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Dow Jones Plunges as Yields Hit Two-Year High; Apple, Tesla skid

 


The Dow Jones Industrial Average fell sharply Tuesday morning as the 10-year Treasury yield hit a two-year high. Shares of Apple and Tesla were sold at the start of trading. And Goldman Sachs missed earnings estimates on Tuesday.




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Among the leaders of the Dow Jones, Apple (AAPL) fell almost 1% on Tuesday, while Microsoft (MSFT) was down 1.9% in the current stock market. Also among the Dow 30, Cisco Systems (CSCO) is in the buy range above a recent entry, while Goldman Sachs (GS) reported earnings before the opening.

Leader in electric vehiclesYou’re here (TSLA) lost more than 2%. Lucid Group (LCID) fell about 4%. And the Chinese leaders in electric vehicles Li-Auto (TO)and Xpeng Motors (XPEV) were lower.

Among Tuesday’s best stocks to buy and watch, Applied materials (AMAT), Mosaic (MOS), SVB Financial (SIVB) and Semiconductor manufacturing in Taiwan (TSM) are in or near new buying areas. Keep in mind that the current health of the stock market is not exactly conducive to further buying.

Microsoft and Tesla are IBD stocks. Applied Materials is an IBD SwingTrader stock. SVB Financial was featured in last week’s Stocks Near A Buy Zone column.

Dow Jones Today: Treasury Yields

After trading opened on Tuesday, the Dow Jones Industrial Average was down 1.5%. The S&P 500 fell 1.5% and the tech-heavy Nasdaq composite lost 1.8%. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.5% in morning trading, and the SPDR S&P 500 ETF (TO SPY) fell 1.1%.

The 10-year Treasury yield briefly rose above 1.85% on Tuesday morning, hitting a two-year high, before falling back to 1.83%. On Friday, the 10-year Treasury yield ended just above 1.77%.

Elsewhere, West Texas Intermediate crude oil prices rose more than 1%, briefly trading above $85 a barrel. Shares of U.S. oil producers accounted for nine of the top 10 strongest moves among S&P 500 stocks. Devon Energy (NDV), Conoco Phillips (COP) and apache (WHAT) LEDs.

Stock market rally

The stock market posted a mixed performance on Friday, with the Nasdaq again appearing to find support at the long-term 200-day line. The S&P 500 remains below its 50-day support level.

Friday’s Big Picture commented: “The week ahead is now crucial as a range of banks and other financial firms report fourth quarter results as earnings season begins.”

For more daily stock market commentary, check out IBD’s The Big Picture.


Five best Dow Jones stocks to watch now


Dow Jones Earnings: Goldman

Dow Jones Goldman Sachs stock fell 2.5% on Friday, closing below its long-term 200-day line. Stocks continue to chart a flat base with a buy point of 426.26, but last week’s selloff was a significant setback.

The company reported mixed results for the December quarter ahead of Tuesday’s opening, beating revenue targets but missing earnings estimates. Shares of GS fell more than 6% on Tuesday.

Among other financial Charles Schwab (NOIR) reported earnings ahead of Tuesday’s open. Schwab announced adjusted earnings of 86 cents per share, a gain of 16% but two cents less than forecast. A 13% increase in revenue, to $4.71 billion, also fell short of expectations. Schwab stock fell about 1% in morning trading.

Dow Jones Stocks to Buy and Watch: Cisco Systems

Dow Jones Cisco Systems stock closed in the 5% buy zone on Friday after entering at 58.73 double bottom, according to IBD MarketSmith’s chart analysis. Shares fell 2.5% on Tuesday.

Positively, the stock’s RS line has hit a new high in recent weeks, confirming Dow Jones stock as the market leader.


Three growth stocks to watch in the current stock market rally


Stocks to buy and watch: Applied Materials, Mosaic, SVB Financial, Taiwan Semi

IBD SwingTrader Applied Materials stock jumped 6.25% on Friday, ending at the top of the buy zone 5% above its fixed base buy point of 159.10, according to chart analysis. from IBD MarketSmith. On the upside, the stock’s relative strength line hit a new high on Friday. AMAT shares lost 1.7% on Tuesday.

Mosaic added to Wednesday’s breakout, rising 3.9% on Friday. Shares closed in the buy range above an entry of 41.25 on a handle cup. Stock MOSboasts a perfect 99IBD composite rating, according to theIBD inventory check. The stock was down 0.5% on Tuesday.

SVB Financial builds a cup with handle with 752.78 buy points. Shares slid 1% on Friday, ending just below the 50-day line. The Santa Clara, Calif.-based bank released its fourth-quarter results on Thursday. Shares were unchanged on Tuesday.

Taiwan Semiconductor added to Thursday’s breakout above a buy point of 135.60 in a cup with handle, rallying more than 1% on Friday. The 5% buy zone peaks at 142.38. TSM stock fell more than 3% on Tuesday.


Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live


Electric vehicle stocks: Li Auto, Xpeng, Lucid Motors

Li Auto shares rose for a fourth consecutive session on Friday, gaining 1.2%. The stock rises on the right side of a consolidation with an entry at 37.55 while an early entry at 33.86 is also in play. The shares fell 1.8% on Tuesday.

Xpeng Motors rebounded 4.6% on Friday, breaking the 50-day line again. The actions formed a cup with a handle, but this formation has now disappeared. The stock continues to build a consolidation with an entry at 56.55. Aggressive investors could use 51.60 as a prior entry. Shares fell 3.2% on Tuesday.

Among U.S.-based electric vehicle stocks, shares of Lucid Motors fell about 4% on Tuesday. LCID stock remains extended beyond a buy point of 28.49 in a cup base with handle. Meanwhile, the stock’s core process has run into problems after Thursday’s 8.85% plunge and the stock is below the key 50-day line.

Tesla Stock

Tesla stock traded more than 2% on Tuesday, threatening to give up the entirety of Friday’s 1.75% gain. Stocks remain below their 50-day line after Thursday’s drop. A new handle entry at 1,208.10 is available.

The shares traded as high as 1,243.49 on Nov. 4, but the stock ended Friday about 16% off that 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock rose 0.5% on Friday, recouping some of Thursday’s 1.9% decline. Shares are around 13% off a buy point of 153.27 on a cup-with-handle basis, according to chart analysis from IBD MarketSmith. Shares fell nearly 1% on Tuesday.

Software leader Microsoft rebounded 1.8% on Thursday as the largest Dow Jones stock continues to burn a flat base with a buy point of 349.77. With the stock below its 50-day line, it clearly has more work to do before a potential breakout. Shares were down nearly 2% on Tuesday.

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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