Dow Jones futures dipped Monday morning as Wall Street awaited further guidance from the Federal Reserve on its plans on future interest rates. Meanwhile, Nvidia stock leads a list of best stocks to buy and watch.
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It looks to be a quieter week on the economic front, with the stock market closed Thursday for the Thanksgiving holiday and a half-day for Black Friday. But on Tuesday afternoon, the Fed is expected to release minutes from its latest policy meeting. The minutes are expected to provide insight into the Federal Reserve’s thinking on future interest rates.
As earnings season winds down, key movers this week include Baidu (BIDU), Best Buy (BBY), Deere (DE), Keysight Technologies (KEYS), Kohl’s (KSS), Lowe’s (LOW) and Zoom Video Communications (ZM).
Meanwhile, tech titan Nvidia (NVDA) will report after the close Tuesday.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday’s opening bell, Dow Jones futures edged down 0.1% vs. fair value, while S&P 500 futures inched higher. Tech-heavy Nasdaq 100 futures traded up 0.1% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up a fraction, while the SPDR S&P 500 ETF (SPY) lost 0.1% early Monday.
The yield on the 10-year U.S. Treasury bond ticked higher to 4.48% Monday morning. On Friday, the benchmark settled at 4.44%.
Oil prices extended Friday’s rebound, as West Texas Intermediate futures nearly 2% Monday morning. WTI prices are trading above $77 a barrel.
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Stock Market Rally
On Friday, the Dow Jones Industrial Average inched higher, while the S&P 500 tacked on 0.1%. The Nasdaq composite also gained 0.1%.
Friday’s Big Picture column commented, “The stock market’s November rally is already the best since the pandemic bear market’s low. The Nasdaq just logged its largest three-week advance since April of 2020. For the S&P 500, it’s the best three-week stretch since May-June 2020, according to Dow Jones Market Data.”
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
IBD Leaderboard stock Amazon (AMZN), along with MercadoLibre (MELI), Nvidia, IBD SwingTrader stock Shopify (SHOP) and Toll Brothers (TOL) — as well as Dow Jones stocks Microsoft (MSFT), Salesforce (CRM) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
MercadoLibre and Nvidia were featured in this Stocks Near A Buy Zone column. Amazon and MercadoLibre are members of IBD Leaderboard.
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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 its latest buy point. Shares inched lower early Monday.
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock fell a fraction Monday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Shopify Breaks Out
Amazon is closing to retaking its cup base’s 145.86 buy point during Friday’s 1.65% gain. Shares remain above an early entry at 134.48. AMZN stock was unchanged Monday.
IBD Leaderboard stock MercadoLibre continues to trade in a buy zone past a 1,398.59 buy point, according to IBD MarketSmith pattern recognition, after Friday’s 1.5% loss. MELI stock was up 2% Monday morning.
IBD SwingTrader stock Shopify is trying to break out past a double bottom’s 67.60 buy point. The buy zone tops out at 70.98. SHOP stock rose 0.5% Monday morning.
Homebuilder Toll Brothers remains in buy range past a cup-with-handle’s 82.39 buy point in the wake of last week’s breakout move. The buy zone that goes up to 86.51. TOL stock rose 0.1% 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 |
| MercadoLibre | (MELI) | 1,398.59 | Cup with handle |
Source: IBD Data As Of Nov. 20, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) gained 0.5% early Monday, while Nvidia (NVDA) moved up 0.7%.
Graphics-chip giant Nvidia is in buy range past a double-bottom base’s 476.09 entry amid Friday’s 0.4% loss.
Tesla stock reversed from early losses to move up 0.3% Friday. Shares are facing strong resistance around their 50-day line after retaking the 200-day line last week. TSLA is around 20% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT), traded mixed ahead of today’s stock market open.
Apple inched lower Friday, still at its highest level since Aug. 5. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. Apple shares dipped another fraction Monday.
Microsoft stock moved down 1.7% Friday, falling from its recent all-time highs. The stock is holding above a cup base’s 366.78 buy point and in buy range. In recent weeks, shares rose above an early buy trigger at 346.20.
MSFT stock climbed 1.4% Monday morning after the company announced former OpenAI chief Sam Altman will join Microsoft to lead a new advanced research team dealing in artificial intelligence.
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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