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- Wall Street gains with rosy outlooks from Micron, Lululemon Reuters
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Tag Archives: Rallies
Arizona Wildcats baseball has 2 coaches ejected, including Chip Hale, but rallies twice to beat UC-San Diego – Arizona Desert Swarm
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DraftKings rallies after posting strong growth, narrower loss than anticipated – Seeking Alpha
- DraftKings rallies after posting strong growth, narrower loss than anticipated Seeking Alpha
- DraftKings earnings: Stock pops after Q4 revenue beat, narrower-than-expected loss Yahoo Finance
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- DraftKings (NASDAQ:DKNG): Rising Website Visits Hinted at Upbeat Q4 Sales TipRanks
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Harris rallies against GOP push to roll back abortion rights
WASHINGTON (AP) — Vice President Kamala Harris railed against efforts in Washington and in Republican-led states to restrict abortion on what would have been the 50th anniversary of Roe vs. Wade, invoking fundamental American values such as freedom to make the case for protecting abortion access despite the Supreme Court’s decision to eliminate constitutional protections for it.
Leading the administration’s response on commemorating Roe on Sunday, Harris methodically detailed fights throughout history for certain liberties, such as civil rights and the right to vote for women, and tied that to access for abortion, which Harris called the “fundamental, constitutional, right of a woman to make decisions about her own body.”
“Can we truly be free if families cannot make intimate decisions about the course of their own lives?” Harris said in a fiery speech before a boisterous crowd of 1,500 people in Tallahassee, Florida. “And can we truly be free if so-called leaders claim to be quote, I quote, on the vanguard of freedom while they dare to restrict the rights of the American people and attack the very foundations of freedom?”
Women’s marches demanding the protection of abortion rights were set to draw thousands of people across the country on Sunday, the 50th anniversary of the now-overturned Roe v. Wade Supreme Court decision that established a federal right to an abortion.
Harris outlined the consequences of abortion restrictions: The 10-year-old girl in Ohio who became pregnant after a rape but had to travel out of state for an abortion. A 35-year-old Texas woman who was denied treatment three times for what turned out to be a miscarriage, and developed sepsis, nearly killing her. A 14-year-old in Arizona who initially could not obtain medication to control her chronic arthritis, because that medication also can cause pregnancy loss.
“The right of every woman, in every state in this country to make decisions about her own body is on the line,” Harris said. “I’ve said it before and I’ll say it again: How dare they. How dare they?”
The decision for Harris to speak in Tallahassee, the state capital, reflects how the battle lines have shifted since last summer. Now that there’s no more national right to abortion, battles over the issue w ill play out in individual statehouses rather than in the halls of Congress or before the Supreme Court. White House officials this past week convened top lawmakers from eight states to discuss pending legislation.
In addition, after performing better than expected in November’s elections, Democrats see abortion as a key issue for their party in 2024, when control of the White House and both chambers of Congress will be up for grabs at the same time. In Florida, Republican Gov. Ron DeSantis may seek the Republican presidential nomination, the first step to challenging President Joe Biden, who has been preparing for a reelection campaign.
Ahead of her speech, Harris told abortion rights advocates on a conference call Sunday that they should keep up their energy as they push back against restrictions in Republican-led states and work on behalf of candidates in local races who support abortion access.
“We are fighting for something. History is going to show we are on the right side of this issue,” Harris said. “So let us not be deterred, let us not be overwhelmed. This is not a time to throw up our hands. This is a time to roll up our sleeves.”
White House press secretary Karine Jean-Pierre said Florida is critical because its rules for abortion are less restrictive than its neighbors, making it a relatively safe harbor for women in the region who are trying to end their pregnancies. But more restrictions could be considered by the Republican-controlled state government.
DeSantis’ office did not respond to a request for comment.
Biden, in a statement Sunday, said “women should be able to make these deeply personal decisions free from political interference. Yet, Republicans in Congress and across the country continue to push for a national abortion ban, to criminalize doctors and nurses, and to make contraception harder to access. It’s dangerous, extreme, and out of touch.”
Celinda Lake, a Democratic pollster who has worked with Biden, said the White House strategy on abortion had three goals.
“You can create an atmosphere and put pressure on these states to make it more difficult to pass draconian restrictions,” she said. In addition, Lake said, “you can set up the contrast for 2024″ and “you can use this as a major motivator for people to turn out to vote.”
Democrats have concluded that the Supreme Court’s decision to overturn Roe v. Wade reshaped the political landscape for last year’s elections, rejuvenating the party’s chances when analysts had expected a Republican wipeout.
Democrats still lost control of the House and expanded their Senate majority by only one vote, meaning legislation that would create a nationwide right to abortion remains out of reach.
There are concerns that Biden and his administration have exhausted their options for executive actions.
The Food and Drug Administration announced this month that abortion pills would become more widely available at pharmacies and through the mail. The pills can also be obtained through a virtual appointment, rather than by visiting a doctor’s office.
A legal battle is now playing out in federal court in Texas, where abortion opponents have sued to undo the decades-old approval of the drugs.
“The administration is really looking at existing federal law, and trying to leverage it,” said Lawrence Gostin, who runs the O’Neill Institute for National and Global Health at Georgetown Law.
