The Dow Jones Industrial Average experienced a drop on Tuesday, leading up to minutes from the Federal Reserve’s latest policy meeting. Best Buy (BBY) saw a steep decline after reducing its full-year sales forecast, while Nvidia (NVDA) earnings are set to be released later today. Additionally, existing-home sales data from the National Association of Realtors is expected at 10 a.m. ET. The already sluggish existing-home sales in October are anticipated to decrease slightly to a 3.91 million rate, according to Econoday. Later today, the Federal Reserve will release the minutes at 2 p.m. ET, which are expected to provide insight into future interest rate moves.
Best Buy initially fell over 5% on Tuesday morning after surpassing earnings estimates but coming up short on revenue. The retail giant also lowered its full-year sales forecast due to challenging consumer demand, just ahead of the holiday shopping season.
Notable movers in the earnings space include Baidu (BIDU), Dick’s Sporting Goods (DKS), Keysight Technologies (KEYS), Kohl’s (KSS), Lowe’s (LOW), and Zoom Video Communications (ZM). Baidu stock surged 3%, DKS stock jumped over 9%, and Keysight shares rose nearly 2%. Conversely, Kohl’s shares took a hit, falling 12%, while Lowe’s skidded 3% and Zoom stock dipped over 4% in morning action.
After Tuesday’s opening bell, the Dow Jones Industrial Average shed 0.2%, the S&P 500 fell 0.3%, and the Nasdaq composite dropped 0.5% in morning activity. Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.5%, while the SPDR S&P 500 ETF (SPY) lost 0.3% early Tuesday. The yield on the 10-year U.S. Treasury bond ticked lower to 4.4% Tuesday morning. Oil prices paused after a two-day advance, as West Texas Intermediate futures fell around 0.5% Tuesday morning, holding steady above $77 a barrel.
There’s significance in reading IBD’s The Big Picture column amid the current stock market rally. Additionally, there are several top stocks to watch, including Amazon (AMZN), MercadoLibre (MELI), Shopify (SHOP), and Toll Brothers (TOL). Dow Jones stocks such as Microsoft (MSFT), Salesforce (CRM), and UnitedHealth (UNH) are also among the best stocks to watch in the current market rally.
In the stock market today, notable stocks include Amazon (AMZN), UnitedHealth (UNH), Toll Brothers (TOL), and MercadoLibre (MELI), each offering unique entry points. The so-called “Magnificent Seven” stocks, including Tesla (TSLA) and Nvidia (NVDA), are also in focus, with Tesla rising 2% and Nvidia falling 0.6% early Tuesday.
Dow Jones stocks, Apple (AAPL) and Microsoft (MSFT) are also important, with Apple climbing 0.9% on Monday and Microsoft moving up 2.05%. Be sure to stay updated by following X for insights on growth stocks and the Dow Jones Industrial Average.
