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The Dow Jones Industrial Average rose more than 475 points on Tuesday after Monday’s market sell-off. Apple and Microsoft have sought to bounce back from their own steep losses on Monday, while Tesla stock has climbed.
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Among the leaders of the Dow Jones, Apple (AAPL) rose 0.5% on Tuesday, while Microsoft (MSFT) rose 1% in today’s stock market. American Express (AXP) and Merck (MRK) are close to new shopping points on Tuesday morning.
You’re here (TSLA) rose 1.5% on Tuesday, as it would add to Monday’s 0.8% rise. The stock is just above its last buy point.
Among the best stocks to watch out for, Netflix (NFLX) and Service now (NOW) are in or near new buying zones despite the current weakness in the stock market.
Microsoft, ServiceNow and Tesla are stocks in the IBD ranking. American Express is an IBD SwingTrader share. Netflix was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones today
Early Tuesday, the Dow Jones Industrial Average rose 1.3%, while the S&P 500 was up 1.4%. The tech-rich Nasdaq composite climbed 1.5% in midday action.
Among exchange-traded funds, Innovator IBD 50 (FFTY) rose 1.7%. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 1.1%. And the SPDR S&P 500 ETF (SPY) rose 0.6%.
Weak stock market
The Nasdaq and S&P 500 fell to new recent lows on Monday, as the current market correction worsened. The Nasdaq closed at its lowest level since June 22 and may point to a test of its 200-day long-term moving average. Meanwhile, the Dow Jones Industrial Average gave up almost all of Friday’s 1.4% gain, but held on above its recent lows.
On Monday, The Big Picture commented, “Top performing growth stocks were under pressure again, fueling a 2.1% decline for the Nasdaq composite. %. “
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Dow Jones Stocks to Watch: American Express, Merck
Dow Jones leaders American Express and Merck are blue chip stocks to watch in today’s stock market.
IBD SwingTrader American Express stock is approaching a buy point of 178.90 in a handle cup, according to IBD MarketSmith chart analysis. Shares rose more than 1% on Tuesday morning and are around 2% of the new entry.
Merck threatened to end a four-day winning streak on Tuesday, down 0.2%. On Friday, Merck said its Covid pill halved the risk of hospitalization in an end-stage study, triggering an 8.4% increase and a breakthrough beyond a point of purchase of 79.33 in a flat base.
Stocks to watch: Netflix, ServiceNow
FANG stock leader Netflix continues to hold its own in a new buy zone despite Monday’s 1.6% bearish reversal. The title rose 3.2% Tuesday morning. The stocks are at the top of the 5% buy zone after an entry point of 593.39 in a consolidation amid the recent worldwide success of its “Squid Game” series.
According to IBD Stock Checkup, NFLX stock has a strong rating of 97 out of a perfect IBD composite rating of 99. The IBD composite rating identifies stocks with a mix of strong fundamental and technical characteristics.
IBD Leaderboard ServiceNow stock is trying to find support around its key 50-day moving average despite a weak overall market. But stocks fell more than 2% on Monday, closing below that key benchmark. Early Tuesday, the title seemed to regain this level, up 2.2%.
On the upside, the stock’s relative strength line peaked in late September, indicating that stocks are holding up well amid the current volatility in the stock market. But now the stock is under pressure again. During weak markets, look for stocks that hold up the best. When the market rebounds, these names may be among the next stocks to watch.
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Tesla shares
Tesla stock rose 1.5%, seeking to add to Monday’s 0.8% gain. TSLA stocks are above a buy point of 764.55 in a handle cup.
The title closed on Monday at around 13% of record highs. On January 25, Tesla stock hit a record high of 900.40, after climbing 93% from a buy point of 466 in a mug with handle model.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple rose 0.5% on Tuesday, seeking to bounce back from Monday’s 2.5% sell-off. The stock is still well below the 50 day line.
Software giant Microsoft rose 1% as the stock continues to trade below the 50-day line. A new flat base is forming with a buy point of 305.94.
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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