Not all of the administration’s ideas have panned out. Biden announced last year that states could apply for waivers to use Medicaid dollars to pay for women to travel to get abortions. No waivers have been sought.
Across states, the fight to protect abortion access is playing out in courtrooms, with active litigation against abortion restrictions in 14 states, according to an analysis by the Kaiser Family Foundation.
The nonprofit health organization found that advocates have generally taken one of three approaches to mounting legal challenges against abortion laws by claiming the laws violate state constitutional protections, infringe on some states’ guaranteed rights to make health care choices, or block religious freedoms.
It’s unclear which legal arguments may be most successful, with the states’ highest courts ultimately deciding how accessible abortion will be. Meanwhile, abortion opponents are searching for ways to use the courts to further restrict abortion.
Renee Bracey Sherman, founder and executive director of the group We Testify, which advocates for women who have had abortions, said she is disappointed that Biden hasn’t done more.
“The fact that he is missing in action during this public health emergency is really embarrassing,” she said.
Sen. Tina Smith, D-Minn., had joined with Sen. Elizabeth Warren, D-Mass., last year to call on Biden to formally declare a public health emergency.
Biden never did, but Smith said she is satisfied with the steps he has taken.
“I’d be hard pressed to point to something that they haven’t done that they might have done with a public health emergency,” she said.
___
Associated Press writer Steve Karnowski in St. Paul, Minnesota, and Amanda Seitz contributed to this report.
Stock Market Rallies As Tech Leads Ahead Of These Big Earnings Reports
Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures. Investors will be looking ahead to a huge week of earnings, led by Tesla (TSLA), Microsoft (MSFT) and Boeing (BA).
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The stock market rally retreated mid-week, with the major indexes tumbling below key moving averages. But they bounced back Friday, especially the Nasdaq and tech stocks. The Nasdaq, the laggard in 2022, has led the big-cap indexes in 2023 as tech growth names come back in favor.
The recent pullback offered a chance for many stocks to take a breather, forging handles or other new buying opportunities.
Investors should be paying close attention, but be cautious about new positions. The market rally is around critical levels. Earnings season could roil the indexes and specific sectors as well as individual stocks.
Hundreds of companies will be reporting this coming week. Here are 10 earnings reports to watch closely: Tesla, Microsoft, Boeing, ServiceNow (NOW), Chevron (CVX), Visa (V) and Mastercard (MA), as well as chip-gear giants ASML (ASML), Lam Research (LRCX) and KLA Corp. (KLAC).
These reports will offer insight into their respective industries, and could have a big impact on the overall market. Tesla stock and Microsoft still have a lot of repair work to do, while Boeing is extended. NOW stock could be near an aggressive early entry. CVX stock, Visa and Mastercard are all near buy points. So are LRCX and KLA, while ASML is slightly out of reach.
KLAC stock is on the IBD Big Cap 20. Microsoft stock and ASML are on IBD Long-Term Leaders.
Microsoft, Boeing, Chevron and Visa stock are all Dow Jones components.
The video embedded in this article reviews an important market week and analyzes Etsy (ETSY), LRCX stock and ServiceNow.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET Sunday, along with S&P 500 futures and Nasdaq 100 futures.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally suffered a downside reversal Wednesday, and fell further on Thursday, but finished relatively well.
The Dow Jones Industrial Average fell 2.7% in last week’s stock market trading. The S&P 500 index dipped 0.7%. The Nasdaq composite climbed 0.55%. The small-cap Russell 2000 declined 1.1%.
The 10-year Treasury yield fell 3 basis points to 3.48% Friday. The yield hit 3.37% during the week, a four-month low.
The expiring February crude oil futures contract rose 1.8% to $81.31 a barrel last week. The March contract, the new near-month crude contract, finished at $81.64.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 1% last week. The iShares Expanded Tech-Software Sector ETF (IGV) rose 1.45%, with MSFT stock and ServiceNow both significant holdings. The VanEck Vectors Semiconductor ETF (SMH) edged up 0.7%. ASML stock is a big holding, along with LRCX, KLAC and TER.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) climbed 1.4% last week and ARK Genomics ETF (ARKG) lost 1%. TSLA stock remains a major holding across Ark Invest’s ETFs. Indeed, Cathie Wood’s Ark reloaded its Tesla stock holdings in recent months.
SPDR S&P Metals & Mining ETF (XME) dipped 0.5% after two big weekly gains. The Global X U.S. Infrastructure Development ETF (PAVE) fell nearly 3%. U.S. Global Jets ETF (JETS) edged up just 0.35% but it’s up sharply in 2023. SPDR S&P Homebuilders ETF (XHB) fell 2.4%.
The Energy Select SPDR ETF (XLE) climbed 0.7%, a sixth straight weekly advance. Chevron stock is a major component. The Financial Select SPDR ETF (XLF) sank 2.1%. The Health Care Select Sector SPDR Fund (XLV) fell 1.1%, the sixth decline in seven weeks.
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Key Earnings
Tesla earnings are due Wednesday night. Investors expect earnings to rise 34% and revenue 39%. That would be the first quarter in years that revenue growth would outpace profits, an early sign of margin pressure.
