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The Dow Jones Industrial Average lost 50 points on Tuesday on a warmer-than-expected inflation report. The earnings season has started with strong reports from Goldman Sachs and JPMorgan. And Tesla stock reversed lower in morning trading.
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Among the leaders of the Dow Jones, Apple (AAPL) fell 0.2% on Tuesday, while Microsoft (MSFT) rose 0.2% in today’s stock market. Mcdonalds (MCD) was stable after the opening and is just below a new buy point.
Goldman Sachs (GS) and JP Morgan (JPM) released its earnings ahead of the market opening on Tuesday.
You’re here (TSLA) appeared to increase Monday’s 4.35% gain, but reversed almost 1% lower in morning trading.
Among the best stocks to buy and watch, Pay Pal (PYPL), Year (YEAR), Shopify (SHOP) and Square (SQ) are in or near new shopping areas.
Microsoft and Shopify are stocks of the IBD rankings. Roku is an IBD SwingTrader share. PayPal and Square were featured in this week’s Near A Buy Zone Stocks column.
Dow Jones Today: Inflation Fears
After the market opened on Tuesday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 lost 0.15%. The tech-rich Nasdaq fell 0.2%.
Early Tuesday, the Labor Department announced that the consumer price index was up 5.4% from a year ago, the biggest jump in nearly 13 years. Economists polled by Dow Jones expected a gain of 5%. The CPI measures the weighted average of the prices of a basket of consumer goods and services, such as transport, food and health care.
Stock exchange rally
The Nasdaq and S&P 500 hit record highs on Monday, and Dow Jones Industrials are trading just below the all-time high set in early May.
Monday’s Big Picture column noted, “With the stock market still in a confirmed uptrend, it makes sense to look for stocks to buy. But if you’re happy with your current exposure, it’s also a good idea to assess your current holdings. If you have a few good winners who continue to hold themselves above key support levels, give them room to work. But consider cutting a winning position if a stock breaks support at the 21-day exponential moving average. “
For more stock market commentary, check out The Big Picture from IBD.
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Dow Jones Stocks to Buy and Watch: McDonald’s
Restaurant giant Dow Jones McDonald’s is trading below a buy point of 238.28 on a flat basis, according to IBD MarketSmith’s chart analysis, after Friday’s 1.2% gain. Stocks were flat on Tuesday morning.
McDonald’s was featured in Friday’s IBD Industry Themes column, with Mexican Grill Chipotle (CMG). Chipotle stock is in a new buying range.
Dow Jones Profits: Goldman Sachs, JPMorgan
Investment banks Goldman Sachs and JPMorgan announced their results ahead of the stock market opening on Tuesday.
Goldman Sachs earned $ 15.02 a share on $ 15.39 billion in revenue, easily exceeding analysts’ targets. GS action reversed nearly 1% down Tuesday morning. The stock closed 2.7% higher on Monday, just 3% off a new 52-week high.
JPMorgan posted strong second quarter results with earnings of $ 3.78 per share on revenue of $ 30.5 billion. Despite falling profits, stocks fell nearly 1% on Tuesday. On Monday, the stock failed to regain its key 50-day line on Monday and forms a flat base with a buy point of 167.54.
Stocks to buy and watch: PayPal, Roku, Shopify, Square
Shares of the IBD PayPal rankings are in the 5% buy zone after a cup with the handle’s buy point of 296.11 after last week’s breakout. The 5% buy area rises to 310.92. Stocks fell 0.3% on Tuesday and are squarely in the buy range.
On June 17, the premier payment processor broke an entry of 277.96 in a cup base and is comfortably above that level. The rankings noted that the stock’s growing relative strength line is a positive attribute, even though it remains below its 2021 high.
According to the IBD Stock Checkup, PayPal stock has a strong rating of 95 out of a perfect IBD composite rating of 99. The IBD composite rating identifies stocks with a mix of strong fundamental and technical characteristics.
Square continues to build the right side of a cup base that offers a buy point of 278.23. Meanwhile, a potential handful is about to form, but requires an extra day. A handful would offer a new buy point at 254.88. The title lost 0.5% on Tuesday.
The stock IBD 50 Roku added a handle to a cup base, moving the buy point from 486.82 to 463.09. Shares climbed 0.2% on Tuesday, trading at around 7% of the new entry.
Roku is an IBD SwingTrader share.
Shopify is still below a buy point of 1,552.33 in a handle mug, according to graphical analysis from IBD MarketSmith. Shares rose 0.5% on Tuesday after Monday’s slight drop. Shopify is around 5% of the point of purchase after last week’s brief breakout attempt.
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Tesla shares
Tesla stock reversed nearly 1% lower on Tuesday, in a bid to cede part of Monday’s 4.35% gain and end a three-day winning streak. The EV giant continues to rebound from key support at its key 50 and 200-day moving averages. A strong display of support at these levels is bullish for the stock outlook.
On January 25, Tesla stock hit a record high at 900.40, after climbing 93% from a buy point of 466 in a handle mug.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple fell 0.2% on Tuesday, keeping pace with almost all of Monday’s 0.4% loss. Apple stock is now extended beyond the 5% buy zone from an entry of 137.17 in a cup base, according to IBD MarketSmith’s chart analysis.
Microsoft continues to trade solidly above the buy point of 263.29 cups. The shares rose 0.2% on Tuesday and are extended. The 5% buy area rises to 276.45.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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