinging to their 50-day line. The stock is more than 20% off its 52-week high. Apple stock rose 0.3% on Tuesday.
Microsoft fell 1.2% on Monday as stocks continue to hold above the 50-day line. The software giant remains around 27% off its 52-week high. Microsoft shares traded flat on Tuesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
YOU MIGHT ALSO LIKE:
Top growth stocks to buy and watch
Learn to Time the Market with IBD’s ETF Market Strategy
Find the best long-term investments with IBD’s long-term leaders
MarketSmith: research, charts, data and coaching in one place
How to Research Growth Stocks: Why This IBD Tool Simplifies Finding the Best Stocks
#Futures #bouncing #market #selloff