Dow Jones rises after weak housing data; Tesla stock records a new low, amid a historic decline

The Dow Jones Industrial Average rose on Wednesday after the economic data, with another housing report and the Fed’s manufacturing index released. Tesla stock hit another new low before rebounding sharply, looking to recover a small portion of its historic December low.

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Economic data on Wednesday includes the Pending Home Sales Index and the Richmond Fed Manufacturing Index. The Richmond Fed is unlikely to spark much equity action.

But pending home sales in November could move homebuilder stocks, which have been showing up recently Increased signs of strength. According to Econoday estimates, pending home sales from the National Association of Realtors fell 4% in November, much worse than the expected 0.5% decline.

On Tuesday, Case Schiller reported it Home prices fell in October For the fourth month in a row, higher mortgage rates continued to dampen demand. The Case-Shiller Home Price Index for November is due in late January.

Meanwhile, the Richmond, Virginia Federal Reserve’s Fifth Area Survey of manufacturing activity posted a single reading for December, above the expected reading of -6 and November’s reading of -9. The survey measures manufacturing activity in the region bordering Maryland, South Carolina and West Virginia.

On the earnings front, the chicken egg distribution giant Cal Maine Foods (calm) on Wednesday after closing. CALM stock is in a buy range at 62.74 buy points after strong gains in recent weeks.

electric car leader Tesla (TSLA) reversed higher on Wednesday, up more than 4% as Baird confirmed its outperformance on the stock, despite a price target cut. Following Wedbush’s forecast, the automaker likely missed its fourth-quarter estimates. Technology pioneers at Dow Jones an Apple (AAPL) And the Microsoft (MSFT) has been trading higher yet stock market today Open.

Cardinal health (CAH), midpiece (MEDP), IBD Leaderboard stock Neurobiological Sciences (nbix) And the Texas Roadhouse (TXRH) – as well as the names of the Dow Jones Amgen (AMGN), Larva (Cat) And the chevron (CVX) – among the top stocks to consider on investor watchlists. Keep in mind that recent market weakness should keep investors on the defensive.

endocrine is IBD Leaderboard stock. caterpillar f midpiece It was recent IBD stock today comp. and Cardinal Health Featured In this week’s Stocks near the Buy Zone column.

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Dow jones today: oil prices and treasury yields

After the opening bell on Wednesday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 rose 0.15%. The tech-heavy Nasdaq Composite rose 0.2% in the morning move.

Between us Exchange traded fundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(up 0.5% and the SPDR S&P 500 ETF)spy) rose 0.4% early Wednesday.

The 10-year Treasury yield swung lower to 3.80% on Wednesday morning, with the yield fighting to hold the 50-day line after two weeks of sharp gains. Meanwhile, US oil prices traded slightly lower on Wednesday, with West Texas Intermediate crude futures encountering resistance just above $79 a barrel after a two-week advance.

The stock market is under pressure

On Tuesday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell 0.4%. The tech-heavy Nasdaq Composite sold 1.4%.

Tuesday’s Big Picture column He commented: “The stock market started a short trading week with a mixed performance on Tuesday as rising bond yields fueled selling in the technology sector. Historically, the last trading week of the year is usually good for the stock market. But with the market’s upside under pressure, Sellers still dictate the procedure.

Five Dow Jones stocks to buy and watch now

Dow stocks to watch: Amgen, Caterpillar, Chevron

Pharmaceutical maker Amgen continues to track a flat base amid a three-week losing streak. Stocks fell more than the 50-day line after more losses on Tuesday. At the moment, the correct buy point is 296.77, but the stock needs to retake 50 days decisively first. On Wednesday, AMGN stock rose 0.4%.

Dow Jones Caterpillar member finished in chasing territory up 5% above the $239.95 buy point on Tuesday’s flat base, to me IBD MarketSmith Pattern Recognition. The buy zone rose to 251.95. To the upside, the stock’s RSI line, a major technical indicator, reached new highs. CAT stock rose 0.1% Wednesday.

CAT stock Shows 98 strong out of 99 perfect IBD composite classificationfor every IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.

Energy giant Chevron moved decisively above the 50-day line during Tuesday’s 1.3% rally, moving into the right side of the 189.78-buy flat base. CVX stock fell 0.5% Wednesday morning, in line with oil prices.

4 growth stocks to watch in Cursstock market rally

Top stocks to watch: Cardinal Health, Medpace, Neurocrine

cardinal health, Today’s stock of IBD is recent, holding near 81.67 buy points in a flat base. Shares fell 1.1% on Tuesday. CAH stock was slightly higher on Wednesday.

Medpace rebounded sharply from the 50-day line last week, with a gain of 3.3%. But the stock gave up much of those gains during Tuesday’s 2% drop. For now, the correct buy point is looming at 235.82, but early entry at 220.09 is also in play. MEDP stock rose 0.1% on Wednesday.

IBD Leaderboard Neurocrine stock fell 1.15% on Tuesday, once again testing support around the 50-day level. The recent bounce off the 50-day line was bullish for the stock’s outlook, but now the stock is testing this key area again. NBIX stock fell slightly on Wednesday.

Texas Roadhouse is showing a new buy point at 101.85 in a flat base, but is now consolidating below the 50 day line. The restaurant leader will look to reclaim this key indicator over the coming sessions, but Tuesday’s drop of 2.2% was a warning sign. TXRH stock was trading up 0.3% Wednesday morning.

Stocks to watch

These are the top six stocks to watch in the stock market today, including three Dow leaders.

Source: IBD data as of December 28, 2022

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

Tesla stock

Tesla stock It collapsed another 11.4% on Tuesday, extending the losing streak to seven sessions and reaching a 52-week low of 108.76. The shares closed about 73% off their 52-week high.

Shares hit a fresh low on Wednesday morning at 108.24 before reversing higher and moving up more than 4%. TSLA stock is set to drop 44% for the month of December, its worst monthly performance ever, according to market data from Dow Jones.

Early Wednesday, Baird lowered its price target on the EV giant from 316 to 252, but that’s still higher than the 130% from where the shares closed on Tuesday. The note maintained Tesla’s outperform rating and recommended it as a “best buy” stock for 2023.

Dow Jones leaders: Apple and Microsoft

in between Dow Jones stockApple shares sold 1.4% on Tuesday, paring losses after hitting a 52-week low of 128.72. The stock is down nearly 30% from its 52-week high. Shares rose 0.5% on Wednesday.

Microsoft stock fell 0.7% on Tuesday, falling further below the 50-day line. The software giant is up about 31% from its 52-week high. MSFT stock rose 0.7% early Wednesday.

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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