Dow Jones futures dipped Monday morning as Wall Street awaited further guidance from the Federal Reserve on its plans on future interest rates. Meanwhile, Nvidia stock leads a list of best stocks to buy and watch.
It looks to be a quieter week on the economic front, with the stock market closed Thursday for the Thanksgiving holiday and a half-day for Black Friday. But on Tuesday afternoon, the Fed is expected to release minutes from its latest policy meeting. The minutes are expected to provide insight into the Federal Reserve’s thinking on future interest rates.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday’s opening bell, Dow Jones futures edged down 0.1% vs. fair value, while S&P 500 futures edged lower. Tech-heavy Nasdaq 100 futures traded around breakeven in morning action.
The yield on the 10-year U.S. Treasury bond ticked higher to 4.48% Monday morning. On Friday, the benchmark settled at 4.44%.
Stock Market Rally
Friday’s Big Picture column commented, “The stock market’s November rally is already the best since the pandemic bear market’s low. The Nasdaq just logged its largest three-week advance since April of 2020. For the S&P 500, it’s the best three-week stretch since May-June 2020, according to Dow Jones Market Data.”
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Stock Market Today: Best Stocks To Watch
IBD Leaderboard stock Amazon (AMZN), along with MercadoLibre (MELI), Nvidia, IBD SwingTrader stock Shopify (SHOP) and Toll Brothers (TOL) — as well as Dow Jones stocks Microsoft (MSFT), Salesforce (CRM) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
MercadoLibre and Nvidia were featured in this Stocks Near A Buy Zone column. Amazon and MercadoLibre are members of IBD Leaderboard.
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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 its latest buy point. Shares inched lower early Monday.
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Stocks To Buy And Watch: Shopify Breaks Out
Amazon is closing to retaking its cup base’s 145.86 buy point during Friday’s 1.65% gain. Shares remain above an early entry at 134.48. AMZN stock was unchanged Monday.
IBD Leaderboard stock MercadoLibre continues to trade in a buy zone past a 1,398.59 buy point, according to IBD MarketSmith pattern recognition, after Friday’s 1.5% loss. MELI stock was up 2% Monday morning.
IBD SwingTrader stock Shopify is trying to break out past a double bottom’s 67.60 buy point. The buy zone tops out at 70.98. SHOP stock rose 0.5% Monday morning.
Homebuilder Toll Brothers remains in buy range past a cup-with-handle’s 82.39 buy point in the wake of last week’s breakout move. The buy zone that goes up to 86.51. TOL stock rose 0.1% Monday morning.
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|
|Toll Brothers||(TOL)||82.39||Cup with handle|
|MercadoLibre||(MELI)||1,398.59||Cup with handle|
Source: IBD Data As Of Nov. 20, 2023
Magnificent Seven Stocks: Nvidia, Tesla
Graphics-chip giant Nvidia is in buy range past a double-bottom base’s 476.09 entry amid Friday’s 0.4% loss.
Tesla stock reversed from early losses to move up 0.3% Friday. Shares are facing strong resistance around their 50-day line after retaking the 200-day line last week. TSLA is around 20% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Apple inched lower Friday, still at its highest level since Aug. 5. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. Apple shares dipped another fraction Monday.
Microsoft stock moved down 1.7% Friday, falling from its recent all-time highs. The stock is holding above a cup base’s 366.78 buy point and in buy range. In recent weeks, shares rose above an early buy trigger at 346.20.
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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.