Dow Jones Reverses Down After Stock Market Surge; Intel Slides In Downgrade

The Dow Jones Industrial Average returned lower Friday, threatening to fall after Thursday’s strong stock market progress. Dow Jones blind chip intelligence (NTC) slid after JPMorgan double-downgraded the stock to a sell rating.


Giant electric vehicle Tesla (salad) traded down 2.5% Friday morning. Dow Jones technology leader apples (AAPL) and Microsoft (MSFT) mixed after stock market today open.

Among the top stocks to buy and watch, Albemarle (ALB), IBD Leaderboard stock watch list Arista Network (SIDE), CF Industries (CF) and GlobalFoundries (GFS) – also the name of Dow Jones caterpillar (CAT) and UnitedHealth Group (UNH) – is among the top stocks to buy and watch.

Arista Networks is IBD Leaderboard stock watch list. Albemarle This is reviewed in this week’s Stocks Near A Shop Zone column, along with three other top stock ideas. GlobalFoundries is a new one IBD Stocks Today.

IBD’s latest MarketDiem newsletter brings you actionable ideas for stocks, options and crypto right in your inbox.

Dow Jones Today: Oil Prices, Treasury Yields

After Friday’s opening bell, the Dow Jones Industrial Average fell 0.35%, while the S&P 500 inched lower. The tech-heavy Nasdaq composite lost 0.1% in morning action.

In between exchange-traded fundsthe Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 0.1% early Friday, and the SPDR S&P 500 ETF (spy) up 0.1%.

Meanwhile, US oil prices traded up more than 3%, as easing some of the Covid restrictions in China indicating a possible increase in global energy demand. West Texas Intermediate futures rose above $89 a barrel. WTI futures are once again trying to find support around their 50-day moving average.

On Thursday, the 10-year Treasury yield dived more than 30 basis points to 3.82%, settling at its lowest level since early October. That was the biggest one-day decline in yields since March 18, 2009, according to Dow Jones Market Data.

That bond market closed Friday for Veterans Day.

Stock Market Rally Struggle

On Thursday, the Dow Jones Industrial Average surged 3.7%, while the S&P 500 jumped 5.5%. The tech-heavy Nasdaq Composite rose 7.35%. All rallied after the Labor Department’s consumer price index showed inflationary pressure easing in October.

Thursday’s The Big Picture commented, “At this time, it is important to be flexible. Despite Thursday’s torrid gains, investors should still have a cautious attitude, limiting exposure to no more than 40%. Waiting for more confirmation of continued strength before adding more exposure. Immediate distribution will be a sign to stay more defensive.”

Now is an important time to read IBD’s The Big Picture column.

Five Dow Jones Stocks to Buy and Watch Now

Dow Jones Stocks to Buy and Watch: Caterpillar, UnitedHealth

Dow Jones member Caterpillar is close to the bottom of the 238 cup buy points, according to MarketSmith’s IBD pattern recognition. CAT shares rose 0.1% on Friday.

Healthcare giant UnitedHealth is trying to take back the cup with a handle of 553.23 buy points. Shares rose 0.65% Thursday, ending about 2% below their most recent entry. UNH shares lost less than 0.1% Friday morning.

4 Top Growth Stocks To Watch In CurRent Stock Market Rally

Top Stocks to Buy and Watch: Albemarle, Arista, CF, GlobalFoundries

Lithium producer Albemarle has broken out past the cup base’s 308.34 buying points. Shares surged 6.9% Thursday, closing in the 5% buying zone which reached 323.76. ALB stock rose 0.9% early Friday.

IBD Leaderboard Shares of Arista Networks watch list as low as 132.97 buy points although Thursday’s 3.3% earlier. ANET shares traded down 0.4% Friday morning.

CF Industries held above its 50-day line amid Thursday’s 3.7% advance. The stock is forming a cup base that has a sell point of 119.70, according to MarketSmith’s IBD pattern recognition. CF shares notched a gain of 1.2% Friday.

Tuesday IBD Stocks Today, GlobalFoundries is trading about 5% away from the 66.06 buy point in the base of this week’s rally bottom cup. The stock may look to form a hold after the recent jump in price. GFS shares traded 0.4% lower Friday.

Join IBD’s experts as they analyze the top stocks in today’s stock market rally on IBD Live

Tesla stock

Tesla shares surged 7.4% Thursday, snapping a four-day losing streak. Shares hit a new 52-week low this week and reached their lowest level since November 2020 before rebounding. The stock is more than 50% off its 52-week high and below its 50- and 200-day moving averages.

Shares of the EV giant moved about 2.5% lower Friday morning.

Dow Jones Leaders: Apple, Microsoft

In between Dow Jones stocks, Apple shares jumped 8.9% Thursday, rebounding from recent lows. Shares traded down 0.8% Friday.

Microsoft rose 8.2% Thursday, retaking its 50-day line. The software giant remains about 31% off its 52-week high. Microsoft shares rose 0.3% Friday morning.

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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