The Dow Jones industrial average fell Tuesday ahead of Wednesday’s key inflation report: the Labor Department’s consumer price index. vaccine manufacturer Novavax (NVAX) crashed 31% after cutting its revenue guidance for 2022 due to a lack of demand for its Covid-19 vaccine.
american international (AIG), perrigo (PRGO), fitness planet (PLNT) Y raphael lauren (RL), medical shock wave (SMASH) Y Interactive Take-Two (TWO) were key companies that reported earnings on Tuesday.
AIG shares added 0.9% while Perrigo rose more than 2%. Planet Fitness lost almost 2%, while Ralph Lauren rose about 1%. Shockwave jumped 8% in early trading. Y video game manufacturer Take-Two slipped about 5%.
Chip stocks fell sharply again on Tuesday after Monday. income warning of nvidia (NVDA). Nvidia shares fell another 2.6%. advanced micro devices (amd) fell 2.4%. And the VanEck Semiconductor ETF (SMH) declined 2.4% early Tuesday.
Nike (OF) posted the biggest drop in the Dow, down 2.6% after a downgrade and a cut in BNP Paribas’ price target, due to increased uncertainty in the company’s guidance.
In the strengthening stock market environment, Dow Jones stocks Coke (IT IS) Y United Health (UNH) – as much as Monolithic power systems (MPWR), Ollie Bargain Outlet (OLLI) Y Vertex Pharmaceuticals (VRTX), are among the top stocks to buy and watch.
UnitedHealth and Vertex are IBD classification table stocks. Ollie and Vertex were featured in the Stocks column near a buy zone this week. Monolithic Power was Thursday IBD Day Stock. Vertex is also a Idea from IBD SwingTrader.
Dow Jones Today: Treasury Yields, Oil Prices, CPI
The Dow Jones Industrial Average fell 0.2% in morning trading. The S&P 500 fell 0.4% and the Nasdaq Technology Composite declined 1.1%.
The 10-year Treasury yield rose to 2.80% on Tuesday morning, rising after Monday’s drop to 2.76%. The 10-year Treasury yield is recovering after hitting its lowest level since early April last week.
Meanwhile, US oil prices appeared to rebound from recent losses as West Texas Intermediate futures gained about 1% on Tuesday, trading above $91 a barrel. Last week, WTI fell below $88 a barrel for the first time since mid-February.
The Labor Department’s consumer price index is out early Wednesday. Econoday estimates call for consumer prices to rise 0.2% in July, down from June’s 1.3% jump. Inflation is expected to rise 8.7% in July from a year earlier, slowing from June’s 9.1% year-over-year increase.
On Monday, the Nasdaq shed a 1.6% gain and closed down 0.1%. The S&P 500, which rose as much as 1%, also lost 0.1%. The Dow Jones Industrial Average got away with an increase of 0.1%.
Monday’s The Big Picture column commented: “The stock market faded and closed near session lows. The bearish reversal marked a quick change in character on Friday: the surprisingly strong jobs report for July raised the odds of a rate hike.” 75 basis points in September. However, the market regained its composure and closed near session highs.”
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Dow Jones Stocks to Watch: Coca Cola, UnitedHealth
Dow Jones soft drink giant Coca Cola is building the right side of a flat base that has a buy point of 67.30. Stocks are testing their 50-day line after last week’s losses. KO shares rose 0.2% on Tuesday.
The health insurance giant IBD classification table UnitedHealth remains in the buying range above the 518.80 buy point of its handle double bottom base amid Monday’s 0.3% gain, according to IBD MarketSmith chart analysis. The shares rose 0.65% on Tuesday.
UNH shares shows a solid 94 from a perfect 99 IBD Composite Classification, for him IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Main Stocks to Watch: Monolithic, Ollie’s, Vertex
Thursday IBD Day Stock Monolithic Power Systems continues to build the right side of a consolidation with a buy point of 580.10. Stocks meanwhile are 3% above an anticipated entry of 514.80. Be on the lookout for a potential identifier to offer another alternative point of purchase. The shares fell 3.1% on Tuesday.
Ollie’s Bargain Outlet is recovering from its 10 week line — a critical support level — putting the major discount retailer into a new buying zone. Stocks are also carving out a handle after a large cup base, putting the last buy point at 72.37. The current price action is 10% away from that entry. Stocks rose early Tuesday.
IBD SwingTrader shares of Vertex Pharmaceuticals rose 2.1% on Monday, coming off purchase range pasta cup with handle entry at 279.23. The 5% chase zone goes up 293.19. The June 23 stock breakdown is back on track following last week’s second quarter earnings results. Vertex shares rose 0.5% on Tuesday morning.
Shares of Tesla trimmed gains to 0.8% on Monday, recovering a small part of Friday’s 6.6% decline. The shares lost 1.9% on Tuesday morning.
Last week, Tesla shares hit their highest level since early May, but are now finding resistance around its 200-day line, which is a key level to watch. On Friday, the company announced that a 3-for-1 stock split will occur on August 24. Shares are 30% below their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among dow jones stocksApple shares fell 0.3% on Monday, extending a losing streak to three sessions. The stock is building the right side of a new base. The shares fell 0.4% on Tuesday morning.
Microsoft fell 0.9% on Monday, falling for the second day in a row. The software giant is still below its 200-day long-term line. Shares closed about 20% below their 52-week high on Monday and were down 0.3% early Tuesday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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