The focus will likely be on the outlook, especially in the wake of big price cuts worldwide to start 2023. Will Tesla stick to its 50% delivery growth target? Will Elon Musk provide more Cybertruck specifics, and will he confirm a reported Model 3 revamp? What about a new EV plant? Tesla stock soared 9% last week to 133.42, above the 21-day moving average after dropping to 101.81 intraday on Jan. 6. But it’s still below its 50-day line and especially its 200-day line.
Microsoft earnings are due Tuesday night. Analysts expect Microsoft earnings to decline slightly, with a slim revenue gain. Microsoft’s results will be key for software makers, the PC sector and cloud-computing rivals such as Amazon.com (AMZN). This past week, the Dow Jones tech titan said it would cut 10,000 jobs, or 4.5% of staff. MSFT stock edged up 0.4% last week, hitting resistance at the 50-day line. Microsoft arguably has a bottoming base below the 200-day line. But a breakout would involve clearing the 200-day line and a long downward-sloping trendline.
Boeing earnings are Wednesday morning, with a slim profit expected after a string of losses. Investors are betting on rebounding profit and cash flow in the coming years. Boeing stock fell 3.4% to 206.76 this past week. After a huge move, BA stock needs to set up again.
ServiceNow earnings are slated for Wednesday night. Analysts expect a 38% EPS gain, the second straight quarter of accelerating growth. Executives have been bullish on 2023 IT spending. The report will be key for highly valued business software names. NOW stock popped 6.5% to 441.83 after surging 13% in the prior week. Shares cleared the 200-day line on Friday, hitting a four-month high and clearing a long downtrend. That offered a very early entry, but the upcoming earnings make that highly risky.
Chevron earnings are due out Friday morning. Analysts expect another quarter of booming EPS growth vs. a year earlier, but down from Q2-Q3. CVX stock rose 1.8% to 180.81 last week, retaking its 50-day line. Chevron is in a flat base, but a move above Wednesday’s high of 182.38 would offer an early entry. Chevron earnings will be important for the oil and gas sector, especially oil majors such as Exxon Mobil (XOM).
Mastercard earnings are due early Thursday, with Visa earnings after the close. Mastercard EPS is seen up nearly 10% with Visa’s up 11%. The credit card giants’ results and comments will be important for other payments firms and for insight into consumer spending trends. Both Visa and Mastercard stock are working on handles in long consolidations, trading around key resistance levels going back to early 2022.
ASML earnings are due early Wednesday, with Lam Research and Teradyne after the close. KLA reports late Thursday. ASML earnings are expected to fall 11%, but Lam Research earnings should climb 15% and KLA’s 27%. Guidance will be key in what is likely to be a challenging 2023. Together these earnings reports, along with chipmakers such as Intel (INTC), will give insight into the semiconductor space and end markets.
ASML stock is extended from the 200-day line. LRCX stock is trading just above its 50-day and 200-day lines in a bottoming base. KLAC stock has a small handle on a weekly chart for a consolidation going back a year.
Market Rally Analysis
The stock market rally was due for a pullback, and it got one. The major indexes reversed sharply lower on Wednesday and kept falling Thursday. But they closed off Thursday’s lows and rebounded strongly Friday.
The Nasdaq eked out a weekly gain, decisively retaking the 50-day moving average on Friday. Friday’s action was another subsequent follow-through day for the Nasdaq.
The S&P 500 reclaimed its 50-day line and sneaked back above its 200-day line. The Russell 2000 found support at the 200-day and could try to test its late 2022 peaks soon.
The Dow Jones was the week’s biggest loser, tumbling below its 50-day and ending the week well below that level.
Outside of the Dow, the recent pullback looks normal and healthy so far.
The pause is giving a chance for leading stocks to forge handles while few are breaking down. If anything, a slightly longer pullback could be useful in this regard.
But the major indexes have a number of key resistance levels. The S&P 500 needs to decisively retake the 200-day line, with this past week’s highs and the December peak serving as key milestones.
Earnings season could be the catalyst for big market gains or losses — or both.
This coming week will also offer the first reading on fourth-quarter GDP, along with the December PCE inflation gauge. Those will pave the way for the Federal Reserve policy meeting on Feb. 1.
Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?
Tech Revival Continues
The stock market rally appears to be rotating toward tech growth plays after a long break. The Nasdaq composite hit a bear market closing low as recently as Dec. 28. But in 2023, the Nasdaq is up 6.4%. The SMH chip ETF has rallied 12%, the IGV software ETF 5.5% and the speculative ARKK 16.8%.
What’s driving the tech growth revival?
Treasury yields are falling, a positive for highly valued growth stocks. Meanwhile, there are hopes for an economic soft landing, as China and Europe improve and as Fed rate hikes appear close to a peak. That raises bets that much of the bad news is priced in for growth stocks
The Russell 2000, another risk-on play, is nearly even with the Nasdaq, up 6.1% in 2023.
The S&P 500 has climbed 2.5% to start the new year. The Dow Jones has edged up 0.7%, and only positive thanks to Friday’s solid gain.
