Dow Jones futures were little changed ahead of Tuesday’s open, along with S&P 500 futures and Nasdaq 100 futures, in overnight trade. Seven best stocks to buy and watch in the stock market rally include e-commerce leader Amazon (AMZN) and sports-betting giant DraftKings (DKNG).
FANG stock was up modestly in late trade, while NXP shares edged higher. Finally, Vertex shares sold off 2.5% in extended trade.
Stock Market Today: Dow Jones Rallies
On Monday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved up 0.2%. The tech-heavy Nasdaq composite climbed 0.3%.
Electric-vehicle giant Tesla (TSLA) moved down 0.3% Monday, while stock market leader Nvidia (NVDA) gained 1.7%. Meanwhile, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded squarely higher in today’s stock market, with AAPL stock up 1.5% and Microsoft shares up 1.1%.
Amazon, along with IBD Leaderboard stock DraftKings, MercadoLibre (MELI) and Uber Technologies (UBER) — as well as Dow Jones stocks Intel (INTC), Walmart (WMT) and UnitedHealth (UNH) — are among the best stocks to buy and watch in the current market rally.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield rebounded from last week’s heavy losses, settling at 4.66%. Meanwhile, oil prices bounced modestly, as West Texas Intermediate futures closed below $81 a barrel.
Stock Market Rally: What To Do Now
Now is an important time to read IBD’s The Big Picture column, with the stock market outlook back in a confirmed uptrend.
Following Wednesday’s bullish follow-through day, investors should be raising their market exposure. IBD recommends a level of 20% to 40% until the trend strengthens further. One factor in that decision is how the market reacts to Apple’s earnings and the jobs report.
Don’t just plunge into the market. While no market uptrend has ever begun without one, not every follow-through succeeds. So raise your exposure gradually as more and more breakouts emerge.
A great resource for daily breakouts is IBD MarketSmith’s “Breaking Out Today” list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. Meanwhile, the MarketSmith “Near Pivot” list shows stocks nearing buy points in bases.
Dow Jones Stocks: Intel, Walmart, UnitedHealth
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock moved up 0.5% Monday.
Stocks To Buy And Watch: DraftKings Extends Gains
Amazon made a bullish move back above its 50-day line last week, as shares topped an early entry at 134.48. AMZN stock rose 0.8% Monday.
DraftKings surged above the 50-day line last week, moving above two entries: a trendline drawn from the Aug. 4 peak with an alternative entry at 31.10 and a 32.65 entry. On Monday, DKNG stock added 4%, topping a consolidation’s 34.49 buy point.
MercadoLibre rallied sharply last week, moving up the right side of a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. MELI stock fell 0.9% Monday.
And Uber Technologies raced nearly 3% higher Friday, taking out an early buy trigger at 47.27. Uber stock is building a double-bottom base with a 49.19 buy point. UBER stock tacked on 0.8% Monday.
Best Stocks To Buy And Watch In Today’s Stock Market Action
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
|Company Name||Symbol||Correct Buy Point||Type Of Buy Point|
|Uber Technologies||(UBER)||49.19||Double bottom|
Source: IBD Data As Of Nov. 6, 2023
Tesla stock reversed 0.3% lower Monday, still seeing stout resistance around the long-term 200-day moving average. Shares are around 27% off their 52-week high.
Early Monday, Reuters reported the EV giant plans to build a 25,000-euro ($26,838) car at its factory near Berlin.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple rallied 1.5% Monday, rebounding from Friday’s losses. AAPL stock regained its 50-day line, a key level to watch.
Microsoft stock moved up another 1.1% Monday, rallying for a seventh-straight session. Shares are above an early buy trigger at 346.20 and moving closer to a cup base’s official buy point at 366.78.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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