Dow Jones futures dropped Monday morning, as Wall Street reacted to weak economic news out of China. Meanwhile, AMD stock leads six of the best stocks to buy and watch in the ongoing stock market uptrend.
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China’s industrial profits slowed to a 2.7% year-over-year rise, according to data released Monday by the National Bureau of Statistics. That followed an 11.9% increase in September and a 17.2% gain in August. The slowing growth places pressure on the government to roll out more stimulus measures.
The economic calendar is heavy this week, with Thursday’s personal income and outlays for October featuring the Fed’s primary inflation gauge, the PCE price index. Expectations are for a tame reading. Still, measures within the data leave room for a surprise. After a soft retail sales report, the PCE report will show whether spending on services is also moderating.
Further, Fed Chair Jerome Powell will speak at a fireside chat at Spelman College in Atlanta on Friday.
Big earnings reports this week include Dow Jones software giant Salesforce (CFM), along with Intuit (INTU), Pure Storage (PSTG), Dell Technologies (DELL) and Zscaler (ZS).
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday’s opening bell, Dow Jones futures dipped 0.2% vs. fair value, while S&P 500 futures lost 0.25%. Tech-heavy Nasdaq 100 futures fell 0.3% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.1%, while the SPDR S&P 500 ETF (SPY) fell 0.15% early Monday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.46% Monday morning. On Friday, the benchmark settled at 4.47%.
Oil prices continued to pull back and hold near recent lows. West Texas Intermediate futures fell around 1% Monday morning to trade below $75 a barrel. WTI hit a low below $73 in mid-November. In September, it traded above $93.
Stock Market Rally
On Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 moved up 0.1%. The tech-heavy Nasdaq composite lost 0.1%.
Friday’s Big Picture column commented, “Advancers outnumbered decliners by nearly 3-to-1 on the New York Stock Exchange and by over 2-to-1 on the Nasdaq, a good sign. Nevertheless, canny investors will realize it is foolhardy to read too much into a shortened post-Thanksgiving session.”
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 Shopify (SHOP) and Toll Brothers (TOL) — as well as Dow Jones stocks Salesforce and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
Salesforce and Shopify featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.
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Dow Jones Stocks To Watch
Software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is about 3% away from the latest buy point. Shares were slightly lower early Monday.
Health care giant UnitedHealth is closing in on a handle’s buy point at 546.78. UNH stock was off 0.1% Monday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: AMD Breaks Out
IBD Leaderboard stock Amazon moved further above its cup base’s 145.86 buy point during Friday’s slight gain. Shares remain sharply above an early entry at 134.48. AMZN tacked on 0.6% Monday 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, amid Friday’s 0.2% drop. Shares were slightly lower Monday.
IBD SwingTrader stock Shopify is in buy range past a double bottom’s 67.60 buy point. The buy zone tops out at 70.98, so shares are nearly extended. SHOP stock rallied more than 4% early Monday, on positive data regarding the launch of the holiday shopping season.
Homebuilder Toll Brothers remains in buy range past a cup-with-handle’s 82.39 buy point in the wake of its recent breakout move. The buy zone goes up to 86.51. TOL stock rose a fraction Monday morning.
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 |
| Toll Brothers | (TOL) | 82.39 | Cup with handle |
| Advanced Micro Devices | (AMD) | 122.11 | Cup with handle |
Source: IBD Data As Of Nov. 27, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) moved up 0.4% early Monday, while Nvidia (NVDA) edged lower.
Graphics-chip giant Nvidia extended its losing streak to three sessions Friday, with a 1.9% decline. Shares are just above a double-bottom base’s 476.09 entry.
Tesla stock bounced 0.5% Friday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line in recent weeks. A big double bottom has a 278.98 buy point.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT), traded lower ahead of today’s stock market open.
Apple dropped 0.7% Friday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. The latest pause could be the start of a handle. Apple shares dipped 0.2% Monday.
Microsoft stock moved down a fraction Friday, easing from an all-time high at 379.79. The stock is squarely in buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was down 0.3% Monday 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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