The Dow Jones Industrial Average and other major stock indexes traded mixed Monday, as Wall Street reacted to a manufacturing report that came out early in the trading session. Tesla was an early winner, jumping on an analyst upgrade.
After the opening bell, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 was up 0.1%. The tech-heavy Nasdaq composite gained 0.7% in morning trading.
Early Monday, the 10-year Treasury yield ticked higher to 4.23%. Oil prices climbed, as West Texas Intermediate futures traded around $69 per barrel.
Among exchange traded funds, the Invesco QQQ Trust moved up 0.8%, while the SPDR S&P 500 ETF was up 0.2% after the open.
Tesla rallied 2.3% in morning action Monday after Roth MKM upgraded Tesla stock to buy from neutral with a price target of 380, up from 85. The investment bank said Chief Executive Elon Musk's "authentic support for Trump likely doubled Tesla's pool of enthusiasts and lifted credibility for a demand inflection."
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Stock Market Today: Economic Data Due
On the economic front, the Purchasing Managers' Manufacturing index rose to 49.7 in November. It was expected to hold steady at 48.8, according to estimates from Econoday.
Meanwhile, the Institute for Supply Management's manufacturing index rose to 48.4 in November. The index was expected to rise to 47.6 in November vs. October's 46.5 reading.
Dow Jones software leader Salesforce, Zscaler, SentinelOne and Okta will report earnings this week, along with Five Below, Dollar Tree, Lululemon Athletica and Ulta Beauty.
Also later this week, the November jobs report takes the economic spotlight Friday. The report could make the difference between a third-straight rate cut and a pause at the Fed's December meeting.
Economists polled by FactSet expect a gain of 180,000 jobs, including 177,500 in the private sector. That would be pretty weak, unless October's paltry gain of 12,000 jobs is revised substantially higher. The unemployment rate is seen rising to 4.2% from 4.1%.
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Dow Jones Hits New High
On Friday, the Dow Jones Industrial Average rose 0.4% to hit a new high, as the S&P 500 gained 0.6% and the Nasdaq composite climbed 0.8%.
Among the best companies to watch on the stock market today are Embraer, Cloudflare, TJX and Tradeweb Markets.
Dow Jones components making notable moves were Amazon.com, Apple, Microsoft and Sherwin-Williams.
Sherwin-Williams and Cloudflare are featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge's "Breaking Out Today" list Friday, namely Apple. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Sherwin-Williams Breaks Out
Dow Jones leader Sherwin-Williams is breaking out past a 392.57 buy point in a flat base, according to MarketSurge pattern recognition. Shares were up 0.3% Monday.
Outside the Dow Jones index, Cloudflare broke out in recent weeks, topping a 99.17 buy point in a cup with handle. The 5% buy zone runs up to 104.13, so shares are in buy range. Cloudflare stock jumped 5.8% Monday.
Embraer is in buy range above an alternative entry at 39.46 and is a recent IBD Stock Of The Day. Shares climbed 1.3% early Monday.
Retailer TJX is above a 121.13 flat-base entry following strong gains. TJX stock added 0.4% in early Monday trading.
Finally, Tradeweb closed Friday just below a 136.13 entry in a flat base. Tradeweb stock moved up 0.3% in early action Monday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Tradeweb | 136.13 | Flat base | |
| Sherwin-Williams | 392.57 | Flat base | |
| Broadcom | 186.42 | Handle entry | |
| Deckers Brands | 172.57 | Handle entry |
Source: IBD Data as of Nov. 26
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Magnificent Seven Stocks: Alphabet, Meta
Among Magnificent Seven stocks, Alphabet rose 1.7% in morning trading. Shares plunged below their 50-day line in recent weeks, but are trying to rebound.
Meta Platforms is trying to get back above its 50-day line amid recent gains, and is getting closer to a flat base's 602.95 buy point. Shares were up 2.4% Monday.
Dow Jones Leaders: Amazon, Apple, Microsoft, Nvidia
Among Dow Jones components in the Magnificent Seven, Amazon stock rallied sharply last week, decisively retaking a 201.20 buy point. It added 2.2% in morning trading Monday.
Shares of Apple are attempting to break out above a flat base's 237.49 entry. The stock gained 0.9% Monday morning.
Microsoft shares climbed 1% Monday morning. The stock reclaimed its 50-day line, a key level to watch, during last week's gains.
Nvidia stock gained 1.3% early Monday, with the artificial intelligence titan looking to rebound following a sharp pullback over the last few trading sessions. Shares remain near their 10-week moving average line, an important area to watch.
If the stock breaks that level in heavy volume, then further downside would be likely. Conversely, a decisive rebound would place the AI stock in a new buy area.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