There aren’t a lot of tech growth names in position yet. LRCX stock is among the emerging big-cap chip leaders setting up. Software is scarce, though NOW stock is making a case. E-commerce is picking up, with MercadoLibre (MELI) breaking out and Etsy (ETSY) setting up. Chinese e-commerce and internet firms also are doing well.
The big earnings reports over the next two weeks are tech heavy, so investors will see if the growth revival has legs.
Meanwhile, many financials struggled last week, while defense contractors and defensive-minded food and consumer goods stocks are stumbling.
But metals and mining stocks look strong. Airlines have flown, while investors are moving into hotels as well. Retail is a mixed bag. So are medicals: Biotechs look interesting but health insurers are weak.
Time The Market With IBD’s ETF Market Strategy
What To Do Now
The market rally showed some resilience late last week, along with many quality stocks. It’s still possible that the current pullback will resume, triggering more-lasting damage. Earnings season could trigger huge moves in specific stocks, but also their rivals, suppliers and customers.
So while the market, especially the Nasdaq, may be signaling “risk on,” investors should be cautious about adding exposure. One possible option is via market or sector ETFs, to avoid single-stock risk. If you do add exposure, be ready to step out quickly. If you’re not ready and willing to quickly exit, you need to be more conservative in entering positions.
But the next few weeks could offer many buying opportunities. So get your watchlists ready and stay engaged.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Dow Jones Futures: Stock Market Rallies Into CPI Inflation Report; Amazon Leads Megacaps
Dow Jones futures were little changed early Thursday, along with S&P 500 futures and Nasdaq futures, ahead of Thursday’s CPI inflation report.
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The stock market rally on Wednesday extended recent gains. Investors are betting on tame inflation data, raising the stakes for the Fed-critical report.
Amazon.com (AMZN) and Tesla stock led a megacap rally Wednesday, with Apple (AAPL), Microsoft (MSFT) and Google parent Alphabet (GOOGL) having solid sessions. Tesla (TSLA) and AMZN stock also reflected strong performance in auto/EV names and e-commerce plays, respectively.
Celsius Holdings (CELH) heated up Wednesday, offering a buy signal.
CELH stock was added to SwingTrader on Wednesday and the IBD Leaderboard watchlist. Celsius was also Wednesday’s IBD Stock Of The Day.
Key Earnings
KB Home (KBH) reported earnings after the close, kicking off housing reports. KBH stock declined modestly as KB Home earnings fell well short of fiscal Q1 views, with revenue also missing. KB Home stock had rallied 3.2% on Wednesday to its best level since March 2022, up nearly 13% so far this year.
Homebuilder stocks, and housing-related names generally, have been rallying in recent weeks.
Taiwan Semiconductor (TSM) earnings topped views early Thursday, but revenue fell short. Taiwan Semi, which makes chips for Apple, Nvidia (NVDA) and many others, said Q1 sales could fall vs. a year earlier. TSMC also cut 2023 capital spending plans. Shares still rose modestly early Thursday, signaling a test of the 200-day moving average. TSM stock rose 0.6% on Wednesday.
Disney Taps Nike Veteran
Walt Disney (DIS) named Nike (NKE) Chairman Mike Parker as its new chair, replacing Susan Arnold. Parker has been on Disney’s board for seven years.
Disney also recommended that shareholders vote for its board slate and not support activist investor Nelson Peltz, who is seeking to join the Dow Jones entertainment giant’s board.
DIS stock rose modestly. Nike, a fellow Dow stock like Disney, Apple and Microsoft, was little changed after hours.
CPI Inflation Report
The December consumer price index will be released at 8:30 a.m. ET.
Economists expect flat consumer prices after November’s 0.1% gain. Core CPI is seen rising 0.3% after November’s 0.2% advance. The overall CPI inflation rate should continue to cool, to 6.6% from November’s 7.1%. Core inflation is expected to slow to 5.7% from November’s 6%.
The CPI inflation rate peaked at 9.1% last June, while the core CPI inflation rate hit 6.6% in September, both 40-year highs.
Other data this week, including New York Fed inflation expectations and small businesses with job opening and plans to hire, are pointing to cooling inflation and labor markets.
A tame inflation report should lock in a quarter-point Fed rate hike at the Feb. 1 policy meeting, slowing from 50 basis points and 75 basis points in the prior two meetings. More importantly, cooling inflation could raise expectations that the Fed will pause rate hikes, perhaps after the March meeting.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures were little changed and Nasdaq 100 futures lost 0.1%.
The 10-year Treasury yield dipped 2 basis points to 3.53%.
Crude oil futures rose 1%.
The CPI inflation report is sure to swing Dow Jones futures and Treasury yields.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally added to recent gains, with the major indexes closing near session highs for a second straight session. The Nasdaq led the advance thanks to Amazon and big-cap growth names.
The Dow Jones Industrial Average rose 0.8% in Wednesday’s stock market trading. The S&P 500 index climbed 1.3%. The Nasdaq composite jumped 1.8%. The small-cap Russell 2000 gained 1.2%.
U.S. crude oil prices rose 3.1% to $77.41 a barrel, as China optimism outweighs a huge jump in U.S. crude stockpiles.
