Dow Jones futures rose Tuesday morning as U.S. voters headed to the polls. Chip giant Nvidia (NVDA) jumped 3% after introducing a high-end chip designed to meet U.S. restrictions for export to China.
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Key earnings movers Tuesday were Diamondback Energy (FANG), GlobalFoundries (GFS), Lyft (LYFT), Mosaic (MOS) and Shockwave Medical (SWAV).
FANG stock traded a fraction lower in premarket trade, while GlobalFoundries rose more than 3%. Lyft shares dived more than 17%. Mosaic shares inched higher. And Shockwave shares lost more than 4%.
Electric-vehicle giant Tesla (TSLA) traded down 1% Tuesday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were squarely higher ahead of today’s stock market open.
Among the top stocks to buy and watch, Albemarle (ALB), IBD Leaderboard watchlist stock Arista Networks (ANET), CF Industries (CF) and New Fortress Energy (NFE) — as well as Dow Jones names Merck (MRK) and UnitedHealth Group (UNH) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard watchlist stock. Albemarle was featured in this week’s Stocks Near A Buy Zone column, along with three other top stock ideas. UnitedHealth IBD’s Stock Of The Day on Thursday.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Tuesday’s opening bell, the Dow Jones futures rose 0.3%, while S&P 500 futures moved up 0.4% vs. fair value. Nasdaq 100 futures gained 0.7% in morning action, with Nvidia and Amgen (AMGN) leading the index.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.7%, and the SPDR S&P 500 ETF (SPY) rose 0.4%.
The 10-year Treasury yield traded flat at 4.21% Tuesday morning, pausing after a four-day win streak saw the 10-year Treasury yield close in on its 52-week high. Meanwhile, U.S. oil prices traded down nearly 1%, with West Texas Intermediate futures holding just above $91 a barrel. Last week, WTI futures hit their highest point since mid-October.
Stock Market Rally Struggles
On Monday, the Dow Jones Industrial Average rallied 1.3%, while the S&P 500 gained 1%. The tech-heavy Nasdaq composite climbed 0.85%.
Monday’s The Big Picture commented, “While Monday’s steps were encouraging, the stock market has more work to do to gain investors’ confidence. IBD last week moved the market outlook to ‘uptrend under pressure’ after the nascent rally came under selling pressure.”
Now is an important time to read IBD’s The Big Picture column. Following recent selling, investors should be more focused on playing defense than buying breakouts.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Merck, UnitedHealth
Dow Jones member and IBD 50 stock Merck remains out of buy range past a double-bottom base’s 93.12 buy point, according to IBD MarketSmith pattern recognition. Merck shares inched higher Tuesday.
Health care giant UnitedHealth is trying to break out past a cup with handle’s 553.23 buy point, according to IBD MarketSmith. Shares climbed 1.3% Monday, just below their latest entry. UNH stock dipped 0.2% Tuesday morning.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Albemarle, Arista, CF, New Fortress
Lithium producer Albemarle is building the right side of a cup base that has a 308.34 buy point. Shares rose 0.5% Monday, extending a win streak to three sessions. ALB stock rose 0.6% early Tuesday.
IBD Leaderboard watchlist stock Arista Networks is trying to break out past a choppy base’s 132.97 buy point. ANET stock added 0.3% Tuesday morning.
CF Industries is trying to find support around its 50-day moving average amid Monday’s 1% loss. Shares are building a cup base that has a 119.70 buy point, according to IBD MarketSmith pattern recognition. CF stock was inactive Tuesday.
New Fortress Energy is rapidly approaching a cup base’s 63.16 buy point. With the stock about 6% away from new highs, keep an eye out for a handle to offer an earlier entry. The energy leader reported mixed results early Tuesday, sparking a 2.2% rally Tuesday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded 5% Monday, hitting a new 52-week low and reaching its lowest level since June 2021. Shares are more than 50% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant moved 1% lower Tuesday morning. Tesla delivered 71,704 China-made EVs in October, down 14% vs. September, according to the China Passenger Car Association (CPCA).
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.4% Monday, snapping a five-day losing streak. The stock climbed 0.3% Tuesday after two analyst firms maintained their buy/overweight ratings on the tech titan. But UBS lowered its price target to 180, while Morgan Stanley reduced its price target to 175.
Microsoft jumped another 2.9% Monday, continuing to rebound from Friday’s 52-week low. The software giant is about 35% off its 52-week high. Microsoft shares rose 0.5% Tuesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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