The Dow Jones Industrial Average fell on Wednesday as major stock indexes threatened to fall again after back-to-back selloffs in stock markets on Monday and Tuesday. Shares of Apple and Tesla traded sharply lower after the market opened.
Sports + Outdoors Academy (ASO), MongoDB (MDB), discount retailer Ollie’s Market Electrical outlets (OLLI), Thor Industries (THO) and home builder Toll Brothers (TOL) all reported profits ahead of Wednesday’s market open.
Shares of Academy rose nearly 5% after the company’s results, while shares of MDB soared more than 22% after a sharp drop in earnings. Shares of Ollie plunged 9%, while Thor Industries rebounded nearly 4%. And Toll Brothers climbed around 4% in early trade, after reporting better-than-expected results on Tuesday night.
Solar inventory Enphase Energy (ENPH) rose more than 1% after being named a top pick at Wells Fargo. Enphase shares fell below a buy point of 316.97 on Tuesday. SolarEdge Technologies (SEDG) jumped nearly 5% on a BofA Securities upgrade from neutral to buy. MasterCard (MA) edged lower Wednesday morning after the company announced a $9 billion share buyback program.
Electric vehicle giant You’re here (TSLA) was trading up more than 3% on Wednesday. Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were lower after today’s stock market open.
Celsius (CELH), Chubb (CB), IBD Ranking Action Dexcom (DXCM) and KLA (KLAC) – as well as the Dow Jones names caterpillar (CAT) and Chevron (CLC) and Home deposit (HD)—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.
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Dow Jones Today: Oil Price, Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 fell 0.25%. The tech-heavy Nasdaq composite traded down 0.7% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.3% and the SPDR S&P 500 ETF (SPY) lost 0.2% early Wednesday.
The 10-year Treasury yield rose to 3.55% on Wednesday morning, looking to rebound from Tuesday’s losses. Meanwhile, US oil prices rebounded slightly after three straight heavy losses, reversing nearly all of the previous week’s advance. West Texas Intermediate futures traded up 1% to over $74 a barrel after briefly dipping below $73 a barrel early Wednesday.
Stock market rally
On Tuesday, the stock market posted a second straight session of heavy losses, as the tech-heavy Nasdaq composite plunged another 2%. The Dow Jones Industrial Average fell 1%, while the S&P 500 fell 1.4%.
Tuesday’s The Big Picture commented: “The blue chip index fell 1.4% on Tuesday, wiping out all gains from Wednesday’s 3.1% breakout after Fed Chairman Jerome Powell’s speech. This week’s losses took the index back below the 4,000 level and the 200-day moving average – two important beacons for the stock market.”
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 continues to pull back from buying point 238 by a cup base, according to IBD MarketSmith’s pattern recognition, following Tuesday’s 1.8% loss. CAT stock was down 0.8% on Wednesday.
The CAT stock is posting a solid 94 out of a perfect IBD composite score of 99, according to the IBD stock balance sheet.
Energy giant Chevron slid 2.6% on Tuesday, still ending below a buy point of 182.50 in a consolidation basis. Shares of CVX rose 0.5% on Wednesday morning as oil prices paused amid this week’s decline.
Home improvement retailer The Home Depot ended Tuesday about 5% below the buy point of 333.08 a cup basis. HD stock traded up 0.3% on Wednesday.
4 growth stocks to watch in the currentrStock market rally
Top stocks to buy and watch: Celsius, Chubb, Dexcom, KLA
Energy drink maker Celsius was the only bright spot in Tuesday’s stock market selloff, climbing 0.5%. The shares are about 3% below the 118.29 cup basis buy point. The stock was up 0.5% on Wednesday.
Chubb moved further above the 216.10 one-cup buy point with a handle on Tuesday following the session’s 1% rise. The 5% buy zone peaks at 226.91. The insurance giant traded unchanged Wednesday morning.
IBD Leaderboard Dexcom stock is approaching an alternative entry at 123.46 and is about 5% off that buying point amid Tuesday’s 0.2% rise. Dexcom stock rose 0.9% early Wednesday.
The KLA chip leader ended Tuesday 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 in Tuesday’s stock market plunge. UCK shares were down 0.1% on Wednesday.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla stock slipped another 1.4% on Tuesday, adding to Monday’s slide. Despite recent losses, the stock remains above its recent lows, set in mid-November. The shares are 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 if the stock is able to mount another rally attempt.
Shares slid another 3.1% on Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 2.5% on Tuesday, dropping support around their 50-day line. The stock is more than 20% off its 52-week high. Apple stock traded up 1.3% on Wednesday.
Microsoft fell 2% on Tuesday as stocks continue to tread water above the 50-day line. The software giant remains around 29% off its 52-week high. Microsoft shares fell 0.7% early Wednesday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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