The 10-year Treasury yield fell 6 basis points to 3.55%.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) climbed 1.3%. The iShares Expanded Tech-Software Sector ETF (IGV) advanced 1.6%, reclaiming its 50-day line, with MSFT stock a major IGV holding. The VanEck Vectors Semiconductor ETF (SMH) rose 1.2%, moving above its 200-day line. TSM stock is a top SMH component.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 3.4% and ARK Genomics ETF (ARKG) 3.7%. Tesla stock remains a top holding across Ark Invest’s ETFs. Cathie Wood’s Ark has been loading up on TSLA shares in recent days and weeks.
SPDR S&P Metals & Mining ETF (XME) edged up 0.5% and the Global X U.S. Infrastructure Development ETF (PAVE) rose 1.3%. U.S. Global Jets ETF (JETS) ascended 0.4%. SPDR S&P Homebuilders ETF (XHB) popped 2.6%. The Energy Select SPDR ETF (XLE) nudged 0.3% higher and the Financial Select SPDR ETF (XLF) climbed 0.9%. The Health Care Select Sector SPDR Fund (XLV) added 0.6%.
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Megacap Stocks
Tesla stock rose 3.7% to 123.22, extending a bounce from Friday morning’s bear market low of 101.81. Shares are still below their long-falling 21-day line. Tesla is planning a big Austin plant expansion and reportedly is near a preliminary deal for a new factory in Indonesia. The latter could complicate Tesla Shanghai demand issues.
China’s government on Thursday delayed yet-another Tesla Shanghai expansion, which would lift annual production capacity to two million from a recently enlarged 1.2 million. Officials reported are concerned Elon Musk’s Starlink.
TSLA stock fell slightly before the open.
Amazon stock jumped 5.8% to 95.09, closing above its 50-day moving average for the first time in four months. AMZN stock also set a bear market low last Friday.
Apple stock popped 2.1%, back above its 21-day line. That came despite Barclays cutting its AAPL price target, citing weakening Apple demand across many product categories.
Google stock gained 3.5%, also retaking the 21-day line. Microsoft stock advanced 3%, just below its 21-day line after plunging last week.
Celsius Stock
CELH stock jumped 5.3% to 106.57 on Wednesday in heavy volume, after Tuesday’s upside reversal. Shares rose from the 50-day line, broke a trendline and closed above the 21-day moving average. All that offered a buy signal. CELH stock did finish off intraday highs of 108.80, but had a strong close.
Market Rally Analysis
The stock market rally showed more strength Wednesday heading into the CPI inflation report.
The S&P 500 index moved further from the 50-day line and topped Tuesday’s intraday high. While still below the 200-day line, the benchmark index did top its 10-week and 40-week lines. The Russell 2000 cleared its 200-day line after topping its 50-day Wednesday.
The Nasdaq, which has been a laggard in recent months, cleared its 50-day line for the first time in nearly a month.
Meanwhile, leading stocks showed positive action overall. CELH stock flashed a buy signal. Stocks that recently broke out generally held ground or kept climbing.
Apple, Tesla, Amazon and other megacaps are a long way from being actionable, but at least are not weighing on the major indexes.
Just looking at the major indexes and leading stocks, the stock market rally is showing healthy action, albeit with more resistance levels ahead.
But rallying into Fed-critical economic data or events has been dicey, at best, over the past several months. Yes, a tame CPI inflation report could send the market rally flying. But a hotter-than-expected reading could trigger a big sell-off. And the market is pricing in “good news.”
Of course, it’s not the news that matters, but the reaction to the news. The November CPI inflation report was cooler than expected on Dec. 13, pushing the major indexes to their best intraday levels in months. But that was the top for the October-December market rally. The indexes closed well off highs that day and skidded lower until almost year-end.
Time The Market With IBD’s ETF Market Strategy
What To Do Now
Investors may have added some exposure in recent days with the indexes moving higher and many stocks flashing buy signals.
Those recent buys could look great Thursday, but they could also all blow up, depending on the December CPI inflation report.
So investors shouldn’t have been too exposed heading into the inflation reading.
But be ready to act if the major indexes show strong action beyond the opening bell. A lot of quality stocks are flashing buy signals or setting up.
Don’t forget about earnings season. JPMorgan Chase (JPM) and several other banking giants report Friday morning, along with Delta Air Lines (DAL) and UnitedHealth (UNH).
Microsoft and Tesla stock are due in two weeks, with Apple, Amazon and Google soon following.
Earnings results and guidance will be critical amid uncertain economic times.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Georgia rallies to beat Ohio State and reach CFP championship game
The drama was not done in CFP semifinal, for Ohio State’s C.J. Stroud led the Buckeyes down the field for a game-winning field goal attempt. The drive stalled at the Georgia 32, where Noah Ruggles’s 50-yard kick was wide left, sealing the Bulldogs’ 42-41 Peach Bowl win.
The top-seeded Bulldogs will now face No. 3 seed Texas Christian in the CFP title game on Jan. 9 at SoFi Stadium in Inglewood, Calif.
If the Bulldogs win there, it would serve as the ultimate career ending for Bennett, the former scout team quarterback who transferred away, then returned as a scholarship player who spent years climbing the depth chart.
