The Dow Jones Industrial Average Posts Loss While AMD Stock Rises
On Monday, the Dow Jones Industrial Average decreased as Wall Street responded to bleak economic reports from China. However, amidst this, AMD stock leads the way as one of the top stocks to purchase and keep an eye on during the ongoing stock market uptrend. [1]
Chinese industrial profits only rose by 2.7% year-over-year, signifying a slowdown from September’s 11.9% increase and August’s 17.2% gain, based on data released by the National Bureau of Statistics on Monday. The deceleration in growth puts pressure on the government to institute more stimulus measures. [1]
This week’s economic calendar is brimming with activities, including the release of October’s personal income and outlays report on Thursday, which features the Federal Reserve’s main inflation indicator, the PCE price index. Expectations are for a mild reading. However, there is still room for a surprise within the data. Thanks to a slight drop in retail sales, the PCE report will reveal whether service spending is also moderating. Additionally, Fed Chair Jerome Powell will be speaking at a fireside chat at Spelman College in Atlanta on Friday. [1]
This week’s notable earnings reports include Dow Jones software giant Salesforce (CFM), as well as Intuit (INTU), Pure Storage (PSTG), Dell Technologies (DELL), and Zscaler (ZS). [1]
Dow Jones Today: Oil Prices, Treasury Yields
Following Monday’s opening bell, the Dow Jones Industrial Average fell by 0.1%, the S&P 500 lost 0.15%, and the Nasdaq composite experienced a 0.1% decrease in morning trading. Several U.S. exchange traded funds, such as the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY), also registered declines. At the same time, the 10-year U.S. Treasury bond yield dropped to 4.44% Monday morning, after previously settling at 4.47%. Moreover, oil prices maintained near recent lows, with West Texas Intermediate futures trading below $75 a barrel. [1]
Stock Market Rally
On Friday, the Dow Jones Industrial Average rose by 0.3%, the S&P 500 moved up by 0.1%, and the Nasdaq composite dropped by 0.1%. The Big Picture column on Friday emphasized the need to be cautious when interpreting a shortened post-Thanksgiving session despite the higher number of advancers surpassing decliners. Now is a critical time to closely monitor IBD’s The Big Picture column amidst the continuous stock market rally. [1]
In today’s stock market action, Advanced Micro Devices (AMD), Amazon (AMZN), Shopify (SHOP), and Toll Brothers (TOL), as well as Dow Jones stocks Salesforce and UnitedHealth (UNH), stand out as the best stocks to observe during the current market rally. AMD and Shopify were recently featured in the Stocks Near A Buy Zone column while Amazon was a recent IBD Stock Of The Day. [1]
Dow Jones Stocks To Watch
Software leader Salesforce is getting close to a 228.79 buy point in a double-bottom base, while health care giant UnitedHealth is nearing a handle’s buy point at 546.78. As for AMD, it is trying to break out past a 122.11 buy point in a cup with handle pattern according to IBD MarketSmith analysis. Additionally, the buy zone for Homebuilder Toll Brothers extends up to 86.51 past a cup-with-handle’s 82.39 buy point. [1]
Today’s Stock Market Action
Here are the best stocks to watch in today’s stock market action:
- 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. [1]
Magnificent Seven Stocks: Nvidia, Tesla
The so-called “Magnificent Seven” stocks, Tesla (TSLA) and Nvidia (NVDA), were seen moving in the market as Tesla experienced a 1% decline early Monday and Nvidia rose by 0.8%. Following a three-session decline, Nvidia just stood slightly above a double-bottom base’s 476.09 entry. As for Tesla, the stock battled around its 50-day line after recently reinstating the 200-day line. [1]
Other notable Dow Jones leaders, Apple (AAPL) and Microsoft (MSFT), saw a decrease during today’s stock market trading. Apple, which dropped 0.7% on Friday, remains close to its highest point since early August. Microsoft, on the other hand, eased from an all-time high at 379.79. [1]
Don’t forget to connect with Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more updates on growth stocks and the Dow Jones Industrial Average. You may also be interested in exploring some top growth stocks to purchase and monitor, as well as learning how to time the market with IBD’s ETF Market Strategy. [1]
