The Dow Jones industrial average jumped 350 points on Tuesday as Wall Street cheered a cooler-than-expected report on inflation. Meanwhile, Tesla shares rose after the electric-car giant raised the prices of some of its cars in China.
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October’s consumer price index was unchanged from September, a cooler than expected 0.1% monthly increase. Annual consumer prices rose 3.2%, below estimates of 3.3%. Core prices, excluding food and energy, rose 0.2% in the month, up 4% year-on-year. Both readings were below estimates.
Tesla (D.S.L.A) rallied more than 5% in morning trade after the company raised prices of its China-made Model 3 and Model Y cars. Tesla increased the price of its Model 3 base version by 1,500 yuan, or 0.6%. The entry-level version of the Model Y has gone up by 2,500 yuan, or 0.95%.
Key earnings moves of the session include: Home Depot (HD), In Holdings (onion), Tencent Music (TME) and Vipshop (V.I.P.S)
Home Depot shares rose more than 4% in early trading, while ON Holdings fell nearly 7%. Tencent Music rose 3%, while VipShop gained nearly 4% in morning action.
Dow Jones today: Oil prices, Treasury yields
After the opening hours on Tuesday, the Dow Jones industrial average rose 1.1%, while the S&P 500 gained 1.4%. The tech-heavy Nasdaq composite gained 1.8% in morning action.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.8%, while the SPDR S&P 500 ETF (espionage) rose 1.4% early Tuesday.
The 10-year US Treasury yield fell to 4.45% after the CPI inflation report. On Monday, the benchmark stood at 4.63%.
Oil prices added to gains on Monday as West Texas Intermediate futures rose nearly 1% to trade at $79 a barrel. WTI prices are recovering from their lowest levels since late July.
Stock market rally
On Monday, the Dow Jones index rose 0.2%, while the S&P 500 fell 0.1%. The Nasdaq lost 0.2%.
In Monday’s Big Picture column, “Although the current interest-rate hike cycle appears to be coming to an end, the potential for higher inflation and the potential for Federal Reserve policy continue to weigh on the stock market.”
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Stock Market Today: Top Stocks to Watch
Share on the IBD Leaderboard Amazon (AMZN), with Free market (Meli), Service now (Now) and Uber Technologies (UBER) — as well as Dow Jones stocks Intel (INTC), Walmart (WMT) and United Health (UNH) — is one of the best stocks to watch in the current market uptrend.
Intel is featured in this Stocks Near a Buy Zone column. Amazon and NOW stocks are members of the IBD Leaderboard.
Dow Jones Stocks to Watch
According to IBD MarketSmith chart analysis, chip giant Intel has a 37.22 buy point in the buy range at a double-bottom base. Intel shares fell 1.6% on Monday, still above the most recent entry. INTC rose 0.5% in early Tuesday trading.
Dow Jones retail titan Walmart is in buy range above the 165.85 buy point, according to IBD MarketSmith chart analysis. Shares rose 0.9% on Monday, overcoming a buy trigger. WMT stock was up 0.3% Tuesday morning.
Health care company UnitedHealth added a handle to a major consolidation, showing a new buy point at 546.78. UNH stock lost 0.6% on Tuesday.
4 Best Growth Stocks to Watch Stock market rally
Stocks to buy and watch: MELI adds handle
Amazon has moved above its 50-day moving average in recent weeks, topping out at 134.48. Right now, AMZN stock is within striking distance of the 145.86 buy point of a cup floor, while a handle may eventually form. Shares rose 1.9% on Tuesday.
MercadoLibre made it easy last week by adding a handle to the base of its forming cups. This takes the buy point to 1,398.59, according to the IBD MarketSmith model consensus. MELI stock rose nearly 5% Tuesday morning, surpassing a recent entry.
ServiceNow is out of buy range after breaking through the double-bottom entry at 607.90. A 5% buy zone rose to 638.30. This pattern can also be interpreted as a flat base with a buy point of 614.36. Now the stock is up 2.7% on Tuesday.
Amid Monday’s 1.3% advance, Uber is now extended above a buy trigger at 49.19. Uber shares added 1.3% on Tuesday morning.
Best stocks in today’s stock market action
These are four of the best stocks to watch in today’s stock market, including the Dow Jones leader.
| Name of the company | Symbol | Perfect buying point | Type of point of purchase |
|---|---|---|---|
| Amazon | (AMZN) | 134.48 | Double bottom |
| United Health | (UNH) | 546.78 | Handle the entry |
| Draft Kings | (D.K.N.G) | 31.10 | trend line |
| Uber Technologies | (UBER) | 49.19 | Double bottom |
Source: IBD data as of November 13, 2023
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Fantastic Seven Stocks: Nvidia, Tesla
Among the so-called “Magnificent Seven,” Tesla traded up 5.1% in early Tuesday trading. Nvidia (NVDA) gained 1.6%. Meanwhile, the Dow Jones technical icons Apple (AAPL) and Microsoft (MSFT) rose sharply after today’s stock market opened.
Graphics-chip giant Nvidia is in buy range beyond a double-bottom 476.09 entry after solid gains in recent sessions.
Tesla stock rose more than 4% on Monday, adding to Friday’s gains. The stock is trying to overcome firm resistance at the long-term 200-day moving average. Shares are 25% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple fell 0.9% on Monday, holding an early entry at 182.34. Shares are continuing a consolidation with a 198.23 buy point. Apple shares advanced 1.3% on Tuesday.
Microsoft shares fell 0.8% on Monday, giving a buy point of 366.78 a cup. In recent weeks, shares have risen above an initial buy trigger at 346.20. MSFT shares rose 1.1% Tuesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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