Stroud, a Heisman Trophy award finalist like Bennett, was remarkable. But Bennett had the final say, throwing for 398 yards and three touchdowns, none more important than the one he spun to Mitchell in the corner of the end zone.
Stroud completed 23 of 34 passes for 348 yards and four scores. It was not enough.
The Bulldogs had never needed to respond to a deficit as large as the one they faced Saturday night. Georgia twice fell into a 14-point hole, the second late in the third quarter at 38-24.
Marvin Harrison Jr., a sophomore but already one of the best receivers in the country, grabbed two of Stroud’s touchdown passes in the first half as the Buckeyes surged ahead, and teammate Emeka Egbuka combined with Harrison to make Ohio State’s passing attack an unstoppable force. These receivers, combined with Stroud’s savvy, are the engines of the Buckeyes’ offense, and they thrived against the best defense they had faced all season.
Georgia trimmed Ohio State’s comfortable lead to 38-35 with Arian Smith’s 76-yard touchdown grab and a successful pass to Ladd McConkey on a two-point conversion. With 8:41 left in the game, Stroud and the offense took the field, the standout quarterback led the Buckeyes toward the end zone, but they couldn’t finish. Ruggles hit a 48-yard field goal to give the Buckeyes a precarious six-point lead. And Bennett pounced on the opportunity.
Ohio State snuck into the playoff. The last time the Buckeyes took the field, they looked vulnerable, with Michigan pummeling them in the fourth quarter. That lopsided defeat in late November forced Ohio State’s players to stay home during conference championship weekend, then rely on Southern California’s blowout loss in the Pac-12 title game to earn a playoff berth.
Despite the flaws exposed by Ohio State’s archrival, particularly its defense allowing explosive plays, the Buckeyes have one of the few rosters in the country that can match up with Georgia’s talent. Both programs reside on an exclusive tier in which five-star prospects flock to campus each year and their brands pique the interest of recruits nationwide. Those players gave Ohio State a chance — and the ability to hold a lead through much of the game — but Georgia prevailed.
After ending the program’s title drought last year, the Bulldogs returned with force this season. Their game against Missouri, a four-point road win that required a stout defensive effort in the fourth quarter, was the only scare. The SEC title game against LSU prompted concerns about Georgia’s pass defense, but the Bulldogs still won by 20. They’ve stormed through what was supposed to be a difficult opener against Oregon, then their conference slate and the SEC title game earlier this month. But what matters most is the next game, because this season will ultimately be remembered as one that ended with a national title or a year the Bulldogs fell short.
Dow Jones Rallies 300 Points On Jobless Claims; Tesla Stock Surges On Reiterated Buy Rating
The Dow Jones Industrial Average rallied 300 points Thursday after initial unemployment claims data from the Labor Department exceeded estimates. And Tesla stock surged as Morgan Stanley reiterated an overweight rating with a reduced price target.
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Weekly unemployment figures showed first-time claims rose to 225,000 vs. 216,000 in the previous week, higher than Econoday estimates for a rise to 222,000. Claims have been up and down in recent weeks, but generally trending lower since a mid-November high of 241,000.
On the earnings front, chicken egg distribution giant Cal-Maine Foods (CALM) reported Wednesday after the close. Shares declined more than 4% in morning trade. CALM stock ended Wednesday below a 62.74 buy point after two days of losses.
Electric-vehicle leader Tesla (TSLA) raced almost 7% higher Thursday as Morgan Stanley affirmed its overweight rating on the stock, despite a price target cut. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) traded higher after today’s stock market open.
Cardinal Health (CAH), Medpace (MEDP), IBD Leaderboard stock Neurocrine Biosciences (NBIX) and Texas Roadhouse (TXRH) — as well as Dow Jones names Amgen (AMGN), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to consider for investor watchlists. Keep in mind the recent market weakness should keep investors on the sidelines.
Neurocrine is an IBD Leaderboard stock. Caterpillar and Medpace were recent IBD Stock Of The Day companies. And Cardinal Health is featured in this week’s Stocks Near A Buy Zone column.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average moved up 0.9%, and the S&P 500 gained 1.4%. The tech-heavy Nasdaq composite rallied 1.8% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.1% and the SPDR S&P 500 ETF (SPY) moved up 0.8% early Thursday.
The 10-year Treasury yield ticked lower to 3.86% Thursday morning, with the yield moving further above its 50-day line after three days of gains.
Meanwhile, U.S. oil prices traded almost 2% lower Thursday, as West Texas Intermediate futures back away from resistance just above $79 a barrel, following a two-week advance. The Energy Information Administration will provide weekly information on oil inventories at 11 a.m. ET.
Stock Market Correction
On Wednesday, the Dow Jones Industrial Average sold off 1.1%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq composite was hardest hit, declining 1.35%.
Wednesday’s The Big Picture column commented, “Perhaps more importantly, amid generally quiet trading expected for the remainder of the year, price matters more lately. And the size of the price declines continued to stay weighty. Moreover, the loss of most gains by key equity indexes since an Oct. 21 follow-through day means that it’s still very hard to make money going long.”
