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Dow Jones Rises On Weak Jobs Data; Apple Stock Breaks Out Past Buy Point

The Dow Jones Industrial Average rose Wednesday after a weaker-than-expected jobs report. Meanwhile, Apple stock is breaking out past its latest buy point.


Early Wednesday, payroll processor ADP delivered its National Employment Report. The U.S. economy added 103,000 jobs in November, below estimates for a 123,000 increase and down from October’s 113,000 increase.

Dow Jones tech icon Apple (AAPL) broke out Tuesday, above a 192.93 cup-with-handle entry. That places the iPhone maker in a new buy zone. Shares rose 0.6% in morning action Wednesday.

Key earnings movers Wednesday morning include AeroVironment (AVAV), Asana (ASAN), MongoDB (MDB), Ollie’s Bargain Outlet (OLLI) and Toll Brothers (TOL).

AVAV stock dived 12% in early trade, while Asana shares plummeted nearly 18%. MDB stock tumbled more than 6%, as Ollie shares rallied 3% in early action. Finally, Toll Brothers shares climbed around 3% in morning trading.

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After Wednesday’s opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 moved up 0.4%. The tech-heavy Nasdaq composite rallied 0.4% in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.4%, while the SPDR S&P 500 ETF (SPY) gained 0.35% early Wednesday.

The yield on the 10-year U.S. Treasury bond ticked lower to 4.15% Wednesday morning. On Tuesday, the benchmark settled at 4.17%, back at its lowest level since early September.

Oil prices threatened to extend a losing streak to five sessions Wednesday, as West Texas Intermediate futures lost more than 2%. WTI moved below $71 a barrel, its lowest level since early July.

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Stock Market Rally

On Tuesday, the Dow Jones Industrial Average fell 0.2%, and the S&P 500 moved down 0.1%. The tech-heavy Nasdaq composite rose 0.3%.

Tuesday’s Big Picture column commented, “A fightback by megacap tech stocks was a key feature of the day’s action. Apple and Nvidia led the Magnificent Seven higher. Apple turned in a gain of 2.1%, as its valuation moved back above the magic $3 trillion mark in the process. It got a boost after iPhone assembler Foxconn raised its sales outlook.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.

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Stock Market Today: Best Stocks To Watch

Advanced Micro Devices (AMD) and IBD Leaderboard stock Amazon (AMZN), along with IBD SwingTrader stock Cloudflare (NET) and MongoDB (MDB) — as well as Dow Jones stocks Boeing (BA), UnitedHealth (UNH) and Visa (V) — are among the best stocks to watch in the current market rally.

Boeing and Cloudflare are featured in this Stocks Near A Buy Zone column.

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Dow Jones Stocks To Watch

Aerospace stock Boeing is rapidly approaching a cup base’s 243.10 buy point. The stock dipped 0.3%, snapping a five-day win streak. BA stock rose 0.4% Wednesday.

Health care giant UnitedHealth remains above a handle entry at 546.78 after Monday’s 0.4% gain. UNH stock dropped 0.6% Wednesday.

Payments leader Visa is in buy range above a 250.06 buy point in a cup base, according to IBD MarketSmith pattern recognition. V stock rose 0.6% Wednesday.

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Stocks To Buy And Watch: MDB Falls On Earnings

IBD Leaderboard stock Amazon again regained its 145.86 buy point out of a cup base during Tuesday’s 1.4% rise. Shares remain sharply above an early entry at 134.48. AMZN stock inched lower Wednesday morning.

Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, but moved further below that entry Tuesday. Shares were up 2.6% Wednesday.

IBD SwingTrader stock Cloudflare remains above a 76.07 cup-base buy point after last week’s breakout move. NET stock rose 0.3% Wednesday.

Lastly, MongoDB added to its recent breakout gains Tuesday, with a 2.5% gain. Shares closed above a handle entry at 412.67. But MDB stock toppled 6% Wednesday morning after the company’s earnings report.

Best Stocks 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
Amazon (AMZN) 145.86 Cup base
UnitedHealth (UNH) 546.78 Handle entry
Cloudflare (NET) 76.07 Cup base
Advanced Micro Devices (AMD) 122.11 Cup with handle
Source: IBD Data As Of Dec. 6, 2023

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Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) moved up 2.6% early Wednesday, while Nvidia (NVDA) climbed 0.5%.

Graphics-chip giant Nvidia rallied 2.3% Tuesday, as the stock bounced off its 50-day line, still about 2% below a 476.09 double-bottom entry.

Tesla stock rose 1.3% Tuesday, ending a four-day skid. Shares are rebounding from their key 50-day line, which is a potential support level. The stock’s big double-bottom pattern has a 278.98 buy point.

Dow Jones Leaders: Apple, Microsoft

Two Dow Jones stocks in the Magnificent Seven, Apple and Microsoft (MSFT), traded higher ahead of today’s stock market open.

Apple rallied 2.1% Tuesday, breaking out past a cup-with-handle entry at 192.93. Apple shares moved up 0.6% Wednesday.

Microsoft stock rebounded 0.9% Tuesday, moving further above a cup base’s 366.78 buy point, but still in buy range. And MSFT stock was up 0.2% Wednesday morning.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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