Dow Jones futures fell 200 points on Tuesday after Monday’s stock market plunge. Despite Monday’s slight losses, the market’s uptrend has strengthened. And the top seven stocks to buy and watch include energy giant Dow Jones Chevron (CLC) and IBD classification Stock Quantum Services (REP).
ANET shares jumped 6% in extended trade on strong second-quarter results. CF shares fell more than 1%. Devon shares fell slightly. Diamondback slipped less than 1%. And Mosaic was down almost 3%.
stock market today
On Monday, the Dow Jones Industrial Average fell 0.1% and the S&P 500 fell 0.3%. The tech-heavy Nasdaq composite fell 0.2%, ending a three-day winning streak.
Overview of the US stock market today
|Index||Symbol||Price||loss of profit||% To change|
|Dow Jones||(0 MONEY)||32799.18||-45.95||-0.14|
Last Updated: 4:36 PM ET on 08/01/2022
Against the backdrop of strengthening equity markets, Dow Jones Chevron and UnitedHealth (A H) – as good as Energy Cheniere (LNG), Exxon Mobil (XOM), Quanta Services, Ultimate Beauty (ULTA) and Vertex Pharmaceuticals (VRTX) – are among the best stocks to buy and watch.
Dow Jones Futures Today: Treasury Yields, Oil Prices
Prior to Tuesday’s open, Dow Jones futures lost 0.6% relative to fair value, while S&P 500 futures fell 0.7%. Nasdaq 100 futures fell 0.8% from fair value. Remember that overnight action in Dow Jones Futures and elsewhere does not necessarily translate into actual trading over the next stock Exchange session.
The 10-year Treasury yield fell on Monday, closing at 2.6% and falling for a fifth consecutive session. The 10-year rate is at its lowest level since early April. Meanwhile, US oil prices fell about 5%, with West Texas Intermediate futures trading below $94 a barrel.
What to do in the current stock market rally
Last week, IBD raised its market outlook from “uptrend under pressure” to “uptrend confirmed” due to improving market conditions.
Investors have the green light to increase their exposure to stocks, focusing on those that exceed the good buy points. Gradually commit capital to leading stocks. However, now is not the time to be too aggressive.
Use each buy as a feedback on the current strength of the market rally. Don’t panic if you miss the first pushes. If the uptrend in the stock market is real, you will have plenty of time to buy stocks and earn money. This is an important strategy as previous follow-ups have failed this year and rallies have been cut short.
Friday’s Big Picture The column commented: “In a potentially dangerous week dominated by Big Tech earnings and the latest Fed meeting, the indices still managed to rally. It seems that Wall Street is increasingly inclined to believe the economy turns a corner.”
If you’re new to IBD, consider taking a look at its stock trading system and The basics of CAN SLIM. Recognize chart templates is one of the key investment guidelines. IBD offers a wide range of growth stock listingssuch as Ranking and Swing Trader.
Dow Jones stocks to watch: Chevron, UnitedHealth
Dow Jones energy giant Chevron is building the right side of a cup base that has a buy point of 182.50. Be on the lookout for a potential handle to provide lower entry. Shares jumped last week after the strong business results. Chevron stock fell 2% on Monday.
Health insurance giant and IBD classification UnitedHealth stock is in the buy range above the 518.80 buy point of its double-bottom base with handle after Monday’s 1.3% loss, according to IBD MarketSmith graphical analysis.
UNH stock shows a solid 94 over a perfect 99 IBD Composite Assessment, speak IBD inventory check. Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.
Top stocks to watch: Cheniere, Exxon, Quanta, Ulta, Vertex
Cheniere Energy is in a buy zone after crossing a trend line entry around 140. Now the stock is trying to break above a double bottom 146.45 purchase points. The relative force line just reached new heights, a positive sign. The shares traded down 1.7% on Monday.
IBD stock of the day Friday Exxon Mobil reclaimed the 50-day line and broke through an aggressive early entry around 93.24, as shares jumped 4.6% on Friday. But the energy giant lost ground on Monday, falling 2.5%. Meanwhile, a cutting base entry at 105.67 is also in play.
IBD classification Quanta Services stock is back at the buying point of 138.56 of a cup base with handle after Monday’s slight loss, according to IBD MarketSmith graphical analysis. Quanta’s results are expected on Thursday.
Ulta Beauty is building a flat base with a buy point of 429.58 but is struggling to decisively retake its 50-day line amid Monday’s 1.4% gain. The base comes on the heels of a failed breakout after a cup-with-handle entry at 426.93 in June.
Vertex Pharmaceuticals gave up its cup with the 279.23 handle buy point and fell even lower below the 50-day line after Monday’s 2.35% decline. The company will release its results on Thursday.
Tesla stock pared its gains to less than 0.1% on Monday, but still extended its winning streak to four sessions. Stocks are at their highest level since early May and are finding resistance around their 200-day line, which is a key level to watch.
The stock is around 28% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones Stocks, Apple shares fell 0.6% on Monday, ending a three-day winning streak. Last week, the stock found its 200-day line for the first time since May 5.
Microsoft fell 1% on Monday but remains above its 50-day line. Still, the software giant is still trading below its long-term 200-day line. The stock closed around 20% off its 52-week high.
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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