The Dow Jones Industrial Average rose Tuesday morning as American voters headed to the polls. Chip giant Nvidia (NVDA) jumped 3% after introducing a high-end chip designed to meet U.S. restrictions on exports to China.
Key earnings moves on Tuesday were Diamondback Energy (ANIMAL TOOTH), GlobalFoundries (GFS), Lyft (LYFT), Mosaic (MOS) and Shockwave Medical (SWAV).
The FANG stock traded a fraction lower in morning trade, while GlobalFoundries gained more 6%. Shares of Lyft fell more than 16%. Mosaic shares rose. And Shockwave shares lost more than 6%.
Electric vehicle giant Tesla ( TSLA ) was down nearly 3% Tuesday morning. The Dow Jones Technology Leaders apple (AAPL) and Microsoft (MSFT) were higher after today’s market open.
Among the top stocks to buy and watch, Albemarle (ALB), IBD Leaderboard Watch List Stock Arista Networks (A NET), CF Industries (CF) and Energy New Fortress (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 Watch List stock. Albemarle was featured in this week’s Stocks Near a Buy Zone column, along with three other top stock ideas. UnitedHealth was IBD’s Stock Of The Day on Thursday.
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Dow Jones Today: Bond yields, oil prices
After Tuesday’s open, the Dow Jones Industrial Average was up 0.7%, while the S&P 500 was up 0.3%. The Nasdaq high-tech composite rose just 0.2 percent 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 0.4% and the SPDR S&P 500 ETF ( SPY ) rose 0.3%.
The 10-year Treasury yield traded lower at 4.19% on Tuesday morning, ending a four-day streak that saw the 10-year Treasury yield near a 52-week high. Meanwhile, U.S. oil prices fell nearly 1 percent, 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 Races
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 moves were encouraging, the stock market has more work to do to gain investor confidence. IBD last week changed 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. After the recent selloff, 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 range beyond the 93.12 buy point of the double bottom base, according to IBD MarketSmith standard recognition. Shares of Merck were lower on Tuesday.
Healthcare giant UnitedHealth is trying to break a cup with the handle’s 553.23 buy point, according to IBD MarketSmith. Shares rose 1.3% on Monday, just below their last entry. UNH stock was down 0.2% Tuesday morning.
4 Top Growth Stocks to Watch at Current Stock Market Rally
Top stocks to buy and watch: Albemarle, Arista, CF, New Fortress
Lithium producer Albemarle is making the right side of a cup base that has a buy point of 308.34. Shares rose 0.5 percent on Monday, extending a three-session winning streak. ALB stock rose 1.6% early Tuesday.
IBD Arista Networks Leaderboard Watchlist stock is trying to break through the base’s erratic buy point of 132.97. ONEThe stock lost 0.4% on 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 buy point of 119.70, according to IBD MarketSmith standard recognition. CF stock rose 0.3% on Tuesday.
New Fortress Energy is fast approaching the 63.16 buy point of a cup base. With the stock about 6% away from new highs, watch for a handle to offer an earlier entry. The energy leader reported mixed results early on Tuesday, sending it down 3%.
Join IBD’s experts as they analyze top stocks in the current stock market rally on IBD Live
Tesla stock fell 5% on Monday, hitting a new 52-week low and hitting its lowest level since June 2021. Shares are more than 50% off their 52-week high and well below their 50 moving average lines and 200 days.
Shares of the EV giant were trading 2.8% lower on Tuesday morning. Tesla delivered 71,704 Chinese electric vehicles in October, down 14 percent from September, according to the China Passenger Automobile Association.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple shares rose 0.4% on Monday, snapping a five-day losing streak. The stock rose 0.3% on Tuesday after two analyst firms maintained their buy/overweight ratings on the tech titan. But UBS cut its price target to 180, while Morgan Stanley cut its price target to 175.
Microsoft jumped 2.9% on Monday, continuing to recover from Friday’s 52-week low. The software giant is about 35% off its 52-week high. Microsoft shares were up 0.5% on 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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