Dow Jones Futures Fall Ahead Of Fed Minutes; Nvidia Earnings Next


Dow Jones futures dropped Tuesday morning ahead of minutes from the Federal Reserve’s latest policy meeting. Retail giant Best Buy (BBY) tumbled after cutting its full-year sales outlook, while Nvidia (NVDA) earnings are due out after the close.


Existing-home sales from the National Association of Realtors are due at 10 a.m. ET. The already slow supply of existing-home sales in October are expected to slow slightly to a 3.91 million rate, per Econoday.

Later today, Fed minutes are out at 2 p.m. ET. The minutes are expected to provide insight into the Federal Reserve’s thinking on future interest rate moves.

Best Buy slid more than 4% early Tuesday after beating Wall Street’s earnings estimates, but falling short on revenue. The retailer also cut its full-year sales outlook — just as the holiday shopping season is about to start — due to challenging consumer demand.

Other key earnings movers include Baidu (BIDU), Best Buy, Dick’s Sporting Goods (DKS), along with Keysight Technologies (KEYS), Kohl’s (KSS), Lowe’s (LOW) and Zoom Video Communications (ZM).

BIDU stock moved up 1.4% in early morning trade, while DKS stock jumped more than 8%. Keysight shares inched higher. Kohl’s shares sold off 3%, and Lowe’s skidded 4%. And Zoom stock inched lower in early action.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures lost 0.2% vs. fair value, while S&P 500 futures fell 0.3%. Tech-heavy Nasdaq 100 futures moved down 0.5% in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.5%, while the SPDR S&P 500 ETF (SPY) lost 0.3% early Tuesday.

The yield on the 10-year U.S. Treasury bond ticked lower to 4.4% Tuesday morning. On Monday, the benchmark settled at 4.42%.

Oil prices paused after a two-day advance, as West Texas Intermediate futures fell around 0.5% Tuesday morning. WTI prices are holding above $77 a barrel.

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Stock Market Rally

On Monday, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 moved up 0.7%. The tech-heavy Nasdaq composite advanced 1.1%.

Monday’s Big Picture column commented, “In a notable bit of chart action, all three indexes climbed above last week’s brief consolidation. It seemed like an act of defiance to those who believed the market was already too extended. The Dow topped the 35,000 level, while the S&P and Nasdaq closed above their Sept. 1 highs.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.

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Stock Market Today: Best Stocks To Watch

IBD Leaderboard stock Amazon (AMZN), along with MercadoLibre (MELI), 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.

Salesforce and Shopify 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 the latest buy point. Shares inched lower early Tuesday.

Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock was flat Tuesday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stocks To Buy And Watch: Shopify Breaks Out

Amazon regained its cup base’s 145.86 buy point during Monday’s 0.65% gain. Shares remain above an early entry at 134.48. AMZN tacked on 0.1% Tuesday morning.

IBD Leaderboard stock MercadoLibre moved out of a buy zone past a 1,398.59 buy point, according to IBD MarketSmith pattern recognition, after Monday’s 2.35% rally. Shares fell 1% Tuesday.

IBD SwingTrader stock Shopify is breaking out past a double bottom’s 67.60 buy point. The buy zone tops out at 70.98. SHOP stock edged lower early Tuesday.

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 goes up to 86.51. TOL stock climbed 0.3% Tuesday morning ahead of the existing-home sales.

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
Amazon (AMZN) 145.86 Cup base
UnitedHealth (UNH) 546.78 Handle entry
Toll Brothers (TOL) 82.39 Cup with handle
MercadoLibre (MELI) 1,398.59 Cup with handle
Source: IBD Data As Of Nov. 20, 2023

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Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) gained 0.5% early Tuesday, while Nvidia (NVDA) moved down 0.3%.

Graphics-chip giant Nvidia is out of buy range past a double-bottom base’s 476.09 entry after Monday’s 2.3% rally.

Tesla stock moved up 0.55% Monday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line last week.

Dow Jones Leaders: Apple, Microsoft

Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft, traded lower ahead of today’s stock market open.

Apple climbed 0.9% Monday, 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 a fraction Tuesday.

Microsoft stock moved up 2.05% Monday, hitting an all-time high at 378.87. The stock is squarely in buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock gave up 0.4% Tuesday morning.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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