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Amgen, Caterpillar, Chevron
Drugmaker Amgen continues to trace a flat base amid a three-week losing streak. And shares are further below their 50-day line after more losses Wednesday. For now, the correct buy point is 296.77, but the stock needs to decisively retake its 50-day first. AMGN stock is up more than 16% for the year through Wednesday. Shares traded 0.5% higher Thursday.
Dow Jones member Caterpillar finished below a 239.95 buy point in a flat base Wednesday, according to IBD MarketSmith pattern recognition. If the stock retakes the entry, the buy zone goes up to 251.95. Bullishly, the stock’s relative strength line, a key technical indicator, is at new highs. CAT stock has a year-to-date gain of almost 16%. Shares moved up 0.5% Thursday.
CAT stock shows a strong 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
Energy giant Chevron is testing its 50-day line amid Wednesday’s 1.5% drop, as the stock continues to trace the right side of a flat base that has a 189.78 buy point. CVX stock is the Dow’s year-to-date leader, up more than 50%. Shares were slightly lower Thursday morning, amid the weakness in oil prices.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: Cardinal Health, Medpace, Texas Roadhouse
Cardinal Health, a recent IBD Stock Of The Day, is holding close to a 81.67 buy point in a flat base. Shares declined 0.7% Wednesday. CAH stock was up 0.3% Thursday.
Medpace bounced sharply from its 50-day line last week, with a gain of 3.3%. But the stock gave up a big part of those gains during Tuesday’s 2% fall and is once again trying to find support. For now, the correct buy point looms at 235.82, but an earlier entry at 220.09 is also in play. MEDP stock was up 1.5% Thursday.
Texas Roadhouse shows a new buy point at 101.85 in a flat base, but is now consolidating below its 50-day line. The restaurant leader will look to recover that key benchmark over the coming sessions, but two straight days of sharp losses isn’t constructive. TXRH stock traded up 0.1% Thursday morning.
IBD Leaderboard stock Neurocrine slipped 0.2% Wednesday, again testing support around its 50-day level. A recent bounce off that 50-day line was bullish for the stock’s prospects, but now shares are back at that key area. NBIX stock was up 0.3% Thursday.
Stocks To Watch
These are six top stocks to watch in today’s stock market, including three Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Base |
|---|---|---|---|
| Cardinal Health | (CAH) | 81.67 | Flat base |
| Medpace | (MEDP) | 235.82 | Consolidation |
| Texas Roadhouse | (TXRH) | 101.85 | Flat base |
| Caterpillar | (CAT) | 239.95 | Flat base |
| Chevron | (CVX) | 189.78 | Flat base |
| Amgen | (AMGN) | 296.77 | Flat base |
Source: IBD Data As Of Dec. 28, 2022
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock snapped a seven-day losing streak Wednesday, reversing higher and rallying 3.3% after hitting a 52-week low at 108.76. Shares closed about 72% off their 52-week high.
Shares looked to continue their rebound Thursday morning, racing nearly 7% higher.
Late Wednesday, Morgan Stanley analyst Adam Jonas lowered the firm’s price target from 330 to 250, while keeping an overweight rating on TSLA stock. He believes 2023 is “shaping up to be a ‘reset’ year for the EV market,” and Tesla is in position to extend its lead over the competition.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 3.1% Wednesday, dropping to 125.87, their lowest level since June 2021. The stock is around 32% off its 52-week high and down 29% since the start of the year. Shares rallied 1.7% Thursday morning, as the Wall Street Journal reported that iPhone production in China was ramping up after Covid-19 issues.
Microsoft stock dropped 1% Wednesday, falling further below the 50-day line. The software giant is about 32% off its 52-week high with a year-to-date loss of more than 30%. MSFT stock moved up 0.8% early Thursday.
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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Dogelon Mars (ELON) Rallies 28%, Leaving Dogecoin, Shiba Inu In The Dust – SHIBA INU (SHIB/USD), Dogecoin (DOGE/USD)
Dogelon Mars ELON/USD, a meme coin, is rallying more than 28% in the past 24 hours, even as Dogecoin DOGE/USD and Shiba Inu SHIB/USD were muted.
What Happened: At the time of writing, ELON was trading at $0.00000039. The intraday volume increased by 64% since the last day, reaching a $6 million milestone.
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The price boost for ELON came in after on-chain fantasy sports platform Rage Fan on Saturday partnered with the meme-coin ELON to present blockchain gaming specifically for people who hold the ELON token. The partnership features complimentary Call of Duty tournaments for ELON token holders.
Dogelon Mars is tapping into a few well-known trends in the meme coin scene. The name is a combination of Dogecoin and Musk. Apart from the humorous name, Dogelon Mars has managed to generate a large following, with over 455,000 Twitter followers.
Price Action: At the time of writing, Dogecoin was trading at $0.10, up 2%, while SHIB was at $0.000009377, up 0.92% in the last 24 hours, according to Benzinga Pro.
Read Next: Sam Bankman-Fried To Testify Before U.S. House Committee After ‘Learning and Reviewing’ FTX Crash
Dow Jones Rallies Ahead Of Fed Minutes; Tesla Stock Surges On Upgrade
The Dow Jones Industrial Average rose Wednesday ahead of the minutes from the Federal Reserve’s latest policy meeting. Tesla stock raced higher after Citigroup upgraded the EV giant.
