The Dow Jones Industrial Average tried to keep the party going by rising in morning trading on Wednesday as markets digested cooler-than-expected inflation data. Meanwhile, an industry giant Goal (TGT) rose due to strong earnings results.
The Labor Department’s Producer Price Index for October fell 0.5% month over month, well below estimates of a 0.1% rise, with a 1.3% year-over-year increase, also below expectations. Core producer prices, excluding food and energy, were unchanged during the month with an annual rise of 2.4%. This number was also lower than expectations.
Furthermore, the Commerce Department released US retail sales figures. Sales fell 0.1% in October, slightly better than the expected 0.3% decline. This resulted in the first monthly decline since March.
Shares of one major retailer, Target, rose in morning trading. Shares of the big player rose 17% after the company reported better-than-expected earnings and sales results for the third quarter.
Dow Jones Index Today: Oil Prices and Treasury Yields
After the opening bell on Wednesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.25%. The Nasdaq Composite, which was dominated by technology stocks, rose 0.2% in morning trading.
The yield on 10-year US Treasury bonds rose to 4.5% after the Producer Price Index inflation report. On Tuesday, the index settled at 4.44%.
Oil prices continued to strengthen after Monday’s gains, as West Texas Intermediate crude futures fell, trading just above $78 per barrel. WTI prices are rebounding from their lowest levels since late July.
Stock market pool
Wednesday’s gains came on the heels of a market boom. On Tuesday, the Dow Jones Industrial Average rose 1.4%, while the S&P 500 rose 1.9%. The Nasdaq advanced 2.4%.
“Inflation remains high, but new data eliminates the chance of another rate hike by the Fed during its January 31 meeting, Big Picture reported,” the Big Picture column commented on Tuesday. CME FedWatch. Now, futures traders believe there is a better than 60% chance that the Fed will start cutting interest rates as early as May.
Now is an important time to read IBD’s “Big Picture” column after recent gains. Be sure to read How to Invest During a Continuing Stock Market Uptrend.
Learn how to time the stock market with IBD’s ETF market strategy
Stock Market Today: Top Stocks to Watch
IBD Stock Leaderboard Amazon (Amzn), along with Mercadolibre (Millie), Service now (now) And Take care of the brothers (Tulle) – as well as Dow Jones stocks Intel Corporation (you are K), Walmart (And die) And UnitedHealth (United nations) — among the best stocks to watch in the current market rally.
MercadoLibre and Nvidia are featured in the column of stocks near this buy zone. Amazon and NOW Stock are members of the IBD Leaderboard.
Dow jones stocks to watch
Chip giant Intel is in a buy range beyond a 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock rose 3.1% on Tuesday, beating the last entry. INTC stock rose 0.8% early Wednesday.
Dow Jones retail giant Walmart is in a buy range beyond its 165.85 buy point. WMT stock rose 0.8% on Wednesday morning.
Healthcare giant UnitedHealth adds a handle to the massive consolidation, showing a new buy point at 546.78. UN stock lost 0.4% on Wednesday.
4 Higher Growth Stocks to Watch in Stock market pool
Stocks to Buy and Watch: Toll Brothers Breakout
Amazon has made a move back above the 50-day moving average line in recent weeks, surpassing the early entry level of 134.48. Now, AMZN stock has surpassed the 145.86 buy point of the cup base. Shares rose 0.6% on Wednesday.
MercadoLibre rose past a buy point of 1,398.59, according to IBD MarketSmith Pattern Recognition, during Tuesday’s 3.8% gain. MELI stock rose 0.8% on Wednesday morning.
ServiceNow moves out of a buy range after entering a double bottom base at 607.90. The buy zone rose 5% to 638.30. The pattern can also be interpreted as a flat base with a buy point of 614.36. Now the stock fell another 0.4% on Wednesday.
Homebuilder Toll Brothers jumped to a cup-with-handle buy point of 82.39 points, with an 8% rise on Tuesday. TOL stock is in the buy zone rising to 86.51. Shares were down 0.5% on Wednesday morning.
Top stocks in today’s stock market action
These are the four best stocks to watch in the stock market today, including Dow Jones stocks.
|Company Name||Code||Correct point of purchase||Point of purchase type|
|UnitedHealth||(United nations)||546.78||Handling entry|
|Take care of the brothers||(Tulle)||82.39||Cup with handle|
|Mercadolibre||(Millie)||1,398.59||Cup with handle|
Source: IBD data as of November 14, 2023
The 7 Great Stocks: Nvidia and Tesla
Among the so-called “Great Seven” stocks, Tesla (TSLA) rose 1.3% early Wednesday, while Nvidia (NVDA) lost 1.4%. Meanwhile, technology icons in the Dow Jones apple (Camel) And Microsoft (MSFT) was trading higher after the stock market opened today.
Graphics chip giant Nvidia is in a buy range beyond the 476.09 double-base entry after strong gains in recent sessions.
Tesla stock rose more than 6% on Tuesday, extending its winning streak to three sessions. Shares are facing resistance around the 50-day line after reclaiming the 200-day line earlier this week. Shares are down about 20% from their 52-week high.
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven, Apple rose 1.4% on Tuesday, closing at its highest level since September 5. Shares are rising above the early entry level at 182.34, as they continue to track consolidation that has a buy point at 198.23. Apple shares fell 0.3% on Wednesday.
Microsoft stock rose 1% on Tuesday, reclaiming the 366.78 cup base buy point and hitting an all-time high. In recent weeks, shares have risen above the early buy level of 346.20. MSFT stock rose 0.1% on Wednesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen To learn more about growth stocks and the Dow Jones Industrial Average.
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