The Dow Jones Industrial Average rose Tuesday morning as US voters headed to the polls. chip giant NVIDIA (NVDA) then jumped by 3% Introducing a high-end chip designed to meet US restrictions on exports to China.
FANG camp was trading a fraction lower in morning trade, while GlobalFoundries Sea of roses 6%. Lyft shares plummeted more than 16%. Mosaic stocks rose by an inch. And Shockwave stock lost more than 6%.
Among the top stocks to buy and watch, Albemarle (ALB), IBD Leaderboard watchlist stock Arista Networks (A NET), CF industries (CF) and New fortress energy (NFE) – as well as Dow Jones names notice (MRK) and United Health Group (UNH) – are among the top stocks to buy and watch.
Arista Networks is a IBD Leaderboard watchlist stock. Albemarle got introduced in this week’s “Stocks Near a Buy Zone” column, along with three other top stock ideas. UnitedHealth was IBDs stocks of the day on Thursday.
Dow Jones Today: Treasury Yields, Oil Prices
After Tuesday’s opening bell, the Dow Jones Industrial Average was up 0.4%, while the S&P 500 was up 0.1%. The tech-heavy Nasdaq Composite was up 0.2% in morning action, with Nvidia and amgen (AMGN) leads the index.
The 10-year Treasury yield was trading lower at 4.19% Tuesday morning, pausing after a four-day winning streak saw the 10-year Treasury yield near a 52-week high. Meanwhile, US oil prices fell nearly 1% with West Texas Intermediate futures holding just above $91 a barrel. Last week, WTI futures hit their highest level since mid-October.
Fight for the stock market rally
On Monday, the Dow Jones Industrial Average gained 1.3% while the S&P 500 gained 1%. The tech-heavy Nasdaq Composite rose 0.85%.
Monday’s The Big Picture commented“While Monday’s steps were encouraging, the stock market still needs to do more to earn investor confidence. IBD changed the market outlook to ‘uptrend under pressure’ last week after the incipient rally came under selling pressure.”
Now is an important time for reading IBD’s The Big Picture column. After the recent selling, investors should focus more on defending than buying breakouts.
Dow Jones Stocks to Buy and Watch: Merck, UnitedHealth
Dow Jones member and IBD 50 stock Merck stays outside of the buy range after a raised floor base 93.12 purchase point, corresponding IBD MarketSmith pattern recognition. Merck shares are down on Tuesday.
Healthcare giant UnitedHealth is trying to get past a mug with a handle of 553.23 purchase point, corresponding IBD MarketSmith. Shares rose 1.3% on Monday, just below their last entry. UNH shares fell 0.2% Tuesday morning.
Top stocks to buy and watch: Albemarle, Arista, CF, New Fortress
Lithium producer Albemarle is building the right side of a cup base that has a buy point of 308.34. Shares rose 0.5% on Monday, extending a winning streak to three sessions. ALB shares were up 1.6% early Tuesday.
CF Industries is attempting to find support around its 50-day moving average amid Monday’s 1% loss. Stocks build a cup base that has a buy point of 119.70, according to pattern recognition by IBD MarketSmith. CF shares rose 0.3% on Tuesday.
New Fortress Energy is fast approaching the buy point from a cup base of 63.16. With the stock about 6% off fresh highs, be on the lookout for a grab to offer earlier entry. The energy guide reported mixed results early Tuesdaytriggering a 3% pullback.
Tesla stock slipped 5% on Monday, hitting a new 52-week low and hitting its lowest level since June 2021. Shares are more than 50% off their 52-week high and well below their 50- and 200-day moving -Average lines.
Shares of the EV giant fell 2.8% Tuesday morning. Tesla delivered 71,704 Chinese-made electric vehicles in October, down 14% year over year. September, according to the China Passenger Car Association.
Dow Jones Leaders: Apple, Microsoft
Under Dow Jones Stocks, Apple shares rose 0.4% on Monday, going on a five-day losing streak. The stock rose 0.3% on Tuesday after two analyst firms maintained their buy/overweight ratings on the tech titan. But UBS lowered its price target to 180, while Morgan Stanley reduced its price target to 175.
Microsoft rose another 2.9% on Monday, continuing its recovery from Friday’s 52-week low. The software giant is down about 35% from its 52-week high. Microsoft shares rose 0.5% on Tuesday morning.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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