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Before the Fed’s Minutes release at 2 p.m. ET, consumer sentiment, durable goods orders, first-time jobless claims, purchasing managers index readings and new home sales are all due out in the morning. The stock market will be closed Thursday for the Thanksgiving holiday, followed by a shortened trading session on Friday.
Initial jobless claims, out at 8:30 a.m. ET, jumped to 240,000 vs. 222,000 in the previous week. Meanwhile, durable goods climbed 1% in October, higher than the 0.4% Econoday estimate. The services PMI measured 46.1, below the 48.0 estimate, and the manufacturing PMI came in at 47.6, below the 50.0 estimate. Lastly, new home sales rose to 632,000 vs. 603,000 in the month of September. New home sales beat estimates.
Autodesk (ADSK), HP (HPQ) and Nordstrom (JWN) reported earnings late Tuesday, while Deere (DE) earnings came out Wednesday morning.
Autodesk shares plunged 9%, while HPQ stock declined 3.5% in early morning trade. Nordstrom shares tumbled 9.5%. And Deere stock jumped 3% in morning trade.
Electric-vehicle giant Tesla (TSLA) traded up 5% Wednesday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were higher after today’s stock market open.
IBD Leaderboard stock Arista Networks (ANET), KLA (KLAC), Shoals Technologies (SHLS) and Ulta Beauty (ULTA) — as well as Dow Jones name Caterpillar (CAT) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. Ulta Beauty was featured in this week’s Stocks Near A Buy Zone column. Shoals was Thursday’s IBD 50 Stocks To Watch pick.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 moved up 0.4%. The tech-heavy Nasdaq composite traded up 0.7% in morning action.
China-related stocks showed early strength, after news reports said the State Council had announced pending stimulus measures, including a cut to the reserve requirement ratio for China’s banks.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.7% early Wednesday, and the SPDR S&P 500 ETF (SPY) gained 0.5%.
The 10-year Treasury yield ticked lower to 3.7% Wednesday morning.
Oil stocks were under some pressure as oil prices backtracked after a rebound on Tuesday. West Texas Intermediate futures dropped more 3%, to below $79 a barrel even after industry data showed U.S. crude stockpiles fell more sharply than expected last week. Official weekly oil inventory data is due out from the EIA at 10:30 a.m. ET.
Natural gas stocks received a boost as gas prices continued bolting higher. U.S. natural gas futures leapt nearly 7% after Russia warned after Russia accused Ukraine of stealing gas form a pipeline, and threatened to curtail deliveries on Russia’s last remaining supply line to Europe.
Stock Market Rally
On Tuesday, the stock market posted solid gains. The S&P 500 and Nasdaq composite each rallied 1.4%. The Dow Jones Industrial Average climbed 1.2%.
Tuesday’s The Big Picture commented, “While it’s fine putting money to work in the current stock market, keep your exposure on the conservative side with small positions to start. Just because the stock market is in a confirmed uptrend doesn’t mean you have to be 100% invested. And don’t be afraid to take a 10% gain if you have it, given the choppy nature of the market.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Caterpillar
Dow Jones member Caterpillar is close to retaking its cup base’s 238 buy point, according to IBD MarketSmith pattern recognition, and is less than 1% below the entry. CAT gained 0.1% Wednesday, trading higher along with Deere. Shares are still below their buy point.
CAT stock boasts an impressive 95 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Arista, KLA, Shoals, Ulta
IBD Leaderboard stock Arista Networks moved further above a choppy base’s 132.97 buy point after Tuesday’s 1.1% gain. ANET stock rose 0.1% Wednesday.
KLA is closing in on a cup-with-handle’s 392.60 buy point amid Tuesday’s 2.7% climb. Bullishly, the stock’s relative strength line hit a new high last week, a sign of big outperformance vs. the S&P 500. KLAC stock was down 0.5% Wednesday.
Shoals Technologies is still out of buy range past a 28.57 buy point after a third straight decline Tuesday. The 5% buy zone tops out at 30. Wait for an orderly pullback into the buy range before considering a purchase of shares. SHLS stock was up 1% early Wednesday.
Ulta Beauty moved out of buy range Tuesday, rising nearly 2%. The 5% buy zone past a 426.99 buy point in a cup with handle runs up to 448.34. Ulta reports third-quarter results on Dec. 1. The stock traded down 0.3% Wednesday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock climbed 1.2% Tuesday, snapping a four-day losing streak that saw the stock hit its lowest level since Nov. 23, 2020. The stock reached a new 52-week low price Monday at 167.54. Tesla shares are around 57% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded up 5% Wednesday morning after Citigroup upgraded the stock from sell to neutral, raising the price target from 141.33 to 176.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rebounded 1.5% Tuesday and are still holding above their recently recaptured 50-day line. The stock is about 20% off its 52-week high. The stock traded up 0.8% Wednesday, as Foxconn workers clashed with police officers. Foxconn is the biggest iPhone assembly plant in China.
Microsoft rose 1.2% Tuesday, adding to Monday’s gains. Shares continue to hold above the 50-day line. The software giant remains more than 30% off its 52-week high. Microsoft shares rose 0.6% Wednesday 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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