Dow Jones lower ahead of Powell speech; 7 Best Stocks to Buy and Watch

Dow Jones lower ahead of Powell speech;  7 Best Stocks to Buy and Watch
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Dow Jones futures edged lower in extended trading ahead of Federal Reserve Chairman Jerome Powell’s speech on Tuesday. The Dow Jones Industrial Average retreated on Monday, rising 305 points.


Powell speech, inflation data, earnings

Fed chief Powell will speak at the Sveriges Riksbank International Central Bank Independence Symposium held in Stockholm, the capital of Sweden. His speech is scheduled to begin at 9 am. Powell’s speech follows him Friday business report It saw wage growth cool more than expected and workers worked fewer hours for the second straight month. The data should allow the Fed to further slow the pace of rate hikes.

Consumer inflation data is due out on Thursday morning. CPI is expected to be unchanged for December and 6.6% higher year-on-year, according to Econoday estimates. according to CME’s FedWatch tooltraders are giving a 77% chance of a 25 basis point rate hike at the next Fed policy meeting in late January/early February.

The 10-year Treasury yield fell for a second session in a row, falling to 3.51% on Monday.

Jefferies (JEF) reported earnings that met estimates and sales that beat forecasts. Jefferies shares lost more than 3% in extended trading.

Other companies reporting later this week include KB Adam (KBH), Taiwan Semiconductor Manufacturing (TSM), Bank of America (BAC), Citigroup (c) and Wells Fargo (WFC). Dow Jones stocks JPMorgan Chase (JPM) and UnitedHealth Group (UNH) will report this week as well.

Stock Exchange Today

The Dow Jones Industrial Average lost 0.3% and the S&P 500 lost 0.1% on Monday. The tech-heavy Nasdaq composite rose 0.6%. between exchange traded fundsNasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.65% and the SPDR S&P 500 (SPY) inches down.

A giant electric car Tesla (TSLA) increased by 5.9% on Monday. between Dow Jones stocks, apple (AAPL) increased by 0.4% and Microsoft (MSFT) increased by 1% stock market today.

Deere (FROM), IBD Leaderboard stock ELF Beauty (ELF), Rio Tinto (RIO) and IBD SwingTrader stock Super Micro Computer (SMCI) — as well as Dow Jones names Caterpillar (CAT), Chevron (CVX) and Walmart (WMT) — are among the best stocks to buy and watch again in a market rally mode.

ELF Beauty is one IBD Leaderboard stock. Super Micro is new Idea of ​​IBD SwingTrader. Caterpillar and Rio was demonstrated In this week’s Stocks Near Buy Zone column.

4 Best Growth Stocks to Buy and Watch on Current Stock Market Rally

Dow Jones Futures Today: Oil Prices

Dow Jones futures were down 0.3% from fair value and S&P 500 futures were down 0.35% ahead of Tuesday’s opening bell. Tech-heavy Nasdaq 100 futures fell 0.4%. fair value. Don’t forget that it’s a one night stand Dow Jones futures and elsewhere does not necessarily become the actual trade on a regular basis Stock market session.

U.S. oil prices rose more than 1% on Monday, slightly recovering from last week’s sharp losses. West Texas Intermediate futures traded just below $75 a barrel.

IBD’s latest newsletter, MarketDiem, brings you actionable ideas for stocks, options and cryptocurrencies straight to your inbox.

What to Do in a New Stock Market Rally

Now is an important time to read IBD’s Big Picture column After strong gains on heavy volume on Friday, the stock market is in a “confirmed bullish” trend, sharply diverging from recent moves.

Friday’s positive action on high volume led the IBD market to enter a new stock market rally. Nevertheless, it is still an uncertain environment and exposure should be increased in moderation. Investors should be exposed to 20% to 40% for now.

(Check IBD Stock Lists whom IBD 50 and Stocks close to the buy zonefor additional fund ideas.)

Five Dow Jones Stocks to Buy and Watch Now

Dow Jones Stocks to Buy and Watch: Caterpillar, Chevron, Walmart

Dow Jones member Caterpillar remains in buy range above the flat base’s 239.95 buy point after falling 0.9% on Monday. according to IBD MarketSmith pattern recognition. The buy zone rises to the level of 251.95. As a bull, the stock’s relative strength line, a key technical indicator, is at new highs.

CAT reserve showing a strong 98 from a perfect 99 IBD Composite Ratingfor IBD Stock Check. The Composite Rating is designed to help investors easily find the best growth stocks.

Energy giant Chevron found strong resistance again at its 50-day line as it continues to build a cup base with a buy point of 189.78.

Discount retailer Walmart fell 1.25% on Monday, falling below its 50-day line. Shares are forming a cup with a handle that has a buy point of 154.74 and is about 6% away from the most recent entry.

Best stocks to buy and watch: Deere, ELF Beauty, Rio, Super Micro

The last IBD stock of the day Deere is establishing a flat base with a 448.50 buy point. Shares rose 0.4% on Monday, nearing a recent buy point.

IBD Stock Leaderboard ELF Beauty gave up a flat base entry of 57.03 on Monday, down 3.9%. Shares were off on heavy volume on Friday, indicating strong institutional demand for the cosmetics leader. The 5% buy zone is upside at 59.88 if the stock can recover the entry.

The last IBD stock of the day Rio Tinto pared Monday’s gains to just 0.1%, with a 73.45 buy point higher than the cup. The buying area is up to 77.13.

IBD SwingTrader stocks Super Micro Computer is moving quickly to the right of a short consolidation with a 95.32 buy point. Shares pared Monday’s gains to 0.45%.

Stocks to Buy and Watch in the New Stock Market Rally

These are the seven best stocks to buy and watch in today’s stock market, including three Dow Jones leaders.

Company Name Symbol The Right Buy Point Base Type
Deere (FROM) 448.50 flat base
ELF Beauty (ELF) 57.03 flat base
Rio Tinto (RIO) 73.45 Mug with handle
Super Micro Computer (SMCI) 95.32 Consolidation
Caterpillar (CAT) 239.95 flat base
Chevron (CVX) 189.78 main cup
Walmart (WMT) 154.74 Mug with handle
Source: IBD Data as of January 9, 2023

Join IBD’s experts as they analyze the leading stocks in the current stock rally on IBD Live

Tesla shares

Tesla shares It rose nearly 6% on Monday and added to Friday’s upward turn. Stocks remain sharply below the 50- and 200-day lines.

Last week, the stock hit a 52-week low of 101.81. Tesla shares are down nearly 68% from their 52-week high on Monday.

Dow Jones Leaders: Apple, Microsoft

between Dow Jones stocks, Apple shares rose 0.4% on Monday. Last week, the stock hit a new 52-week low of 124.17. The stock remains about 20% off its 52-week high.

Microsoft shares rose 1% on Monday, adding to Friday’s gains. The software giant is down nearly 30% from its 52-week high and is still near its 52-week low of 213.43 reached in November. 4.


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