The Dow Jones Industrial Average fell 180 points Tuesday after key economic data. Meanwhile, Nvidia and Tesla stock rebounded from Monday's losses.
Early Tuesday, S&P Global's U.S. Services Purchasing Managers' Index measured 50.8 in November. That release was followed by the Institute of Supply Management's services index. That index rose to 52.7 in November vs. 51.8 in October.
Finally, the Labor Department's Job Openings and Labor Turnover Survey dropped to 8.733 million in October, down from September's 9.553 million.
Key earnings movers Tuesday morning include AutoZone, GitLab and Nio.
AutoZone shares reversed slightly lower in morning action, while GTLB stock soared 12%. NIO stock raced 6% higher in early action.
Dow Jones Today: Oil Prices, Treasury Yields
After Tuesday's opening bell, the Dow Jones Industrial Average dropped 0.5%, while the S&P 500 moved down 0.1%. The tech-heavy Nasdaq composite gained 0.4% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust rose 0.4%, while the SPDR S&P 500 ETF fell 0.1% early Tuesday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.18% Tuesday morning. On Monday, the benchmark settled at 4.28%, rebounding from its lowest close since early September.
Oil prices threatened to extend a losing streak to four sessions Tuesday, as West Texas Intermediate futures drifted narrowly lower. WTI held below $74 a barrel.
Stock Market Rally
On Monday, the Nasdaq composite closed 0.8% lower, but had been down as much as 1.7% early on. The S&P 500 fell 0.5%, extending a two-week rangebound pattern just as it tests its 2023 highs.
Meanwhile, the Dow Jones Industrial Average trimmed a 0.6% early loss to 0.1% at the closing bell. It closed above the 36,000 level for a second straight day.
Monday's Big Picture column commented, "After a five-week win streak, the stock market deserved a break, and it got one Monday. Selling never seemed excessive, indicating that stocks are experiencing a normal pause."
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.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Advanced Micro Devices and IBD Leaderboard stock Amazon, along with IBD SwingTrader stock Cloudflare and MongoDB — as well as Dow Jones stocks Boeing, UnitedHealth and Visa — are among the best stocks to watch in the current market rally.
Boeing and Cloudflare featured in this Stocks Near A Buy Zone column.
Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks To Watch
Aerospace stock Boeing is rapidly approaching a cup base's 243.10 buy point. The stock added 0.4% Monday, extending a win streak to five sessions. BA stock fell 0.7% Tuesday.
Health care giant UnitedHealth remains above a handle entry at 546.78 after Monday's 0.2% gain. UNH stock inched higher Tuesday.
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 fell 0.2% Tuesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: MDB Earnings Next
IBD Leaderboard stock Amazon gave up its cup base's 145.86 buy point during Monday's 1.5% drop. Shares remain sharply above an early entry at 134.48. AMZN stock gained 1.6% Tuesday 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 Monday. Shares were down 0.8% Tuesday.
IBD SwingTrader stock Cloudflare remains above a 76.07 cup-base buy point after last week's breakout move. NET stock lost 1.2% Tuesday.
Lastly, MongoDB gave up a part of its breakout gains Monday, with a 2.8% drop. Earnings are due late Tuesday, so the latest breakout move carries more risk. MDB stock rose 1.1% Tuesday.
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 | 145.86 | Cup base | |
| UnitedHealth | 546.78 | Handle entry | |
| Cloudflare | 76.07 | Cup base | |
| Advanced Micro Devices | 122.11 | Cup with handle |
Source: IBD Data As Of Dec. 4, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla reversed from early losses to rise 2.6% early Tuesday, while Nvidia bounced 1.9%.
Graphics-chip giant Nvidia dropped 2.7% Monday. Shares are now testing their 50-day line, about 4% below a 476.09 double-bottom entry.
Tesla stock declined 1.4% Monday, extending a losing streak to four sessions. Shares are above their 50-day line, as they test potential support there. 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, traded higher after today's stock market open.
Apple fell 0.95% Monday, but remained within striking distance of a cup-with-handle entry at 192.93. Apple shares moved up 2% Tuesday.
Microsoft stock dropped 1.4% Monday, further retreating from last week's all-time high at 384.30. The stock remains just above a cup base's 366.78 buy point. And MSFT stock was up 0.4% Tuesday 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.
