Dow Jones Reverses On Key Housing Data; Micron Slides On Guidance

by ARKANSAS DIGITAL NEWS

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The Dow Jones Industrial Average reversed higher Tuesday after key housing data, led by the early release of the Case-Shiller Home Price Index. Meanwhile, Dow Jones aerospace giant Boeing (BA) jumped on an analyst upgrade.




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The S&P CoreLogic Case-Shiller index rose 0.7% on the month of September, in line with estimates, with a 3.9% annual gain. Further, the Federal Housing Finance Agency (FHFA) House Price Index climbed 0.6% in September, above estimates, following a 0.6% increase in August.

Boeing shares rallied 1.5% Tuesday morning after RBC Capital upgraded the stock from sector perform to outperform. The analyst hiked the price target from 200 to 275. Boeing shares are forming a cup base with a 243.10 buy point.

Key earnings movers Tuesday include PDD (PDD) and Zscaler (ZS). PDD stock soared more than 13% in early trade, while Zscaler shares tumbled 3%.

Finally, Micron Technology (MU) slid more than 4% after the company updated its Q1 fiscal 2024 guidance.

Dow Jones Today: Oil Prices, Treasury Yields

As the market heads into the final few days of a very strong November, the Dow Jones Industrial Average rose less than 0.1%, while the S&P 500 lost 0.1%. The tech-heavy Nasdaq composite fell 0.15% in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.15%, while the SPDR S&P 500 ETF (SPY) fell 0.1% early Tuesday.

The yield on the 10-year U.S. Treasury bond ticked higher to 4.4% Tuesday morning. On Monday, the benchmark settled at 4.38%.

Oil prices staged a weak bounce after more losses on Monday held them near recent lows. West Texas Intermediate futures rose more than 1% Tuesday morning to trade back above $75 a barrel. WTI hit a low below $73 in mid-November. In September, it traded above $93.


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Stock Market Rally

On Monday, the Dow Jones Industrial Average and S&P 500 both dropped 0.2%, while the tech-heavy Nasdaq composite dipped 0.1%.

Monday’s Big Picture column commented, “After the best four-week run for the S&P in one year and the Nasdaq’s best since January-February, buyers may be exhausted. At least they may be content to see what happens with their November trades.”

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 (AMD) and IBD Leaderboard stock Amazon (AMZN), along with IBD SwingTrader stock Shopify (SHOP) and Roku (ROKU) — as well as Dow Jones stocks Salesforce (CRM) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.

Salesforce and Shopify featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.


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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 the latest buy point. Shares were off 0.3% early Tuesday.

Health care giant UnitedHealth is trying to break out past a handle entry at 546.78. But shares fell back below that level with a 0.6% drop Monday. UNH stock was up 0.3% Tuesday.


4 Top Growth Stocks To Watch In The Stock Market Rally


Stocks To Buy And Watch: Roku Breaks Out

IBD Leaderboard stock Amazon moved further above its cup base’s 145.86 buy point during Monday’s 0.7% gain. Shares remain sharply above an early entry at 134.48. AMZN dropped 0.5% 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, amid Monday’s 0.3% rise. Shares were down 0.4% Tuesday.

IBD SwingTrader stock Shopify jumped out of buy range past a double bottom’s 67.60 buy point. The buy zone topped out at 70.98, so shares are extended. SHOP stock fell 2.1% early Tuesday after Piper Sandler downgraded the stock from neutral to underweight. The analyst reduced the price target from 58 to 56.

Roku surged past a 98.44 buy point, rallying 8.5% Monday. Shares jumped after Cannonball Research upgraded the stock from neutral to buy, with a 116 price target. ROKU stock added 0.6% 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 (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

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Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) moved down 0.1% early Tuesday, while Nvidia (NVDA) lost 1.2%.

Graphics-chip giant Nvidia snapped its three-day losing streak Monday, with a 1% gain. Shares are just above a double-bottom base’s 476.09 entry.

Tesla stock moved up another 0.3% Monday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line in recent weeks. 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 (AAPL) and Microsoft (MSFT), traded mixed after today’s stock market open.

Apple dropped 0.1% Monday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. The latest pause could be the start of a handle. Apple shares fell a fraction Tuesday.

Microsoft stock moved up 0.3% Monday, notching an all-time high at 380.64. The stock is nearing the top of its buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was up 0.8% 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.

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