The Dow Jones Industrial Average sold off 350 points on Monday after a slew of economic data for November, including the composite PMI, ISM services index and factory orders. Chinese stocks resumed their recovery after the shift in domestic Covid policy. Tesla shares slid more than 5% after Bloomberg reported that the electric car maker plans to cut production at its Shanghai plant.
Economic data, prospective earnings reports
The Markit/S&P Global US Services Purchasing Managers’ Index, or PMI, remained in contraction for November, with a reading of 46.2 for the month, up slightly from the preliminary estimate for the middle of the month. The Services PMI from the Institute for Supply Management showed continued expansion, coming to 56.5 in November from 54.4 in October.
Finally, factory orders data from the Commerce Department jumped 1% for October, beating the 0.7% estimate and up from September’s 0.4% rise.
Includes companies reporting earnings this week Sports + Outdoor Academy (aso), AutoZone (AZO), from Broadcom (AVGO), Sina (CIEN), Lululemon Athletica (Lulu), Initial deal breaker (OLLI) And the Toll Brothers (TOL).
Celsius (CELH), Chubb (Cb), IBD Leaderboard stock dexcom (DXCM) And the Lattice semiconductors (LSCC) – as well as the names of the Dow Jones Boeing (BA), Larva (cat) And the chevron (CVX) – among the top stocks to buy and watch.
Dexcom is a IBD Leaderboard stock. Boeing is IBD SwingTrader Stocks He was one of the four leaders Featured last week Arrows near the buy zone column. The percentile was recent IBD 50 shares to watch and a New America stock. It was a caterpillar on Thursday Stock today.
Dow jones today: oil prices and treasury yields
After Monday’s opening bell, the Dow Jones Industrial Average lost 1%, while the S&P 500 fell 1.1%. The high-tech Nasdaq Composite Index fell 1% in the morning move.
The 10-year Treasury yield rose to 3.52% Monday morning, on track to snap a three-day losing streak. Last week, the 10-year Treasury yield fell to 3.5%, its lowest level since mid-September. Investors are putting the probability at 78%, up from 75% one week ago, for a 50 basis point rate hike at this month’s Fed meeting, according to CME FedWatch tool.
Meanwhile, US oil prices rose more than 3%, after recording their first weekly rise in a month. West Texas Intermediate futures traded below $82 a barrel after European Union sanctions On the Russian crude oil entered into full effect. Oil prices also received a boost from China’s easing of Covid restrictions, a move that could increase demand.
Stock market rise
On Friday, the stock market posted mixed moves, with the technology Nasdaq Composite losing 0.2%. The Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell.
He captioned Friday the big pictureThe S&P 500 ended Friday just 0.1% lower, off its lows for the day. It turned into a solid weekly gain of 1.1%, holding above The 200-day moving average, after restoring the main level earlier in the week. The overall price action has been encouraging, suggesting a further year-end rally.”
Now is an important time to read IBD’s The Big Picture column Amidst the constant fluctuations in the stock market.
Dow Jones stocks to buy and watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing jumped 4% on Friday, ending outside of the Cup’s base buy range of 173.95 points. The overbought area increased by 5% to 182.65. Boeing shares fell 1% on Monday.
Energy giant Chevron fell 0.8% on Friday, ending a touch below 182.50 buy points on a consolidation base. CVX shares rose 0.9% Monday morning, as oil prices rose.
Top stocks to buy and watch: Celsius, Chubb, Dexcom, Lattice
Energy drink maker Celsius climbed for the third day in a row, rising 3.7% on Friday and surpassing 118.29 Buy points for Cup Base. The stock ended just below the entry. On Monday, the stock fell 0.5%.
Chubb moved above the 216.10 buy point of the cup handle on Friday after rising 0.4% for the session. Buying space is 5%, high at 226.91. The insurance giant traded down 0.7% Monday morning.
IBD Leaderboard Dexcom stock is nearing an alternate entry at 123.46 on a three-day winning streak. The shares are about 5% off their most recent one Point purchase. Dexcom stock lost 0.5% early Monday.
According to Lattice Semiconductors, semiconductors are still in a buy range after 70.25 buy points. IBD MarketSmith chart analysis. Lattice shares lost 0.7% on Monday.
Tesla stock It rose 0.1% on Friday, up for the third straight session. Despite the recent gains, shares are still down more than 50% from their 52-week high. Meanwhile, the stock is approaching the 50-day line, which is a key resistance level to watch.
Shares slid more than 5% Monday morning after Bloomberg reported Tesla plans to cut production at its Shanghai plant by about 20% in December due to slowing demand in China. Meanwhile, the China Passenger Car Association reported that Tesla shipments in that country hit a record high in November, at 100,291.
Dow Jones leaders: Apple and Microsoft
within Dow Jones stockApple shares pared losses to 0.3% on Friday, but still ended a two-day winning streak. Stocks are holding just above the 50-day line taken recently. The stock is down about 20% from its 52-week high. Apple stock traded up 0.5% on Monday.
Microsoft shares rose 0.1% Friday, at the highest level since Sept. 13. The software giant is still about 26% off its 52-week high. Microsoft shares fell 0.8 percent Monday morning.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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