by The Dow Jones Industrial Average rose Monday morning disney (DIS) shares rose nearly 10% after the company announced that Bob Iger will return as Chief Executive Officer. Oil prices in the US plummeted as OPEC considered an increase in production. Meanwhile, Tesla stock hit a new 52-week low in morning trading.
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The short holiday week will receive a burst of economic data on Wednesday, including consumer confidence, durable goods orders, first jobless claims, Fed minutes, PMI readings and new home sales. The stock market is closed on Thursday for Thanksgiving, along with a shortened trading session on Friday.
Earnings reports this week are included Baidu (BIDU), Best Buy (BBY), Deere (THE), li car (LI), Nordstrom (JWN), Urban Outfitters (URBN), Zoom video (ZM).
Cryptocurrency exchange Coin base (COIN) fell nearly 3%, and the price of Bitcoin fell 2.5% on concerns that the meltdown linked to the FTX bankruptcy could widen. Giant of electric vehicles Tesla (TSLA) was down more than 3% Monday morning as the company released a software update related to taillights on more than 300,000 cars.
Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were mixed after today’s market open.
IBD Leaderboard stock Arista Networks (A NET), GlobalFoundries (GFS), Philips 66 (PSX), Shoals Technologies (SHLS) — as well as the Dow Jones name Caterpillar (CAT) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD stock of the day. GlobalFoundries was near a buy zone in the Equities section last week. Shoals was Thursday’s IBD 50 Stocks To Watch pick.
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Dow Jones Today: Oil Prices, Treasury Yields
After Monday’s opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell 0.25%. The tech-heavy Nasdaq composite was down 0.4% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.3% early Monday and the SPDR S&P 500 ETF (SPY) fell 0.25%.
The yield on 10-year Treasury bills ticked lower to 3.78% Monday morning, threatening to break a two-day profit streak. Meanwhile, oil prices in the US fell more than 4% on Monday after the Wall Street Journal reported that OPEC is considering a production increase of up to 500,000 barrels per day. West Texas Intermediate futures traded below $77 a barrel on Monday.
Stock market rally
On Friday, the Nasdaq ended nearly flat, while the Dow Jones Industrial Average and S&P 500 posted gains of 0.6% and 0.5%, respectively.
Friday’s Big Picture noted: “If the current stock market uptrend is going to lead to meaningful gains, it must show resilience in a headline-driven environment. Susan Collins refused to rule out a fifth consecutive 75 basis point interest rate hike at the next Fed meeting in December.”
This is an important time to read IBD’s The Big Picture column amid the continued volatility in the stock market.
Five Dow Jones stocks to buy and watch now
Dow Jones Stocks to Buy and Watch: Caterpillar
Dow Jones member Caterpillar snapped a losing streak Friday, but remains about 3% below a cup base’s 238 buy point, according to IBD MarketSmith pattern recognition. CAT, which is highly exposed to the Chinese economy, lost 0.8% on Monday.
CAT stocks have an impressive 95 out of a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup.
4 Top Growth Stocks to Watch in the Current Stock Market Rally
Top stocks to buy and watch: Arista, GlobalFoundries, PSX, Shoals
IBD Leaderboard share of Arista Networks surged above the 132.97 buy point from a choppy base during Friday’s 2.6% gain. ANET shares fell 0.4% on Monday.
Chip foundry GlobalFoundries is in buy range above a buy point of 66.06 in a cup base after Friday’s 1.2% gain, according to IBD MarketSmith pattern recognition. GFS shares fell 0.8% Monday morning.
The recent IBD 50 stock to watch, Phillips 66, remains below the 110.08 buy point of a cup-with-handle base. PSX shares were trading 1.5% lower in morning trading.
Shoals Technologies remains out of buy range after a buy point of 28.57 despite falling 2% on Friday. The 5% buy zone peaked at 30. Wait for an orderly pullback in the buy range before considering a stock buy. SHLS shares fell 1.9% on Monday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock
Tesla stock fell another 2.6% on Friday, falling sharply for the third consecutive session. The stock reached a new 52-week low of 176.55 on Friday. Tesla shares are about 55% down from their 52-week highs and sharply below their 50- and 200-day moving averages.
Shares of the EV giant fell 3.5% Monday morning, hitting a new 52-week low.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.4% on Friday, adding to Thursday’s gains and continuing their recovery from support around their 50-day line. The stock was down 1.6% on Monday.
Microsoft fell lower on Friday, still holding above the recently regained 50-day line. The software giant remains about 30% from its 52-week high. Microsoft shares rose 0.8% Monday morning.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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