The Dow Jones Industrial Average rose Tuesday morning, as blue chips Johnson & Johnson and Travelers reported their quarterly earnings results. Later, Netflix earnings are due out after the close.
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Oilfield services giant Halliburton (HAL) and defense behemoth Lockheed Martin (LMT) reported earnings ahead of Tuesday’s market open, kicking off quarterly results for their respective groups. HAL shares slipped 1.1% early, and Lockheed Martin shares were down 1.2% in morning trade.
Lululemon (LULU) climbed more than 3% early Tuesday after Truist upgraded the stock from hold to buy. Twitter (TWTR) was down nearly 2% after Monday’s 7.5% jump. And electric-vehicle icon Tesla (TSLA) rose 0.7% Tuesday morning.
Among the Dow Jones leaders, Apple (AAPL) and Microsoft (MSFT) lost a fraction in today’s stock market.
Despite the struggling stock market rally, Dow Jones leaders American Express (AXP) and Caterpillar (CAT) — along with IBD Leaderboard watchlist stock Edwards Lifesciences (EW), Murphy Oil (MUR), Raytheon Technologies (RTX), Shell (SHEL) and Ulta Beauty (ULTA) — are among Tuesday’s top stocks to buy and watch.
Microsoft and Tesla are IBD Leaderboard stocks. Caterpillar and Edwards Lifesciences were featured in this week’s Stocks Near A Buy Zone column. Edwards was also Monday’s IBD Stock Of The Day. And Caterpillar is an IBD SwingTrader stock.
Dow Jones Today: Treasury Yields, Oil Prices
After Tuesday’s open, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 gained 0.5%. The tech-heavy Nasdaq composite moved up 0.3% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 0.3%. The SPDR S&P 500 ETF (SPY) moved up 0.5%.
The 10-year Treasury yield ticked higher to 2.9% Tuesday morning after climbing to 2.86% Monday, its highest level since December 2018. Meanwhile, U.S. oil prices were down more than 3%, as Texas Intermediate crude traded below $104 a barrel.
Stock Market Rally Continues To Struggle
On Monday, the stock market finished with modest losses, extending Thursday’s sharp declines.
Monday’s The Big Picture column commented, “The S&P 500’s hold on the 4,400 level is in doubt. But the index made its low at 4,370. That’s significant, because it’s 13 points above the 4,357 close on March 16, when the S&P made its follow-through rally confirmation. So technically, the shaky uptrend survives. The same cannot be said for the Nasdaq, which undercut its March 18 follow-through more than a week ago. The tech-heavy index should be considered to be in a correction. And the generally poor action in tech stocks only reinforces that notion.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Earnings: Johnson & Johnson, Travelers
Dow Jones stocks Johnson & Johnson (JNJ) and Travelers (TRV) reported their quarterly results early Tuesday.
JNJ stock rose nearly 2% after the company lowered its full-year earnings and sales outlook. Shares are in buy range above a double bottom’s 173.72 buy point.
Travelers shares dropped almost 2% after the insurance giant’s better-than-expected first-quarter earnings and sales results. The stock is extended past a flat base’s 163.39 entry.
Dow Jones Stocks To Buy And Watch: American Express
Dow Jones financial stock American Express is tracing a cup-with-handle base, showing a 194.45 buy point. AXP shares were up 0.5% Tuesday morning.
Meanwhile, IBD SwingTrader stock Caterpillar is in buy range past a cup-with-handle’s 227.15 buy point following Thursday’s breakout move. The 5% buy area goes up to 238.51. A bullish indicator is that the stock’s RS line is at its highest level since June 2021. Shares were flat Tuesday.
Four Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Edwards, Murphy, Raytheon, Shell, Ulta
IBD Leaderboard watchlist stock Edwards Lifesciences now shows a cup with handle with a 125.21 buy point as a result of last week’s weakness. EW shares were up almost 1% Tuesday morning after Monday’s 0.6% decline.
Murphy Oil broke out past an ascending base’s 43.30 buy point amid Monday’s 3.2% advance. MUR stock boasts a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Shares dropped 1% early Tuesday.
Defense contractor Raytheon Technologies finished just below a flat base’s 104.44 buy point after shares inched higher Monday. RTX shares were slightly higher Tuesday morning.
Oil-and-gas producer Shell, the April 1 IBD Stock Of The Day, is in buy range above a flat base’s 56.23 buy point after Monday’s 0.4% rise. The 5% buy area goes up to 59.04. SHEL shares rose nearly 1% Tuesday morning.
Ulta Beauty shares are in the 5% buy range past a cup with handle’s 408.83 buy point, according to IBD MarketSmith chart analysis. The buy area goes up to 429.27. The stock’s relative strength line is at new high, which is a key sign of market leadership. ULTA shares gained 0.4% early Tuesday.
Netflix Earnings
Netflix earnings are expected late Tuesday and analysts say the company could be expecting its slowest growth in 10 years. The company’s earnings are expected to fall 22% to $2.92 per share on revenue of $7.93 billion. Sales are expected to rise 11% vs. the year-ago period.
NFLX shares are more than 50% off their 52-week high following Monday’s 1% decline.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rose 0.7% Tuesday morning, on pace to add to Monday’s 2% rise. The EV titan will report its quarterly results late Wednesday.
Shares of Tesla finished Monday about 13% away from a cup-with-handle’s 1,152.97 buy point. The stock traded as high as 1,243.49 on Nov. 4, and ended Monday about 19% away from that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares triggered the 7%-8% loss-cutting rule from a 176.75 buy point in a double-bottom base last week. Meanwhile, a handle buy point is the latest entry to watch at 179.71. The stock lost 0.3% Tuesday morning.
Software leader Microsoft rose 0.25% Monday, but remains sharply below its 50-and 200-day lines. The stock is around 20% off its 52-week high. MSFT shares were down 0.2% early Tuesday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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